Wednesday Jan 28, 2015 Search
Weather | Athens
13o C
7o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Primary surplus and revenues exceed target

By Prokopis Hatzinikolaou

Budget revenues in the first five months of the year are showing a rebound according to data released on Thursday by Alternate Finance Minister Christos Staikouras. Notably in May, an election month, revenues posted a significant recovery, exceeding the original targets.

Ministry figures showed that tax revenues in the year to end-May were 146 million euros above target, resulting in a primary budget surplus of 711 million euros for the first five months of 2014.

Staikouras said that the public finances are strengthening, paving the way for a gradual decline in tax rates. “The necessary foundations are being created for the recovery of the real economy and the promotion of employment, the distribution of a social dividend, a reduction in social security contributions and the gradual easing of the tax burdens on corporations and households,” he stated.

According to official data, tax rebates in the first five months amounted to 1.27 billion euros, compared with just 483 million in the same period last year. In May tax rebates were more than double those given out in the same month of 2013 as well as the target for last month. “Tax rebates were particularly high, much higher than in the same period last year,” the alternate minister stated.

Staikouras added that revenues before tax rebates were 250 million euros higher than those of May 2013, while tax revenues were 300 million higher on an annual basis and 285 million above target.

The figures presented are the revised ones, as the budget targets have been updated based on the targets of the midterm fiscal plan agreed with the country’s creditors. Originally the budget had provided for a primary surplus of 1.5 percent of gross domestic product, while the midterm plan’s revised target provided for a 2 percent primary surplus. The target for the first five months was for revenues to exceed expenditure by 208 million euros, but the actual figure came in at 711 million.

Net budget revenues amounted to 17.3 billion euros in the January-May period, beating the revised target by 62 million euros, or 0.4 percent. Total tax revenues came to 16.17 billion euros – 254 million euros or 1.6 percent above the revised target. Tax rebates reached 1.27 billion, some 85 million euros above target, and revenues from the Public Investments Program amounted to 2.3 billion euros, missing the revised target by just 16 million euros. Budget expenditure amounted to 21.59 billion euros, beating its target by 529 million euros.

ekathimerini.com , Thursday June 12, 2014 (23:02)  
Greek tourism rise outshines global gains
Dritsas announces cancellation of OLP sale
Electric shock in energy industry
Property levies inflict serious blow to housing market
Police looking for two more suspects in Xeros case
Two people arrested last week on suspicion of being accomplices of Savvas Xeros and assisting him in plans to help members of the Conspiracy of the Cells of Fire terrorist group escape from ...
Tsipras unveils anti-austerity cabinet
Greece’s new SYRIZA-led coalition government was sworn in on Tuesday with economist Yanis Varoufakis taking the crucial post of finance minister in a slimmer cabinet including members of the...
Inside News
SOCCER
PAOK strikes deal with Portugal´s Ricardo Costa
PAOK announced on Tuesday its agreement with Portuguese international defender Ricardo Costa. The Thessaloniki club added that the player is expected on Wednesday to undergo a medical test a...
BASKETBALL
Basket League favorites survive challenges on the road
PAOK consolidated its position in the top three of the Basket League with a triumph at AGO Rethymnou on Saturday, while Olympiakos and Panathinaikos emerged victorious from their tough away ...
Inside Sports
COMMENTARY
Greece, where everyone´s a winner
Whether a tradition or simply a bad habit, we have trouble finding a loser in any electoral race, a party leader who will openly concede defeat without trying to mitigate it with excuses. Th...
EDITORIAL
Political faux pas
Democracies have rules and institutions that must be respected and served by all who represent them. Most people can appreciate that politicians who have worked hard for the past two-and-a-h...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. PAOK strikes deal with Portugal´s Ricardo Costa
2. Greek tourism rise outshines global gains
3. Dritsas announces cancellation of OLP sale
4. Electric shock in energy industry
5. Property levies inflict serious blow to housing market
6. Uncertainty on new tax system
more news
Today
This Week
1. Greek Elections 2015: Forming a government, Part 1 | LIVE
2. Greece, where everyone's a winner
3. Three days of mourning declared over death of two Greek pilots in Spain
4. Greek uncertainty weighs on low-rated eurozone bonds
5. Political faux pas
6. Europe stocks fall from seven-year high; Greek bonds drop
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. Greek Elections 2015 | LIVE
4. Greeks fork out nearly 5 pct of their incomes on telecom services
5. Unsupervised voting
6. QE exclusion a ‘de facto Grexit’
Advertiser Link
SMART WATER Project: Outputs and conclusions of the final conference
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.