The tax revenues in January 2024 were 369 million euros above the target, according to the final data on the implementation of the state budget, as stated in a relevant announcement by the Ministry of National Economy and Finance.

The better course of tax revenues, compared to the target, comes mainly from the income tax of natural and legal persons of the previous year, which are collected in installments until the end of February 2024, but also from the better performance in the collection of taxes of the current year (VAT, VAT etc.).

Also according to the state budget execution data, on a modified cash basis, for the period of January 2024, there is a surplus in the state budget balance amounting to 1,093 million euros against a target for a deficit of 82 million euros that has been included for the corresponding period of 2024 in the introductory report of the 2024 Budget and a surplus of 1,480 million euros in the corresponding period of 2023.

The primary outcome on an adjusted cash basis it was in a surplus of €2,282 million, against a target of a primary surplus of €1,118 million and a primary surplus of €2,773 million for the same period in 2023.

Most of the difference in the primary surplus against the target in cash terms is not counted in the 2024 primary result in fiscal terms.

Indicatively, amounts of 159 million euros relating to revenues from the Recovery and Resilience Fund which were received in arrears, as well as 205 million euros relating to the rescheduling of payments of equipment programs, do not affect the result in fiscal terms, while the difference in net receipts of the tax revenue of 307 million euros is counted almost entirely in the fiscal result of the year 2023.

Therefore the primary result in fiscal terms differs significantly from the result in cash terms. In addition, it is recalled that the above refers to the primary result of the Central Administration and not to the whole of the General Government, which also includes the fiscal results of Legal Entities and the sub-sectors of OTAs and OKAs.

In January 2024, the amount of net revenues of the state budget amounted to 6,717 million euros, presenting an increase of 993 million euros compared to the target included for the corresponding period in the introductory report of the 2024 Budget. This increase is mainly due to: a ) to the increased tax revenues by 307 million euros after deducting refunds, b) to the increased PDE revenues by 390 million euros and c) to the collection of an amount of 159 million euros from the Recovery and Resilience Fund that was predicted to be collected by in the month of March 2024.

The total revenues of the state budget amounted to 7,218 million euros, increased by 1,055 million euros or 17.1% against the target.

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

1. The revenues of the “Taxes” category amounted to 5,561 million euros, increased by 369 million euros or 7.1% compared to the target included in the introductory report of the Budget 2024. This overperformance comes mainly from the better performance of of income taxes of natural and legal persons of the previous year that are collected in installments until the end of February 2024, as well as the best performance in the collection of taxes of the current year (VAT, VAT, etc.).

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

• VAT revenues amounted to 2,423 million euros and are increased against the target by 29 million euros.

• The revenues of the Social Insurance Institutions amounted to 528 million euros and are increased against the target by 33 million euros.

• Real estate tax revenues amounted to 113 million euros and are short of the target by 5 million euros.

• Income tax revenues amounted to 1,896 million euros and are higher than the target by 256 million euros.

2. The revenues of the “Social Contributions” category amounted to 5 million euros, in accordance with the target.

3. The revenues of the “Transfers” category amounted to 1,093 million euros, increased by 384 million euros compared to the target included in the introductory report of the Budget 2024. An amount of 159 million euros was collected from the Recovery and Resilience Fund (REF). , while an amount of 925 million euros concerns PDE revenues, which are increased by 243 million euros compared to the target.

4. The revenues of the “Sales of goods and services” category amounted to 115 million euros, increased by 44 million euros compared to the target included in the introductory report of the 2024 Budget.

5. The income of the “Other current income” category amounted to 430 million euros, increased by 242 million euros compared to the target included in the introductory report of the 2024 Budget. From the above collected amount of 430 million euros, an amount 179 million euros concerns PDE revenues which are increased by 147 million euros compared to the target.

6. The revenue of the category “Sales of fixed assets” amounted to 15 million euros, against a zero target.

Revenue returns totaled €501 million, up €62 million from the target (€439 million).

The revenues of the Public Investment Program (PIP) amounted to 1,104 million euros, increased by 390 million euros from the target (714 million euros).

The expenses of the State Budget for the period of January 2024 amounted to 5,625 million euros and are shown reduced by 182 million euros compared to the target (5,806 million euros), which is included in the introductory report of the 2024 Budget. They are also reduced, in compared to the corresponding period of 2023, by 61 million euros, mainly due to reduced cash transfer payments to other legal entities.

In the part of the Regular Budget, the payments are shown reduced compared to the target by 395 million euros. This development is mainly due to the postponement of the cash payments of the equipment programs of the Ministry of National Defense by 205 million euros.

Payments in the investment expenditure arm amounted to 948 million euros, showing an increase of 213 million euros compared to the target. This increase is due to the over-execution of the PDE by 222 million euros.

It should be noted that at the beginning of the financial year, the agencies take priority credits to service the unpaid obligations of previous years, as well as in the context of multi-year obligations.