Tax “revenues” support the budget

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The provisional budget data recorded a significant increase in tax revenues last month, with the result that in the 11 months of the year the excess reached 855 million euros, against the target.
The big difference was made by November, as the excess on tax revenues reached them EUR 690 million.

The development on the front of tax revenues (43,003 billion euros in the 11 months), and the lag on the front of expenditures (805 million euros), led lower than the target and the primary budget deficit. It was reduced to 7.879 billion euros against a target of 8.973 billion in the period January-November 2021.

«Τα increased in relation to forecasts of budget tax revenue they continue in November, something that confirms the faster than expected recovery of the economy, which has also been recorded by the data of the Hellenic Statistical Service “, said the competent Deputy Minister Thodoros Skylakakis.

Circles of the Ministry of Finance, however, commented that the anode of prices of energy will limit the GDP dynamics in the last 3 months, but not the fiscal result. They also pointed out that it does not make sense to review the GDP upwards for this year, although it is considered a given that GDP will lock much above from 6.9% mentioned by new Budget.

For 2022 note that there are too many many uncertainties and in relation to the pandemic but also in relation to the energy crisis. They pointed out that the most basic indicator these days is the course of “Omicron” worldwide.
As for whether there will be new measures to support households and businesses for this year, they ruled it out, leaving open the possibility of “emergency measures” in 2022.

“Whether they will be needed additional measures to be precise, the key are the fuelThey added. They explained that the cost of the energy crisis must be “shared” between the burden that will be borne by the taxpayer now and in the future.
They pointed out that the excess of tax revenues in the 11 months comes mainly from excise and business taxes. And to a lesser extent taxes on individuals. There is also an increase in electronic transactions of 30% compared to 2019 with a slight pressure in November.

DATA

In more detail, the provisional data on the execution of the state budget, on a modified cash basis, for the period January – November 2021, show:

  • State budget deficit of € 12.263 billion against a deficit target of € 13.399 billion, which has been included for the corresponding period of 2021 in the budget report 2022 and a deficit of € 18.252 billion in the corresponding period of 2020. The primary result amounted to a deficit of 7.879 billion euros, against a target for a primary deficit of 8.973 billion euros and a primary deficit of 13.747 billion euros for the same period in 2020.
  • The amount of net revenues of the state budget amounted to 48.480 billion euros, showing an increase of 330 million euros or 0.7%. Total revenue was € 52.750 billion, up € 412 million or 0.8% from the target. Revenues from taxes amounted to 43.003 billion euros, increased by 855 million euros or 2%. Revenue returns amounted to € 4.270 billion, up € 82 million from the target (€ 4.188 billion). Public Investment Budget (PDB) revenues amounted to 3.763 billion euros, down 423 million euros from the target (4.187 billion euros).

In particular, in November 2021, the total net revenue of the state budget amounted to 4.324 billion euros, increased by 161 million euros compared to the updated monthly target. The total state budget revenues amounted to 4.782 billion euros, increased against the monthly target by 243 million euros. Tax revenues amounted to 4.422 billion euros, up 690 million euros or 18.5% from 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).

State Budget expenditure for the period January – November 2021 amounted to 60.743 billion euros and is reduced by 805 million euros or 1.3% compared to the target (61.548 billion 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%, 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.

Payments in the area of ​​investment expenditures decreased in relation to the target of 7.952 billion euros by 145 million euros 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 subsidy 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.

Reportage: Costas Tsavalos

Source: ERT

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