Tax revenue overshoot in Jan-Sept
Personal and corporate income taxes and value-added tax are the main contributors to the overperformance of tax revenues against the state budget target, as Wednesday’s final execution data for January-September showed.
VAT revenues amounted to 17.2 billion euros and were €779 million above the target. Income tax revenues amounted to €14.92 billion, beating the target by €614 million. Personal income tax was €830 million above the target and corporate income tax was €569 million higher than had been planned for.
Overall, tax revenues were up by €3.09 billion or 7.4% and amounted to €44.91 billion. Part of this increase, approximately €470 million, concerns the extension of the deadline for the payment of road tax until the end of February 2023, although it concerned the year 2022.
The budget recorded a primary surplus of €5.987 billion, against a target for a primary surplus of €2.436 billion.
At the general government level, as shown in the 2024 draft budget, it is predicted that this year’s budget will close with a primary surplus amounting to 1.1% of gross domestic product.
