Thursday May 28, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Budget posts primary surplus of 1.54 bln euros in Q1

Value-added tax revenues from fuel consumption missed their budget target by 288 million euros in the January-March period.

By Prokopis Hatzinikolaou

Despite the significant lag in public revenues, the state budget produced a primary surplus of 1.54 billion euros in the first quarter of the year, according to figures released on Tuesday by the Finance Ministry.

State revenues missed their target by 728 million euros in the year to end-March, mainly due to the poor performance of indirect tax takings (both in transactions and in consumption), as well as to increased tax rebates implemented in this period. The surplus reached this level thanks to the containment of expenditure by 505 million euros compared with the budget target, and to the markedly increased revenue flow from the European Commission for the Public Investments Program.

Net revenues amounted to 10.68 billion euros, missing their target by 6.4 percent in the first three months of the year. This is mostly attributed to the lagging by 189 million, or 87.5 percent, from income tax collection due to the postponement of a payment deadline until today for the tax normally due in January, and to the shortfall of 288 million euros from value-added tax revenues from fuel.

In contrast, the result of luxury tax collection bettered expectations by 173 million euros, or 48.1 percent, and VAT from other products brought in 125 million euros or 4.8 percent more than anticipated. Other indirect taxes also fetched 18 million euros more, or 29.4 percent.

State budget spending amounted to 13.16 billion euros in the January-March period, mainly thanks to the reduction in primary expenditure by 696 million euros compared with the target. Public Investments Program spending came to 918 million euros, i.e. 318 million euros above target, and 439 million euros more than in the same period last year.

ekathimerini.com , Tuesday April 29, 2014 (23:09)  
New measure to benefit tax dodgers
OTE planning to hire up to 500 employees
ENFIA to drop up to 30 pct this year
Drachma clause demands are a deja-vu for hoteliers
Athens, creditors offer conflicting views on negotiations
Prime Minister Alexis Tsipras said Wednesday that a deal with creditors was close and government officials said an agreement was being drafted but representatives of the countrys creditor...
Opposition presses PM over deal with lenders
Opposition parties urged Prime Minister Alexis Tsipras on Wednesday to seal an agreement with Greeces lenders as soon as possible but also to inform them of what it plans to agree to. What...
Inside News
SOCCER
Panathinaikos conquers PAOK through Tavlaridis goal
A Stathis Tavlaridis goal has brought Panathinaikos to practically within one point from clinching a spot in next seasons Champions League qualifiers, as the Greens made it three out of thr...
SOCCER
AEK Athens returns to top league after financial collapse
Greek club AEK Athens has just returned to the country's top soccer league, two years after financial collapse sent it to a lower league. One of the country's largest clubs, AEK sealed its s...
Inside Sports
COMMENTARY
Romantic notions meet reality
Before the elections, there was a considerable number of people who totally disagreed with the ideas and program put forward by SYRIZA, but they expected that the leftist party would, at lea...
EDITORIAL
Solving the Gordian Knot
The leftist-led government, as well as the country, have both been seriously damaged and exposed to risk from the evident indecision and repeated contradictions dogging the ongoing negotiati...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Panathinaikos conquers PAOK through Tavlaridis goal
2. New measure to benefit tax dodgers
3. OTE planning to hire up to 500 employees
4. ENFIA to drop up to 30 pct this year
5. Drachma clause demands are a deja-vu for hoteliers
6. ECB tells Athens to reach a deal
more news
Today
This Week
1. Some 300 mln left banks on Tuesday
2. Romantic notions meet reality
3. Target of Greek scorn shapes nations fate as IMFs storm-chaser
4. The G-7's problem: Can the world deal with a Greek default?
5. Solving the Gordian Knot
6. FYROM PM blames Greece for name impasse
Today
This Week
1. Conspiracy madness
2. Hotel contracts with a Greek default clause
3. Neither Grexit nor a dual currency will solve Greeces problems
4. No more 'quick and dirty' fixes for Greece
5. Merkel said to plan address for Greece if deal reached
6. Govt proposes bank transaction levy
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.