The figures of the budget, as announced by the Treasury, exceeded the target, with the primary surplus amounting to € 2,751 billion when the target was a surplus of € 1,307 billion, which is more than twice as high.
Overall, the net revenue of the regular budget is increased by € 675 million compared to the target, while on the expenditure front the sub-calculation amounts to € 112 million in the ordinary budget and € 310 million to the state budget.
The above comes to reinforce the economic staff’s argument for exceeding this year’s target for a primary surplus of 3.5% of GDP, against any IMF pressure on the simultaneous implementation of pension cuts and tax-free payments from 2019 onwards.
The “X-ray” of the revenue
According to the data, the state budget net revenue amounted to € 8,975 million, showing an increase of € 1,133 million or 14.5% against the target. The net revenue of the regular budget amounted to € 8,299 million, increased by € 675 million or 8.9% against the target.
In particular, in the January-February 2018 period, an increase against the target was observed in the following main revenue categories:
(a) Personal income tax of € 74 million or 6.4%,
(b) Corporate income tax of € 13 million or 123.9%;
(c) Property taxes of € 57 million or 15.5%;
(d) Direct WTO taxes of € 75 million or 14.9%;
(e) Other direct taxes of € 26 million or 11.6%,
(f) VAT of other € 31 million or 1.4%
(g) Other excise duties (tobacco, etc) by € 10 million or 2.6%
(h) Indirect WTO taxes of € 115 million or 37.1%;
(i) Earnings from EU by € 116 million or 1320.5%,
(j) Other non-tax revenue of € 305 million or 31.3%
(k) NATO revenue by € 34 million.
Revenues over the same period were decreased against the target in the following main categories:
(a) Income tax of special categories by € 31 million or 12, 7%,
(b) VAT on petroleum products by € 14 million or 4.1%; c) CPC energy products by € 58 million or 7.9%, Revenues (excluding reimbursements from the debt settlement program) amounted to € 719 million, an increase of € 110 million compared to the target (€ 609 million).
Public Investment Budget (PIB) revenue amounted to € 675 million, up by € 458 million against the target.
State expenditure
State expenditure for January – February 2018 amounted to € 7,433 million and decreased by € 310 million against the target (€ 7,743 million). In particular, ordinary budget expenditure amounted to € 7,246 million and decreased by € 112 million against the target.
State budget expenditure is reduced by € 476 million compared to the corresponding period of 2017.
An additional € 119 million has been paid for the Social Solidarity Income and € 35 million for armament programmes of the National Defence ministry.
Expenditure for the Investments and Development (NSRF) amounted to € 187 million, down by € 198 million against the target…. / IBNA