VAT and income increased by 526 million euros in January-February revenues

LAST UPDATE: 13.10

By Tasos Dasopoulos

VAT, VAT and income increased by 526 million euros tax revenues for the first two months of the year, after the initial easing of restrictive measures in January, aimed at reducing the pandemic.

In particular, the net revenue of the state budget amounted to 8,853 million euros, showing a decrease of 1,090 million euros or 11% compared to the estimate for the corresponding period included in the budget report 2022. However, the target of the report included in February the first tranche for 2022 from the Recovery and Resilience Fund (TAA) of € 1,718 million, which, following a positive preliminary assessment by the European Commission, was postponed to April 2022. Excluding the amount from the TAA net income shows an increase of 628 million euros or 6.3% against the target.

Tax revenue amounted to EUR 8,705 million, an increase of EUR 826 million or 10.5% from the target set out in the 2022 Budget Report. Part of this increase, of around EUR 300 million, concerns the extension 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 (526 million euros) comes from the best tax return of the previous year collected in installments until the end of February 2022, as well as the best return on tax collection this year.

In particular, the following are observed for the main taxes of this category:
VAT revenues amounted to 3,493 million euros and are higher than the target by 280 million euros.
Revenue of EFC amounted to 989 million euros and is reduced against the target by 85 million euros.
Real estate tax revenues amounted to 417 million euros and are lower than the target by 6 million euros.
Revenue tax revenue was € 2,663 million, up 223 million from the target.

B. The income of the category “Social Contributions” amounted to 9 million euros according to the target.

C. Revenue in the “Transfers” category amounted to EUR 380 million, reduced by EUR 1,956 million compared to the target set out in the 2022 Budget Report, mainly due to the non-collection of the expected tranche by the TAA, amounting to EUR 1,718 million. . Of the above amount of 380 million euros, 362 million euros relates to PDE revenues, which are reduced by 244 million euros compared to the target.

D. Revenue of “Sales of goods and services” category amounted to 112 million euros, increased by 28 million euros compared to the target included in the budget report 2022.

E. Revenue in the category “Other current revenue” amounted to EUR 285 million, reduced by EUR 32 million compared to the target set out in the budget report 2022. Of this amount, EUR 65 million relates to EDP revenue, which is an increase of EUR 31 million against the target.

F. Revenue from “Assets sales” category amounted to EUR 4 million, increased by EUR 4 million compared to the target set out in the 2022 Budget Report.

Revenue recoveries 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 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.