Wednesday August 20, 2014 Search
Weather | Athens
29o C
22o 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)  
Few respond to safe account call
Greeces allure as a destination spreads to Asia, South America
Rating agencies under fire for unjustified Greek downgrades
Concessions called for over Russian ban
Two missing men found shot dead near Kalamata
Two men who had been missing near Kalamata in the Peloponnese since Monday night have been found dead in a ravine 24 kilometers south of the city. Police sources said they had been shot and ...
Dendias talks tax, funds in Germany
The Greek government Tuesday took its case for lower taxes to Germany, where Development Minister Nikos Dendias met German Finance Minister Wolfgang Schaeuble and Economic Affairs and Energy...
Inside News
ATHLETICS
Long jumper Tsatoumas takes Greeces second silver at European Championships
Greece won its second medal at the European Athletics Championships in Zurich, Switzerland, on Sunday with Louis Tsatoumas coming second in the long jump. Briton Greg Rutherford won the even...
SWIMMING
Silver for Greece in 5k team event at European Swimming Championships
Greece claimed the silver in the team 5 kilometer event at the 32nd European Swimming Championships in Berlin on Saturday. The Greek team of Spyros Gianniotis, Antonis Fokaidis and Kalliopi ...
Inside Sports
COMMENTARY
The responsibility of the West
Events in Iraq, Syria and the broader Middle East region today are to a large extent the result of the Wests failed policies and strategy. The United States, in particular, along with Brita...
EDITORIAL
Skewed taxes
It is essential that the government find a way to adjust the property values used for tax purposes so they match commercial property values as determined by the local market. Property owners...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Two missing men found shot dead near Kalamata
2. Dendias talks tax, funds in Germany
3. Tons of peaches to be distributed to charities, churches
4. Mild summer results in fewer fires this year, figures show
5. SYRIZA may not propose presidential candidate, spokesman says
6. Anti-racism bill with tougher penalties due back in Parlt
more news
Today
This Week
1. Two missing men found shot dead near Kalamata
2. Carved sphinxes at Ancient Amphipolis tomb will not be removed
3. Greek stock recovery fading away as ASE falls 21 pct on valuations
4. US ship finishes neutralizing Syria's chemical arms off Crete
5. Ship runs aground off Oinusses but sea remains spill-free
6. Elderly pair given extra time to prepare defense for murder of son
Today
This Week
1. Carved sphinxes at Ancient Amphipolis tomb will not be removed
2. Samaras expects 'exceptionally important find' at Ancient Amphipolis
3. Rhodes villa built for Mussolini among properties Greek privatization fund is selling
4. Canadas fiscal adjustment has lessons for Greece
5. Treating Amphipolis with care
6. Greece to offer law on restructuring bad loans next month
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.