ENFIA, income tax and … precision “inflate” state coffers

By Chrysostomos Tsoufis

Although temporary, a primary surplus and even enlarged compared to the first figures. The final elements of its execution budget for the 8th month they show primary surplus €19 million (against €10 million in the first announcement) when the target set was for a deficit of €5.94 billion.

This result has its explanation in dizzying run of revenue and of course it filled the financial staff with smiles, which anyway knows and says it out loud that the appearance of a primary surplus in August under these conditions it is a purely opportunistic development. In any case, tax revenues in August recorded an increase of €1.3 billion or 30.1% against the target. In total, in the first 8 months of the year, the state coffers received €5.5 billion more in tax revenue than was estimated by the Ministry of Finance.

This image is due according to the ministry’s announcement:

• In the best performance of the previous year’s taxes collected in installments until the end of February 2022
• In the extension of the deadline for the payment of traffic fees until the end of February 2022
• In the fastest collection of ENFIA
• To the best performance in the collection of taxes of the current year

The evidence shows in the clearest way that the energy and not only accuracy fills the coffers of the state.

The VAT revenue are increased by €1.45 billion compared to the targets. The overperformance in fuel is €317 million and €1.1 billion in other products and services.

The overperformance of the VAT covers the €184 million “waste” of the revenues from the VAT on energy products, which is a unitary tax and not a proportional one, i.e. it is imposed as a fixed amount on every liter purchased, on every Kwh consumed. That this category’s revenue is falling short shows that consumption has fallen.

More than three times the estimates are the revenue from ENFIA – €2 billion against estimates for €680 million -, a fact expected as by the end of August 2022 4 of the 8 installments had been collected and which were predicted to be collected from September to December of this year.

They also record an excellent course income tax revenue as taxpayers demonstrate admirable responsibility. In total, the outperformance reaches €1.76 billion. €944 million comes from the taxes of natural persons and €710 million from businesses.

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