Growth of tax revenues in 11 months predicts growth of more than 6.9%

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By Tasos Dasopoulos

Tax revenues for the 11 months of January-November are recorded by 855 million euros in relation to the revised budget target, according to the provisional budget execution data, raising the growth bar above the 6.9% forecast by the latter .

The excess of total revenues reaches 455 million euros for the 11th of January-November and together with the restraint of 855 million euros of expenditures, they formed the primary deficit to 7,879 million euros, 1092 million euros lower than the target for primary deficit. EUR 8,973 million and a deficit of EUR 13,747 million for the same period in 2020.

Deputy Minister of Finance Theodoros Skylakakis confirmed the biggest growth for 2021 for this year as, commenting on the execution of the budget, he stressed that the continuation of the increase in revenues indicates the faster than expected economic recovery. Sources of YPOIK stressed that the growth will definitely be over 7%.

According to the provisional data on the implementation of the state budget, on a modified cash basis, for the period January – November 2021, there is a deficit in the state budget of 12,263 million against a target for a deficit of 13,399 million euros included for the corresponding 2021 in the presentation report of the 2022 Budget and a deficit of 18,252 million euros in the corresponding period of 2020.

The amount of net revenues of the state budget amounted to 48,480 million euros, showing an increase of 330 million euros or 0.7% compared to the estimate for the corresponding period included in the presentation report of the 2022 Budget.
In particular, based on the GLC data, the total state budget revenues amounted to 52,750 million euros, increased by 412 million euros or 0.8% against the target.

Tax revenue amounted to € 43,003 million, up € 855 million or 2% from the target set in the 2022 Budget Report.

Revenue recoveries amounted to € 4,270 million, up € 82 million from the target (€ 4,188 million).

Revenue from the Public Investment Budget (PIP) amounted to € 3,763 million, down € 423 million from the target (€ 4,187 million).

Big overrun in November

In particular, in November 2021 the total net revenue of the state budget amounted to 4,324 million euros, increased by 161 million euros compared to the updated monthly target.

Total state budget revenues amounted to 4,782m euros, up from a monthly target of 243m euros.

Revenues from taxes amounted to 4,422 million euros, increased by 690 million euros or 18.5% against the monthly target.

Revenue returns for November 2021 amounted to € 458 million, up € 82 million from the target (€ 376 million).

Revenues from the Public Investment Budget (PIP) amounted to € 183 million, down € 423 million from the target (€ 606 million).

The State Budget expenditures for the period January – November 2021 amounted to 60,743 million euros and are reduced by 805 million euros or 1.3% compared to the target (61,548 million euros), which is included in the budget report 2022.

On the part of the Regular Budget, there is a lag of 660 million euros or 1.2% against the target, which is mainly due to the under-execution of other grants by 474 million euros and the purchases of goods and services by 129 million euros.

Expenses

Payments on investment expenditures decreased compared to the target of € 7,952 million by € 145 million 1.8%.

The provisional picture of the main payments of the measures against the pandemic for the period January – November, is as follows:
(a) the cost of special purpose compensation due to the COVID-19 (employee) pandemic of EUR 1,968 million, paid by the Ministry of Labor and Social Affairs (transfer category);
(b) a repayable advance of EUR 1,620 million from the category of transfers and EUR 1,108 million from the EDP;
c) the state compensation of landlords amounting to 744 million euros, due to reduced rents they receive;
d) the grant to OPEC amounting to 225 million euros, for the repayment of loans affected by the pandemic;
(e) the support of small and micro-enterprises affected by COVID-19 in the Regions amounting to EUR 741 million from the EDP;
f) the subsidy of interest on loans to small and medium-sized enterprises amounting to EUR 117 million from the EDP;
(g) expenditure on the business guarantee fund of EUR 220 million from the EDP;
(h) the working capital subsidy to catering establishments for the supply of raw materials amounting to EUR 203 million from the PDE;
i) the public contribution for the repayment of business loans of affected borrowers amounting to 215 million euros from the EDP;
j) the working capital subsidy to tourism enterprises amounting to EUR 100 million from the PDE;
k) the coverage of insurance contributions to e-EFKA during the implementation of the measures of support of employers and employees amounting to 703 million euros from the category of transfers;
l) the coverage of insurance contributions to e-EFKA related to the subsidy of fixed costs of enterprises amounting to 243 million euros;
m) the extraordinary grant of the Municipalities for the confrontation of the pandemic amounting to 101 million euros and
n) the subsidy to OAED to cover a loss of revenue of 571 million euros.

The state budget expenditures for the period January – November 2021 are increased compared to the corresponding period of 2020 by 365 million euros, mainly due to the increased payments of armaments programs in the regular budget.

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Source From: Capital

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