Author Topic: MoF still sees "Primary Surplus" personal income tax up  (Read 1105 times)

Offline alexinathens

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MoF still sees "Primary Surplus" personal income tax up
« on: August 21, 2014, 09:41:29 AM »
Greece’s budget primary surplus widened to 2.28 billion euros in the 7-month period from 707 million posted in the first half of the year, according to the final budget execution bulletin released by the Ministry of Finance (MoF).
Thursday’s data confirms preliminary figures published on August 13 and means that the primary surplus target was beaten by 1.48 billion euros.
The fiscal performance in July was boosted by much higher revenues of 6.04 billion euros compared to 3.63 billion in June. In addition, July revenues are the highest monthly reading so far in 2014, well above the previous high of 4.71 billion in January.
The strong revenue rebound is mainly attributed to the payment of income tax, with its first instalment due by the end of July.
The 7-month state budget deficit reached 1.73 billion euros, also showing a 700-million-euro improvement month on month compared to the 2.42 billion recorded in the first half of the year.
However, compared to the figures posted in the corresponding period last year, the primary surplus is lower by 10.8 percent, while the budget deficit has narrowed by 10 percent.
Is should be noted, though, that last year’s figures are not comparable with 2014 respective items since they incorporate SMP income of 1.5 billion, which was incorporated in the budget execution, yet excluded from the fiscal targets of Greece’s Economic Adjustment Program.
The 7-month budget balance figure beat its target by 1.63 billion euros. The outperformance mainly reflects lower expenditure (by 1.22 billion) and higher revenues (by 713 million).
The breakdown of specific items showed revenues (excluding tax refunds) slipping by 4.3 percent in July, albeit this year’s figure exceeded target. The 7-month item reached 28.24 billion, up 2 percent.
More importantly, the revenue outperformance widened to 713 million euros in the 7-month period from 161 million in the first half.
According to the MoF, the over-performance stems from higher personal income tax (by 555 million), other non-tax revenues (by 320 million) and other direct taxes (by 212 million) more than offsetting lower property taxes (by 246 million) and other income tax (by 178 million).
The MoF also stressed that the 7-month revenue target included revenues of 440 million from the unified real estate property tax (ENFIA), the payment of which was recently postponed for the end of September. This means that the revenue outperformance in July was more prominent on a like-for-like basis.
The evolution of revenue figures indicated direct taxes soared 63.4 percent in July and 18.7 percent in the 7-month period to 11.28 billion, 2.8 percent above target.
Income tax surged 74 percent in July and 30.6 percent in the seven months to 6.76 billion beating target by 5.8 percent. In contrast, property taxes plunged 66.5 percent in July and 14.7 percent in the 7-month period.
Indirect taxes also rebounded in July by 11.4 percent leading the 7-month figure at 13.21 billion euros, down 3.6 percent but in line with target. The growth rate in July is the highest in 2014 and the second positive monthly reading this year.

VAT and consumption taxes grew by 3.9 and 26 percent respectively in July. Nevertheless, the 7-month figures still indicate a year on year drop of 2.2 and 4.4 percent respectively.
The latest data provided by the General Secretariat of Information Systems showed that unpaid tax obligations from both households and corporates rose by 6.3 billion euros in the 6-month period. This implies that the tax debt is increasing on average by 1.04 billion per month in 2014

It's a long article, with plenty of spin...  >:( Had to read the damn thing twice...

Honestly, I don't know where they get their #s. It should be noted that most of this shit is fictional, and still has (or needs) to be collected...  I say good luck  >:(
Also someone should inform these f@cks that there's about 9-10 million souls in this country... and 75% are broke (as if they don't know it...  :-[). Like we said... "Wealth Transfer" full speed  :o
« Last Edit: October 02, 2014, 07:03:44 AM by alexinathens »