ECONOMY

Creation of fresh tax debts slows down

creation-of-fresh-tax-debts-slows-down

Expired debts to the tax authorities grew by more than 10.3 billion euros in the first 10 months of the year, although their growth rate eased in October, according to official figures from the Finance Ministry.

Taxpayers’ debts recorded an increase of 832 million euros last month, almost half of the amount of new debts created in September (about 1.6 billion euros).

The total amount that taxpayers owe to the tax authorities comes to 82.3 billion euros, of which 10.38 billion was created within 2015. This means that, on average, households and corporations have created debts amounting to more than 1 billion euros every month this year.

It is not at all certain that the growth slowdown will continue in November and December, as there will be a very heavy load of tax obligations during these months – including increased tax deposits by corporations and farmers – which will also spill over into the first couple of months of next year.