Immediate support measures are brought by the excess of revenues by 887 million euros

of Tasos Dasopoulos

The increased tax revenues by 887 million euros in the two months of January-February lock the support measures for vulnerable households that are expected to be announced tomorrow and the day after tomorrow.

For February alone, the tax revenue exceeded 473 million euros, mainly due to the additional revenue from road tax collected in full last month.

In his statement, the Deputy Minister of Finance, Mr. Thodoros Skylakakis, pointed out the increase in revenues. He said that “part of this increase, amounting to about 300 million euros, concerns the extension of the deadline for payment of road taxes. After its removal, revenues are 587 million better than the target, which confirms that the economy – before the war – was growing faster than budgeted for “.

He added that the overrun “makes it easier for the government to take action to alleviate the effects of the energy crisis on both households, especially the vulnerable and businesses”.

With revenues exceeding expenditures and lagging behind by 2.1 billion recorded for the two months of January-February, the primary result amounted to a surplus of 847 million euros, against a target for a primary deficit of 239 million euros and a primary deficit of 1.497 million. euros for the same period in 2021.

More specifically, based on the GLC data, the amount of net revenues of the state budget amounted to 8,860 million euros, showing a decrease of 1,083 million euros or 10.9% compared to the estimate for the corresponding period included in the 2022 Budget report. .

However, the report’s target was the collection in February of the first tranche for 2022 from the € 1.718 million Recovery and Resilience Fund (TAA), which, following a positive preliminary assessment by the European Commission, has been shifted to April 2022. Excluding the amount from the TAA, net income shows an increase of 635 million euros or 6.4% against the target.

The total state budget revenues amounted to 9,503 million euros, reduced by 1,124 million euros or 10.6% against the target. Excluding the aforementioned amount from the TAA, total revenue increased by € 594 million, compared to the target.

Tax revenue amounted to € 8,765 million, up € 887 million or 11.3% from the target set out in the 2022 Budget Report. of the deadline for payment of traffic fees until the end of February 2022, while it was estimated that this amount would be collected in December 2021.

Execution of the State Budget February 2022

According to the provisional execution data of the state budget, on a modified cash basis, for the period January – February 2022, there is a deficit in the state budget of 903 million euros against a deficit target of 2,004 million euros that has been included for the corresponding 2022 in the budget report 2022 and a deficit of 3,268 million euros for the corresponding period of 2021. The primary result was a surplus of 847 million euros, against a target for a primary deficit of 239 million euros and a primary deficit of 1,497 million euros for the same period in 2021.

The net revenue of the state budget amounted to 8,860 million euros, showing a decrease of 1,083 million euros or 10.9% compared to the estimate for the corresponding period included in the budget report 2022. However, the target of the report The report included the collection in February of the first tranche for 2022 from the Recovery and Resilience Fund (TAA) of EUR 1,718 million, which, following a positive preliminary assessment by the European Commission, was postponed to April 2022. Excluding from the TAA, net income increased by 635 million euros or 6.4% against the target.

The total state budget revenues amounted to 9,503 million euros, reduced by 1,124 million euros or 10.6% against the target. Excluding the aforementioned amount from the TAA, total revenue increased by € 594 million, compared to the target.

Tax revenue amounted to € 8,765 million, up € 887 million or 11.3% from the target set out in the 2022 Budget Report. of the deadline for payment of road tax by the end of February 2022, while it was estimated that this amount would be collected in December 2021. The remaining amount of overdraft is estimated to come from the best tax return of the previous year collected in installments up to the end of February 2022 (income tax of natural and legal persons, ENFIA) as well as the best performance in the collection of taxes of the current year (VAT, VAT, etc.).

Revenues amounted to € 642 million, down € 40 million from the target (€ 683 million).

Revenues from the Public Investment Budget (PIP) amounted to € 427 million, down € 213 million from the target (€ 640 million).

The exact distribution between the categories of revenues of the state budget will be made with the issuance of the final bulletin.

February

In particular, in February 2022 the total net revenue of the state budget amounted to 5,005 million euros, reduced by 473 million euros compared to the monthly target due to non-collection of the first installment from the Recovery and Resilience Fund (TAA), amounting to 1,718 million. euros, as mentioned above. Excluding this, net income increased by € 1.245 million.

Total state budget revenues amounted to € 5,416 million, down from the monthly target of € 460 million, but excluding the aforementioned shifted collection from the TAA, total revenues increased by € 1,258 million compared to the estimated corresponding period included in the 2022 Budget report.

Tax revenue was € 4,933 million, up € 1,166 million or 31% from the target. In addition to the better return on taxes as mentioned above, the following also contributed to this overrun: (a) the extension of the deadline for payment of road tax until the end of February and which had a deadline of 31 January 2022, in the areas affected by the snowfall and frost of 24 January 2022.

Revenue recoveries amounted to € 411 million, up € 13 million from the target (€ 397 million).

Public Investment Budget (PIP) revenues amounted to € 359 million, up € 144 million from the target (€ 215 million).

The costs

The State Budget expenditures for the period January – February 2022 amounted to 9,763 million euros and are reduced by 2,185 million euros compared to the target (11,948 million euros), which is included in the presentation report of the 2022 Budget.

On the part of the Regular Budget, there is a lag of the target by 2,580 million euros, which is mainly due to the delay of payments of armaments programs by 1,537 million euros. There is also a lag in the current transfers to EU organizations and states. by EUR 194 million and the forfeiture of guarantees by EUR 103 million.

Payments in the area of ​​investment expenditure amounted to € 1,333 million, showing an increase compared to the target of € 938 million by € 395 million.

The provisional picture of the main payments of the measures against the pandemic for the period January – February, is as follows:

(a) the support of small and micro-enterprises affected by COVID-19 in the Regions amounting to EUR 148 million from the EDP;

(b) the public contribution for the repayment of business loans to affected borrowers amounting to EUR 47 million from the EDP; and

c) the working capital subsidy to tourism enterprises amounting to 42 million euros from the PDE.

Compared to the corresponding period of 2021, the state budget expenditures for the period January – February 2022 are reduced by 2,038 million euros.

Read also: