Tax revenues appear to have increased by 4.8% or approximately 1.4 billion euros
Primary surplus The state budget shows 2.9 billion euros in the first half of 2024, significantly exceeding the target for a surplus of 1.2 billion euros.
Tax revenues appear increased by 4.8% or approximately 1.4 billion euros, but according to the Ministry of Finance, the total excesses do not count financially. in the current year.
According to the provisional data on the execution of the state budget, on a modified cash basis, for the period January – June 2024, there is a deficit in the balance of the state budget of 2,261 million euros against a target for a deficit of 3,616 million euros included for the corresponding period of 2024 in the introductory report of the 2024 Budget and a deficit of 2,462 million euros in the corresponding period of 2023.
The primary result on an adjusted cash basis it was in a surplus of €2,900m, against a target of a primary surplus of €1,204m and a primary surplus of €2,116m for the same period in 2023.
It is noted that part of the difference of the primary surplus against the target in cash terms is not counted in the primary result of 2024 in fiscal terms.
Indicatively, an amount of 159 million euros related to revenues of the Recovery and Resilience Fund, does not affect the result in fiscal terms, while a significant part of the difference in tax revenue collections of 647 million euros is counted in the fiscal result of the year 2023.
Therefore the primary result in fiscal terms differs from the result in cash terms. It should be noted 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 the period January – June 2024, the amount of of net income of the state budget amounted to 31,461 million euros, showing a decrease of 291 million euros or 0.9% compared to the target included for the corresponding period in the report of the 2024 Budget, as the target of the report included:
- the collection in the month of March of an amount of 1,797 million euros from the Recovery and Resilience Fund (Resilience Fund), the majority of which, i.e. the amount of 1,687 million euros, had been collected in December 2023 and an additional amount of 159 million euros was collected in January 2024 and
- the collection in June of a price of 1,350 million euros from the service concession agreement for the financing, operation, maintenance and exploitation of the Egnatia Odos motorway and the three (3) vertical road axes, which was signed on 29.03.2024 and the following steps of the process until the payment of the price are expected to be completed in the coming months. Excluding the above amounts, net income shows an increase of 2,697 million euros or 9.4% compared to the target.
This increase is mainly due to:
- to the increased tax revenue by 1,455 million euros after deducting refunds and
- to the increased PDE revenues by 776 million euros.
Tax revenues amounted to 29,276 million euros, increased by 1,336 million euros or 4.8% compared to the target included in the introductory report of the Budget 2024. This overperformance comes from the better performance of personal and corporate income taxes of the previous year that were collected in installments until the end of February 2024 (it is noted that an estimated amount of 647 million euros is counted in the fiscal result of the year 2023), as well as the best performance in the collection of taxes of the current year (VAT, VAT, etc. ).
Revenue returns amounted to 3,224 million euros, reduced by 119 million euros from the target (3,343 million euros).
The revenues of the Public Investment Program (PIP) amounted to 2,788 million euros, increased by 776 million euros from the target (2,012 million euros).
The exact distribution between the revenue categories of the state budget will be carried out with the publication of the final bulletin.
In particular, in June 2024 the total net revenue of the state budget amounted to 4,577 million euros, reduced by 1,763 million euros compared to the monthly target, mainly due to the fact that, in the target setting of the report, the collection in the month of June was included price from the concession contract, of the Egnatia Odos highway and its three (3) vertical road axes, amounting to 1,350 million euros, which is expected to be collected in the coming months, as mentioned above.
- Tax revenues totaled €4,561m, up €5m or 0.1% on target.
- Revenue returns totaled €612 million, down €61 million from the target (€673 million).
- The revenues of the Public Investment Budget (PDE) amounted to 208 million euros, reduced by 320 million euros from the target (528 million euros).
- The expenses of the State Budget for the period January – June 2024 amounted to 33,722 million euros and are shown reduced by 1,647 million euros compared to the target (35,368 million euros), which is included in the introductory report of the 2024 Budget. They are also increased , in relation to the corresponding period of 2023, by 385 million euros.
In the section of the Regular Budget, the payments are shown reduced compared to the target by 1,776 million euros. This development is mainly due to the deferral of transfer payments to OKA by 1,126 million euros, as well as the costs related to equipment programs amounting to 384 million euros. Transfers to other Legal Entities increased by 309 million euros, i.e. incrementally compared to the target. More specifically, 110 million euros were paid by the Ministry of Rural Development and Food to ELGA for the compensation of agricultural holdings affected by flooding due to the DANIEL-ELIAS disasters in September 2023, 162 million euros from the Ministry of Infrastructure and Transport as a grant to transportation agencies (OASA, OASTH and OSE) and 207 million euros from the Ministry of Health as a grant to the National Central Authority for Health Procurement (EKAPY) to cover the cost of supplying medicines for the needs of the hospitals of the National Health Service and the General Hospital. Papageorgiou.
Finally, interest payments increased by 369 million euros in relation to the target.
Payments in the investment expenditure segment amounted to 5,160 million euros, showing an increase of 129 million euros in relation to the target, as the target was exceeded in the PDE.
Source: Skai
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