Tax revenues fall below even revised target

Athens and its creditors are increasingly alarmed by the course of public revenues in 2014, as they continue to fall short despite a revision of the targets for this year set out in the 2015 budget, tabled in Parliament last week.

Tax revenues missed their revised target by 562 million euros in the first 10 months of the year, bringing the primary budget surplus to 2.65 billion euros in the same period against a projection for 3.53 billion euros. Tax rebates beat their target by 87 million euros.

Consequently in November and December, the state will need to collect a total of 9.3 billion euros in taxes to meet the budget target. One billion euros is expected to come by way of the road tax, 500 million euros are anticipated from the single property tax (ENFIA) and about 1.5 billion euros from the last tranches of the income tax.

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