Monday November 24, 2014 Search
Weather | Athens
14o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Target for fuel tax revenue may be out reach

By Chryssa Liaggou

Heating oil consumption may be at an all-time low even though we are in the middle of the winter season, but revenues from the special consumption tax have shown a considerable increase in the first 20 days of January compared to the same period last year, according to data presented in Parliament by Alternate Finance Minister Christos Staikouras on Tuesday.

The finding has rendered the government optimistic that it may reach the target for state revenues of 4.5 billion euros from the special consumption tax on heating oil in 2013.

The data presented, however, show a dramatic decline in consumption – amounting to 78 percent from the same period in January 2012. Nevertheless, revenues from the tax are so far showing a 20 percent rise in the whole of January 2012 owing to the large hike of the special consumption tax rate, which jumped from 60 euros per 1,000 liters in October 2011 to 330 euros/1,000 lt in October 2012.

Revenues from the special consumption tax on heating oil amounted to 44.57 million euros in the first 20 days of January against 37.1 million euros last year. In the whole of January 2012 the market saw the sale of 618,443 tons of heating oil, against just 135,061 tons in the first 20 days of January 2013.

There are, however, major losses in revenues from the special consumption tax on diesel, as a result of the reduction of consumption and of the tax rate from 420 euros/1,000 lt in October 2011 to 330 euros/1,000 lt last October.

The ministry has little to be optimistic given the data on public revenues from the special consumption tax on diesel and the targets for revenues from fuel in 2012: the latter dropped by 189 million euros from 2011 and lagged 98 million euros behind the overall target for 2012. Revenues from the special consumption tax on diesel have shown a 47 percent decrease this month from January 2012.

The Finance Ministry estimates that there will be further growth in special consumption tax revenues from heating oil considering that the stock from last April, which has accounted for some 80 percent of consumption so far this winter, is running dry. Market professionals do not dispute this estimate, but note that the increase will be very limited.

Data seen by Kathimerini show that over the past three years, the biggest volume of heating oil consumption is recorded in January, compared with the other months the commodity is on sale. In January 2010, for instance, 609,692 tons of heating oil were traded, compared with 542,596 tons in February, 402,529 in March and 214,528 in April.

Official data do not prove the high level of stock the ministry claims had been stored last April. In April 2011 some 364,756 tons were traded, rising to no more than 381,736 in April 2012. In March heating oil sales had amounted to 248,847 tons.

What was more impressive was the number of consumers who abstained from buying heating oil in October 2012: The first month of the season’s heating oil trading had sales of just 5,647 tons, against 223,386 tons in October 2011 and 329,448 in October 2010.

The fuel market now estimates that the level of demand for heating oil will average at just 50 percent of last year’s trading in the next few months. This, coupled with the reduction in revenues from the special consumption tax on diesel and gasoline (that have also seen a major drop in consumption), renders the target set for public revenues practically unattainable.

ekathimerini.com , Wednesday Jan 23, 2013 (23:22)  
ILO calls for urgent action in Greece to create jobs, tackle social problems
Draghi urgency for ECB action gets final reality check
Greece to scrap need for permits in some 900 professions
Lack of EU funding puts future of Panepistimiou, Faliro revamp projects in doubt
Greek air traffic controllers say they will join Thursday´s general strike
Greek air traffic controllers said on Monday that they will take part in Thursday’s general strike, which is likely to lead to disruption at the country’s airports. The strike has been calle...
Livestock breeders to protest in central Athens on Tuesday
Greek livestock breeders are due to protest in central Athens on Tuesday in the hope they will be able to secure a meeting with officials from the Agriculture Ministry. The farmers are due t...
Inside News
BASKETBALL
Olympiakos ends PAOK´s unbeaten run in Basket League
Olympiakos put an end to PAOK’s 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 Japan’s 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. Greek air traffic controllers say they will join Thursday´s general strike
2. ILO calls for urgent action in Greece to create jobs, tackle social problems
3. Livestock breeders to protest in central Athens on Tuesday
4. Draghi urgency for ECB action gets final reality check
5. Greece to scrap need for permits in some 900 professions
6. Greek government sees Paris meeting as ´last phase´ in troika talks
more news
Today
This Week
1. Scientists expand excavation of ancient Amphipolis
2. Greek officials to meek troika chiefs in Paris to break review stalemate
3. EU said to plan 21 billion-euro risk-sharing fund for investment
4. Biden informs Anastasiades about content of talks with Erdogan
5. Countdown to missed opportunity for EU economy
6. Police seek to name man who opened fire with AK47 at Piraeus bar
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.