The tax revenue of this year’s budget moved above the target during the first quarter of 2024, which is also due to the extended accuracy. According to data from the Ministry of National Economy and Finance, the revenues of the “Taxes” category amounted to 14.844 billion euros, increased by 598 million euros or 4.2% compared to the target included in the introductory report of the 2024 Budget. However, VAT revenue amounted to 5.876 billion euros and is 16 million euros short of the target
At the same time, the primary result on an adjusted cash basis was a surplus of 2,987 million euros, against a target of a primary surplus of 2,133 million euros and a primary surplus of 3,079 million euros for the same period in 2023.
It is noted that most of the difference in the primary surplus against the target in cash terms is not counted in the 2024 primary result in fiscal terms. Indicatively, an amount of 159 million euros relating to revenues from the Recovery and Resilience Fund does not affect the result in fiscal terms, while a significant part of the difference in tax revenue collections of 647 million euros is counted in the fiscal result of the year 2023. Therefore the primary result in fiscal terms differs significantly from the result in cash terms. In addition, it is pointed out that the above refers to the primary result of the Central Administration and not to the whole of the General Government, which also includes the fiscal results of the Legal Entities and the sub-sectors of OTAs and OKAs.
Revenue
In the period January – March 2024, the amount of net revenues of the state budget amounted to 16,823 million euros, showing an increase of 430 million euros or 2.6% compared to the target included for the corresponding period in the introductory report of the 2024 Budget However, the reporting target included the collection in March of an amount of 1,797 million euros from the Recovery and Resilience Fund, most of which, i.e. 1,687 million euros, had been collected in December 2023. and an additional amount of €159 million was collected in January 2024.
Excluding the above amount, net income shows an increase of 2,069 million euros or 14.2% compared to the target. This increase is mainly due to: a) increased tax revenues by 612 million euros after deduction of refunds and b) increased PDE revenues by 1,029 million euros.
The total revenues of the state budget amounted to 18,507 million euros, increased by 416 million euros or 2.3% against the target.
More specifically, the revenues of the major categories of the state budget are as follows:
I. The revenues of the “Taxes” category amounted to 14,844 million euros, increased by 598 million euros or 4.2% compared to the target included in the introductory report of the 2024 Budget.
In particular, the following are observed for the main taxes of this category:
-VAT revenues amounted to 5,876 million euros and are 16 million euros short of the target.
-The revenues of the EFCs amounted to 1,532 million euros and are increased compared to the target by 5 million euros.
-The real estate tax revenues amounted to 260 million euros and are reduced compared to the target by 19 million euros.
-Income tax revenues amounted to 5,105 million euros and are higher than the target by 563 million euros, of which the
Personal Income Tax is increased by 66 million euros and Corporate Income Tax is increased by 451 million euros compared to the target.
II. The revenues of the “Social Contributions” category amounted to 15 million euros, in accordance with the target.
III. The revenues of the “Transfers” category amounted to 2,418 million euros, reduced by 700 million euros compared to the target included in the introductory report of the 2024 Budget mainly due to: (a) the collection in December 2023 of the amount of 1,687 million euros from the Recovery and Resilience Fund (Recovery and Resilience Fund), while an amount of 159 million euros was collected in January 2024, against a target of 1,797 million euros that was initially predicted to be collected in the month of March 2024 and (b) of the increased PDE revenues, by 876 million euros, against the target. In particular, of the above collected amount of 2,418 million euros, an amount of 2,133 million euros concerns PDE revenues.
IV. The revenue of the “Sales of goods and services” category amounted to 208 million euros, reduced by 7 million euros compared to the target included in the introductory report of the 2024 Budget.
V. The income of the category “Other current income” amounted to 1,007 million euros, increased by 508 million euros compared to the target included in the introductory report of the Budget 2024, mainly due to the increased income from expenditure reimbursements, by 283 million. euro. Of the above collected amount of 1,007 million euros, an amount of 203 million euros concerns PDE revenues which are increased by 153 million euros compared to the target.
VI. The revenue of the category “Sales of fixed assets” amounted to 15 million euros, against a zero target.
Revenue returns amounted to €1,684 million, down €14 million from the target (€1,698 million).
The total revenues of the Public Investment Program (PIP) amounted to 2,336 million euros, increased by 1,029 million euros from the target (1,307 million euros).
The image of March
In particular, in March 2024 the total net revenues of the state budget amounted to 4,175 million euros, reduced by 1,139 million euros compared to the monthly target, due to the collection from the Recovery and Resilience Fund (RAF) of an amount within December 2023, as mentioned above. Excluding this, net income shows an increase of 658 million euros, which is mainly due to a decrease of 449 million euros in revenue refunds due to the timing of their occurrence, as high amounts of refunds were realized in the month of February, while they were foreseen for the month of March. The total revenues of the state budget amounted to 4,652 million euros, reduced against the monthly target by 1,588 million euros.
More specifically, the revenues per major category of the state budget for February 2024 are as follows:
I. The income of the “Taxes” category amounted to 3,535 million euros, reduced by 260 million euros or 6.8% against the target. It is noted that the bank holiday on March 29 and April 1 affected the flow of tax collections for the month of March, as the deadline for payment of confirmed debts to the Tax Administration, which expired on the above dates, was extended until April 2. It is estimated that an amount of approximately 300 million euros, which concerns tax debts for the month of March, was paid on April 2 and will therefore be included in the income for the month of April.
In particular, the following are observed for the main taxes of this category:
-VAT revenues amounted to 1,433 million euros and are 143 million euros short of the target.
– The revenues of the EFCs amounted to 509 million euros and are reduced compared to the target by 35 million euros.
– The real estate tax revenues amounted to 44 million euros and are reduced compared to the target by 16 million euros.
-Income tax revenues amounted to 1,040 million euros and are 8 million euros short of the target.
II. The revenues of the “Social Contributions” category amounted to 5 million euros, in line with the target.
III. The revenues of the “Transfers” category amounted to 767 million euros, reduced by 1,463 million euros compared to the target included in the report of the Budget 2024, due to the collection of an amount from the Recovery and Resilience Fund (Resilience Fund) in 2023. Amount 702 million euros concern PDE revenues, which are increased by 290 million euros compared to the target.
IV. The revenue of the “Sales of goods and services” category amounted to 43 million euros, reduced by 24 million euros compared to the target included in the introductory report of the 2024 Budget.
V. The revenues of the “Other current revenues” category amounted to 302 million euros, increased by 158 million euros compared to the target included in the report of the Budget 2024. An amount of 2 million euros concerns PDE revenues, which are reduced by 12 million euros against the target.
Revenue returns totaled €476 million, down €449 million from the target (€925 million).
The total revenues of the Public Investment Budget (PDE) amounted to 704 million euros, increased by 278 million euros from the target (426 million euros).
The expenses
The expenses of the State Budget for the period January – March 2024 amounted to 16,867 million euros and are presented reduced by 343 million euros compared to the target (17,210 million euros), which is included in the introductory report of the 2024 Budget. They are also increased , in relation to the corresponding period of 2023, by 245 million euros, due to increased investment costs by 783 million euros.
In the part of the Regular Budget, the payments are shown reduced compared to the target by 1,007 million euros. This development is mainly due to the deferral of transfer payments to OKA by 523 million euros and the deferral of cash payments of the equipment programs of the Ministry of National Defense by 320 million euros. Conversely, i.e. incrementally in relation to the target, interest payments moved by 106 million euros and grants to other legal entities by 227 million euros. More specifically, 110 million euros were given by the Ministry of Rural Development and Food to ELGA, for the compensation of agricultural holdings affected by flooding due to the DANIEL-ELIAS disasters in September 2023, 78 million euros from the Ministry of Infrastructure and Transport as grant to transport agencies (OASA, OASTH and OSE) and 69 million euros from the Ministry of Health as a grant to the National Central Health Procurement Authority (EKAPY) to cover the cost of supplying medicines for the needs of the hospitals of the National Health Service and the General Hospital . Papageorgiou.
Payments under the investment expenditure arm amounted to EUR 2,812 million, showing an increase of EUR 665 million compared to the target, as the target was exceeded in both the PDE and the Recovery and Resilience Fund.
Source OT
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