Budget: Excess of 502 million euros for tax revenues in the 11th month of 2022

Increased by 312 million against the target, are the net tax revenues for the period January – June 2022, according to the data announced a while ago by the Ministry of Finance.

At the same time, as Deputy Minister of Finance Thodoros Skylakakis notes in his related statement, this development makes “achieving the target for the primary deficit in 2022 safer”.

Also based on the data, the primary result came in at a deficit of 1.126 billion euros, against a target of a primary deficit of 2.239 billion euros and a primary deficit of 7.882 billion euros for the same period in 2021.

Specifically, the statement of the Deputy Minister of Finance Theodoros Skylakakis is as follows: “the increase of 312 million euros in net tax revenues for the period January-November in relation to the forecasts of the introductory report of the state budget, confirms the positive fiscal and macroeconomic course with which 2022 ends. In particular, the small Exceeding tax revenue projections makes meeting the primary deficit target in 2022 more secure.”

The announcement of the Ministry of Finance on the implementation of the budget for the period January – November 2022 is as follows:

According to the provisional data on the execution of the state budget, on a modified cash basis, for the period January – November 2022, there is a deficit in the balance of the state budget of 5,684 million euros against a target for a deficit of 6,760 million euros included for the corresponding period of 2022 in the introductory report of the 2023 Budget and a deficit of 12,267 million euros in the corresponding period of 2021. The primary result was a deficit of 1,126 million euros, against a target for a primary deficit of 2,239 million euros and a primary deficit of 7,882 million euros for the same period in 2021.

The amount of net revenues of the state budget amounted to 53,392 million euros, showing an increase of 250 million euros or 0.5% compared to the estimate for the corresponding period included in the introductory report of the 2023 Budget.

The total revenues of the state budget amounted to 58,943 million euros, increased by 440 million euros or 0.8% against the target.

Tax revenues amounted to 50,237 million euros, up by 502 million euros or 1% compared to the target included in the indicative report of the 2023 Budget.

The exact distribution between the revenue categories of the state budget will be carried out with the publication of the final bulletin.

Revenue returns amounted to €5,551 million, up €190 million from the target (€5,362 million).

The total revenues of the Public Investment Budget (PDE) amounted to 2,867 million euros, reduced by 76 million euros from the target (2,943 million euros).

For the month of November 2022, the total net revenues of the state budget amounted to 4,523 million euros, increased by 152 million euros in relation to the monthly target. The total revenues of the state budget amounted to 5,165 million euros, increased by 342 million euros compared to the estimate for the corresponding period included in the introductory report of the 2023 Budget.

Tax revenues amounted to €4,701 million, up €454 million or 10.7% on target.

Revenue returns totaled €642 million, up €190 million on target (€452 million).

The total revenue of the Public Investment Budget (PDE) amounted to 275 million euros, reduced by 76 million euros compared to the target (352 million euros).

The expenses of the State Budget for the period January – November 2022 amounted to 59,075 million euros and are presented reduced by 826 million euros compared to the target (59,901 million euros), which has been included in the introductory report of the 2023 Budget.

In the section of the Regular Budget, the payments are shown reduced compared to the target by 827 million euros. This development is mainly due to the delayed payment of the equipment programs of the Ministry of National Defense.

Payments under the investment expenditure arm amounted to €8,823 million, exceeding the target by €1 million, due to the improved execution of the Recovery and Resilience Fund expenditure.

The provisional breakdown of the main payments of expenditure on fiscal measures taken due to the pandemic for the period January – November is as follows:

a) the support of small and very small businesses affected by COVID-19 in the Regions in the amount of 160 million euros from the PDE,

b) the public contribution for the repayment of business loans of affected borrowers amounting to 90 million euros from the PDE,

c) the working capital subsidy for tourism businesses amounting to 42 million euros from the PDE,

d) the support of health institutions with auxiliary staff in the Regions in the amount of 90 million euros from the PDE,

e) the emergency grant of entertainment businesses, gyms, dance schools, etc. affected by the pandemic. amounting to 44 million euros, from the PDE,

f) the special purpose compensation expense of 158 million euros, which was paid by the Ministry of Labor and Social Affairs (category of transfers),

g) the additional grants to the EOPYY, in the amount of 100 million euros and to the hospitals and DYPE, in the amount of 259 million euros, as well as the purchase of vaccines in the amount of 286 million euros,

h) the additional grant to DYPA (formerly OAED) in the amount of 400 million euros to cover the loss of revenue due to a reduction in employee insurance contributions and the grant to e-EFKA in the amount of 150 million euros to cover the loss of revenue from the reduction of contributions collected in favor of DYPA and

i) the state compensation of landlords amounting to 58 million euros, due to reduced rents they receive.

The provisional recording of the main payments of the costs for the measures to deal with the energy crisis, concerning the Central Administration, for the period January – November, is as follows:

a) a grant to OPEKA of 207 million euros, which is broken down into the following sub-parts: 120 million euros for the extraordinary installment of the child benefit, 46 million euros for the payment of the increase in the income support of beneficiaries of the minimum guaranteed income, 33 million euros for the extraordinary financial support of the disabled and 7 million euros for the increase of the pension of the uninsured overages,

b) a grant to the e-EFKA of 135 million euros for the emergency financial support of vulnerable pensioners,

c) grant to the Information Society for the support of natural persons and freelancers in order to deal with the increase in the cost of fuel passes (fuel pass) of 302 million euros and for the support due to increased electricity bills (power pass) of 296 million euros,

d) grant to OPEKEPE of 50 million euros to deal with the consequences in Greek livestock farming due to international developments,

e) special purpose compensation to support TAXI operators and drivers amounting to 5 million euros,

f) diesel fuel subsidy of 217 million euros and

g) strengthening of the Energy Transition Fund by 1,000 million euros.

For the period of January – November 2022, the expenses of the state budget are shown reduced, compared to the corresponding period of 2021, by 1,668 million euros.

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