Monday November 24, 2014 Search
Weather | Athens
14o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Budget meets the targets set for 2012

 Spending painfully reduced while property levies offset revenue loss from tax evasion, consumption drop

By Prokopis Hatzinikolaou

The budget target for 2012 has been met, official data showed on Tuesday. The primary deficit closed at about 3.45 billion euros against a 4.58-billion-euro target set by the Finance Ministry and the countrys creditors. However for the government to meet this target, it was forced to take extra measures in the form of more taxes, curtailing the Public Investment Program and a reduction in expenditure, as well as holding off on making state payments to third parties.

According to the figures released by the General State Accounting Office, the deficit of the state budget was reduced by 31.1 percent from 2011 and amounted to about 15.69 billion euros, against a target for 16.31 billion. The budget might have had even better results if certain social security funds had not required additional funding during 2012.

Net state budget revenues amounted to 51.92 billion euros against a target for 52.39 billion, representing a 468-million-euro shortfall. Compared to 2011 they were reduced by 3.72 percent.

The target was missed due to reduced revenues from the Public Investment Program (3.59 billion euros), against a target for 4.68 billion.

The favorable divergence from the revised target for 2012 came from the bigger-than-expected takings from the following revenue sources: income tax (by 230 million euros), property taxes (107 million), reduced tax returns (517 million), other direct taxation (207 million), road tax (55 million) and non-tax revenues (55 million).

Taxpayers paid levies amounting to 9.97 billion euros last year 20.3 percent more than in 2011. Property tax proved a great help to the budget, as receipts from the special property tax tagged onto electricity bills, the 2009 Single Property Tax and the FAP property tax for 2010 added up to about 2.86 billion euros. On the other hand, receipts from value-added tax fell 11.4 percent year-on-year due to the drop in consumption, as well as the perceived increase in tax evasion.

Budget spending amounted to 67.6 billion euros, against a target for 68.7 billion. It was also reduced by 11.9 percent from 2011, data showed.

ekathimerini.com , Tuesday Jan 22, 2013 (23:14)  
Athens deserves slack from creditors
Transfer tax to be based on actual property cost, not objective value
Key general meeting at OLP on Tuesday
Agenda
Cyprus on agenda in Biden visit to Istanbul
The prospects for the resumption of stalled peace talks on Cyprus and the issue of energy security were among the matters discussed on Saturday by US Vice President Joe Biden and Turkish gov...
PASOK nixes Papandreou leadership challenge
The junior coalition partner PASOK rejected over the weekend a proposal by the partys former leader and ex-premier George Papandreou for the party to call an emergency congress and a subseq...
Inside News
BASKETBALL
Olympiakos ends PAOKs unbeaten run in Basket League
Olympiakos put an end to PAOKs unbeaten run in the Basket League with an emphatic win at the Peace and Friendship Stadium, leaving Panathinaikos as the only team with a perfect record so fa...
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japans image and economy following the triple blow of the earthquake, tsunami and nuc...
Inside Sports
COMMENTARY
Extremism from a bygone era
There are times when we seem to be overcome by self-destructive madness. I hear various commentators and politicians speaking in extreme terms of a junta, of defections, gallows, collaborato...
EDITORIAL
No call for more games
Psychological warfare has been a part of the negotiations between the troika and Athens from the very start of the crisis. But the situation is much different now and troika decision-makers ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Olympiakos ends PAOKs unbeaten run in Basket League
2. Athens deserves slack from creditors
3. Transfer tax to be based on actual property cost, not objective value
4. Key general meeting at OLP on Tuesday
5. Agenda
6. Carlsberg to use Greece as regional junction
more news
Today
This Week
1. Extremism from a bygone era
2. No call for more games
3. Carlsberg to use Greece as regional junction
4. Transfer tax to be based on actual property cost, not objective value
5. Athens deserves slack from creditors
6. Key general meeting at OLP on Tuesday
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Anti-junta uprising anniversary to be marked amid tight security
4. Every age has its collaborators
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Give Greece a chance
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.