Tax revenues miss target by 2.3 bln in first half of year


The black hole in tax revenues for the first half of the year came to 2.3 billion euros, while public spending came to a complete stop during the same period, leading to state expenditure being 4 billion euros lower than the forecast target.

According to the final data for the state budget in the first half of 2015, the primary surplus stood at 1.8 billion euros, against a target of 1.2 billion. However, the cost of achieving this result was a heavy one since it involved the full suspension of state payments.

As acknowledged by the Finance Ministry “the reduced level of state budget expenditures is mainly due to the redefinition of cash planning based on the current restricted cash flow circumstances. It is estimated that after the normalisation of these circumstances, expenditure will return to the levels of the budgetary objectives."

In regards to tax revenues, there was a shortfall of 2.3 billion euros for the period in question.