Primary surplus of 52 million euros in 9 months

By Chrysostomos Tsoufis

It “bloated” even more the primary deficit which the budget execution displays. Of the 37 million euro of the provisional figures, the final figures show for the 9 month 52 million euro surplus against a deficit target of 5.94 billion euros. It is the second consecutive month that the “account” comes out in surplus, as in the 8th month there was a surplus of 19 million. euro.

This result has its explanation in the vertiginous progress of the revenues and of course the financial staff was filled with smiles, which however knows and says it out loud that the appearance of a primary surplus in August and September is a purely opportunistic development and insists that the year will close with a primary deficit of 1.7 billion euro

This result even came despite the fact that in September the tax revenues were reduced compared to the target by 12.6%, i.e. by approximately 693 million. euros This is due to the fact of the pre-collection of a large part of the ENFIA since the initial planning was to start its collection from September and in 6 installments but it finally started from May. At the same time, we also have advance payment for income tax since instead of the initial plan of 3 monthly installments from September, its collection finally started from July and in 8 monthly installments.

In total, however, in the first 9 months of the year, 4.8 billion euros more tax revenue has entered the state coffers than was estimated by the Ministry of Finance.

This image is due according to the announcement of the ministry:

-On the best performance of the previous year’s taxes collected in installments until the end of February 2022

– To extend the deadline for payment of traffic fees until the end of February 2022

-In the fastest collection of ENFIA which is 635 million. euros against the targets.

-In the best performance in the collection of income taxes which are 1.5 billion euros above the target. 645 million euros come from natural persons and 758 million euros from businesses.

The figures show in the clearest way that energy and not only precision fills the coffers of the state.

VAT revenues have increased by 1.7 billion. euros against the targets. The excess fuel efficiency is 392 million. euros and 1.3 billion euros in other products and services.

The overperformance of the VAT covers the 155m. euros of the revenue from the tax on energy products, which is a unitary tax and not proportional, i.e. it is imposed as a fixed amount on every liter that is purchased, on every Kwh that is consumed. That this category’s revenue is falling short shows that consumption has fallen.

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