Public Revenue €1.7 Billion Below Target in First 8 Months

Public revenue dropped in the January-August period, creating a “hole” of 1.7 billion euros in the 2017 budget.

According to State Treasury data, budget revenues declined by 1,759 billion euros, with tax revenues and privatization revenues dropping.

The Ministry of Finance has explained that the deviation is attributed to the transfer of the payment of the first installment of the single property tax (ENFIA) from August to September. Also, tax refunds of 1.027 billion euros are much higher than the 469 million euros expected.

The ministry argues that these are temporary shortages and expresses the conviction that the target for a primary surplus of 1.75% of GDP at the end of the year will be achieved. In any case, the definitive data to be issued in the next 10 days will indicate the exact problem of the revenue, the ministry said.

The September data will be announced in the first 10 days of October, and will be decisive for the state budget, as it will be ascertained whether the 650,000 taxpayers who failed to pay the first installment of income tax in July did so at the end of September, along with the second installment due in the same month, or if they have chosen the 12-installment payment plan offered by the Ministry of Finance.

In September it will also be ascertained whether or not property owners have paid the first installment of ENFIA.


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