Saturday August 2, 2014 Search
Weather | Athens
31o C
24o 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)  
Greek PMI drops to nine-month low in July
Property tax surplus may lead to more installments or cuts
Athens-Patra in just two hours
Plans to tackle Russian crisis
Libya evacuees set to reach Piraeus on Saturday
A Greek frigate carrying 186 people evacuated from conflict-ridden Libya is expected to reach the port of Piraeus early Saturday, the Greek Defense Ministry said. The evacuation operation to...
Coast guard seeks boost in Aegean
Efforts to boost the number of coast guard officers serving on Aegean islands where authorities have to deal with large numbers of undocumented migrants who are smuggled by traffickers from ...
Inside News
SOCCER
One win and one loss in Europa League
Greece had a hit and a miss in the first-leg games for the third qualifying round of the Europa League on Thursday, as Atromitos scored a 2-1 win at Sarajevo while Asteras Tripolis lost 1-0 ...
SOCCER
Goalless draw at Liege puts Greens in driving seat
Panathinaikos got the upper hand in the battle for entry to the Champions League playoffs after snatching a goalless draw at Standard Liege on Wednesday. If anything, the Greek cup holders m...
Inside Sports
COMMENTARY
In trying to conquer, Putin unites Europe
President Vladimir Putin is obliged to feign indifference to the sanctions that the European Union and the United States imposed on Russia this week. But, being the player that he is, he mus...
EDITORIAL
Our own worst enemies
A new study has come to exemplify the cliche notion that Greeks find it easier to excel abroad, where they fare much better than they do at home. According to research by epidemiologist John...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Greek PMI drops to nine-month low in July
2. Property tax surplus may lead to more installments or cuts
3. Athens-Patra in just two hours
4. Plans to tackle Russian crisis
5. Fifth straight day of losses on Greek bourse
6. Libya evacuees set to reach Piraeus on Saturday
more news
Today
This Week
1. Greece evacuates embassy staff, foreign nationals from Libya
2. Greek exporters worried about impact of Russia sanctions
3. Britons stranded at sea off Zakynthos towed to safety
4. Greek bond yields dip as investors anticipate ratings upgrade
5. Human rights watchdog criticizes decision to file Farmakonisi case
6. Jean-Claude Juncker to make first official visit to Athens on Monday
Today
This Week
1. Wine cup used by Pericles found in grave north of Athens
2. Defense Minister Avramopoulos to represent Greece at European Commission
3. Worlds largest solar boat on Greek mission
4. What lessons can we draw from antiquity?
5. Greece names fifth privatization agency chief in four years
6. Greek coast guard picks up 77 migrants off Myconos
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.