FINANCE

Strong tax takings in year to November

strong-tax-takings-in-year-to-november

Tax revenues beat their budget target by 784 million euros in the January-November period, according to the official figures published on Monday.

The bulk of that overshoot, compared to the 2022 budget estimates, mostly originated from November, amounting to €620 million. November was not included in the budget estimates as its data were not available yet.

The most significant overshoot was in the income tax of individuals by €296 million or 3.3%, in value-added tax from various products and services by €152 million or 1.1%, from corporate income tax by €117 million or 4.1%, and from the Single Property Tax (ENFIA) by €86 million or 3.9%.

On the contrary, takings in transfer tax lagged considerably (by €374 million or 5%).

The better-than-expected course of budget revenues points to significantly higher growth of the gross domestic product than the budget estimate for 6.9% this year. It has also secured an improved primary result, as the primary deficit in the year’s first 11 months amounted to €7.88 billion, against a target for €8.97 billion and a primary deficit of €13.7 billion at the same time last year.