Budget: Income tax, VAT and ENFIA supported the revenue

The budget closed the 11th month of this year with an improved fiscal result, as it showed a primary deficit of 1.091 billion euros, against a target for a primary deficit of 2.239 billion euros and a primary deficit of 7.882 billion euros for the same period in 2021.

The main element was the excess of revenues by approximately 500 million euros against the target, while expenses were reduced by 823 million euros.

Based on detailed data from the Ministry of Finance:

According to the state budget execution data, on a modified cash basis, for the period January-November 2022 there is a deficit in the state budget balance of 5.648 billion euros against a target for a deficit of 6.760 billion euros that has been included for the corresponding period of 2022 in the introductory report of the 2023 Budget and a deficit of 12.267 billion euros in the corresponding period of 2021. The primary result was a deficit of 1.091 billion euros, against a target for a primary deficit of 2.239 billion euros and a primary deficit of 7.882 billion euros for the same period in 2021.

The amount of net revenues of the state budget amounted to 53.430 billion euros, showing an increase of 288 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 58.981 billion euros, up by 478 million euros or 0.8% against the target.

Specifically, the revenues of the major categories of the state budget are as follows:

A. The revenues of the “Taxes” category amounted to 50.178 billion euros, increased by 444 million euros or 0.9% compared to the target included in the introductory report of the 2023 budget.

In particular, the following are observed for the main taxes of this category:

-VAT revenues amounted to 19.828 billion euros and are increased against the target by 135 million euros.

– The revenues of the EFCs amounted to 6.344 billion euros and are reduced compared to the target by 52 million euros.

-The real estate tax revenues amounted to 2.545 billion euros and are increased against the target by 100 million euros.

-Income tax revenues amounted to 15.436 billion euros and are increased against the target by 154 million euros.

B. The income of the “Social Contributions” category amounted to 51 million euros in accordance with the target included in the report of the 2023 budget.

C. The revenues of the “Transfers” category amounted to 5.278 billion euros, reduced by 106 million euros compared to the target included in the introductory report of the 2023 Budget. Of the above received amount of 5.278 billion euros, an amount of 2.604 billion . euros refers to PDE revenues, which are reduced by 111 million euros compared to the target.

D. The revenue of the “Sales of goods and services” category amounted to 774 million euros, increased by 44 million euros compared to the target included in the introductory report of the 2023 budget.

E. The revenues of the “Other current revenues” category amounted to 2.687 billion euros, increased by 93 million euros compared to the target included in the report of the 2023 budget. Of these, an amount of 264 million euros concerns PDE revenues, which are increased by 36 million euros compared to the target.

F. The revenue of the “Sales of fixed assets” category amounted to 12 million euros, increased by 3 million euros compared to the target included in the report of the 2023 budget.

Revenue returns totaled €5.551 billion, up €190 million from the target (€5.362 billion).

The total revenue of the Public Investment Budget (PDE) amounted to 2.868 billion euros, reduced by 75 million euros from the target (2.943 billion euros).

For November, the total net revenues of the state budget amounted to 4.561 billion euros, up by 190 million euros compared to the monthly target. The total revenues of the state budget amounted to 5.203 billion euros, increased by 380 million euros compared to the estimate for the corresponding period included in the introductory report of the 2023 budget.

Specifically, the revenues of the major categories of the state budget for November 2022 are as follows:

A. Revenues in the “Taxes” category amounted to €4.642 billion, up €395 million or 9.3% on target.

In particular, the following are observed for the main taxes of this category:

-VAT revenues amounted to 1.910 billion euros and are increased against the target by 122 million euros.

– The revenues of the EFCs amounted to 595 million euros and are increased compared to the target by 12 million euros.

-The real estate tax revenues amounted to 146 million euros and are increased against the target by 55 million euros.

-Income tax revenues amounted to 1.493 billion euros, and are increased against the target by 148 million euros.

B. The income of the “Social Contributions” category amounted to 5 million euros in accordance with the target.

C. The revenues of the “Transfers” category amounted to 249 million euros, reduced by 107 million euros compared to the target included in the introductory report of the 2023 budget. Of the above received amount of 249 million euros, an amount of 240 million .euro concerns PDE revenues, which are reduced by 110 million euros compared to the target.

D. The revenue of the “Sales of goods and services” category amounted to 77 million euros, increased by 16 million euros compared to the target included in the introductory report of the 2023 budget.

E. The income of the “Other current income” category amounted to 227 million euros, increased by 73 million euros compared to the target included in the introductory report of the 2023 budget. Of this, an amount of 37 million euros concerns PDE income, the which are increased by 35 million euros compared to the target.

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

The total revenue of the Public Investment Budget (PDE) amounted to 277 million euros, reduced by 75 million euros compared to the target (352 million euros).

State budget expenditures for the period January-November 2022 amounted to 59.078 billion euros and are presented reduced by 823 million euros compared to the target (59.901 billion euros), which has been included in the introductory report of the 2023 budget.

In the part of the regular budget, the payments are shown reduced compared to the target by 824 million euros. This development is mainly due to the delayed payment of the equipment programs of the Ministry of National Defense.

Payments in the investment expenditure arm amounted to €8.823 billion, exceeding the target by €1 million, due to the improved execution of the Recovery and Resilience Fund expenditure.

The provisional breakdown of the main expenditure payments for 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 billion 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 1.665 billion euros.

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