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.

Subscribe to our Newsletters

Enter your information below to receive our weekly newsletters with the latest insights, opinion pieces and current events straight to your inbox.

By signing up you are agreeing to our Terms of Service and Privacy Policy.