ECONOMY

Tax revenues beat September target

tax-revenues-beat-september-target

September’s tax revenues came in 125 million euros over the budget target, according to data published on Friday by the Finance Ministry.

Tax revenues reached a total of 36.238 billion euros over the first nine months of the year, against a projected 35.691 billion, beating the target by 547 million.

Revenues from value-added tax made a significant contribution to that overperformance, as they exceeded their target by 561 million euros in spite of the reduction of tax rates by the new government.

There was also a remarkable increase in takings from the Single Property Tax (ENFIA) last month amounting to 3.5 percent or 54 million euros, as the average reduction of 22 percent has apparently helped owners foot their bills.

The primary budget surplus amounted to 4.474 billion euros at end-September, against a target for 1.467 billion and a primary surplus of 2.523 billion euros at the same point last year.

The revenues of the Public Investments Program amounted to 1.574 billion euros, 793 million below target; they were affected by bureaucratic delays recorded before and after the elections in the spring and summer.