BUSINESS

Income tax boosts budget revenues

Income tax collections bolstered budget revenues in August as 1.7 billion euros from taxpayers entered public coffers last month, 85 percent more than the same month last year.

The massive increase is due to the delay in the submission of tax statements, as most of them were not processed before July.

The Finance Ministry expects to collect another 4.5 billion euros in income tax before February 2013.

Sources say that in the year?s first eight months net state revenues dropped 0.5 percent from the same period in 2011, but the picture is better than that of the first seven months, when revenues had benn lagging last year?s by 1.5 percent. The budget?s annual target is for a 4.5 percent increase year-on-year.

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