2024-08-17 00:55:42
The seven months of 2024 ended with enhanced tax revenues against the target, according to the data announced today by the Ministry of National Economy and Finance.
In particular, the income from taxes amounted to 36.993 billion euros, increased by 2.317 billion euros or 6.7% compared to the target included in the introductory report of the 2024 budget. As it is emphasized, the excess in tax revenues is mainly due to the better performance of personal income taxes and of legal entities of the previous year, as well as the best performance in the collection of taxes of the current year.
Focusing on the figures, in July tax revenues came to €7.794 billion, up €1.059 billion or 15.7% on target.
The primary result on a modified cash basis it was in a seven-month surplus of 5.683 billion euros, against a target of a primary surplus of 1.655 billion euros and a primary surplus of 3.558 billion euros for the same period in 2023.
Detailed detailed, according to the provisional data of execution of the state budgeton an amended cash basis, announced on Friday Ministry of National Economy and Financen for the period January – July 2024, there is a deficit in the balance of the state budget of 121 million euros against a target for a deficit of 3 billion 745 million euros that has been included for the corresponding period of 2024 in the introductory report of the 2024 Budget and deficit 1 billion 435 million euros in the corresponding period of 2023.
Part of the difference in tax revenue collections amounting to 647 million euros is counted in the fiscal result of the year 2023 and an amount of 2 billion 323 million euros which concerns the deferral of transfer payments to OKA by 1 billion 693 million euros, as well as of the costs related to the equipment programs amounting to 630 million euros, does not affect the result in fiscal terms.
Excluding these amounts, the target exceedance in the primary surplus of the state budget for the period January-July amounts to 1 billion 58 million euros.
Therefore the primary result in fiscal terms differs from the result in cash terms. These concern the primary result of the Central Administration and not the whole of the General Government, which also includes the fiscal results of Legal Entities and the sub-sectors of OTAs and OKAs.
In addition, these concern the comparison in relation to the objectives of the introductory report of the Budget 2024. During the preparation of the Stability Program in April 2024, it has already been taken into account that an amount of 1 billion 238 million euros on a budgetary basis that comes from a better forecast of the tax revenues of 2024, are faced with increased expenses of the regular Budget of the General Government bodies, as well as of the National branch of the Public Investment Program.
The revenue
In the period January – July 2024, the amount of net revenues of the state budget amounted to 39 billion 205 million euros, showing an increase of 881 million euros or 2.3% compared to the target included for the corresponding period in the introductory report of Budget 2024, even though the target of the introductory report had included: a) the collection in the month of March of an amount of 1 billion 797 million euros from the Recovery and Resilience Fund (TAA), which in most of it, i.e. an amount of 1 billion 687 million euros, had been collected in December 2023 and an additional amount of 159 million euros was collected in January 2024 and b) the collection in June of a price of 1 billion 350 million euros from the service concession agreement for the financing, operation, maintenance and operation of the Egnatia Road motorway and the three (3) vertical road axes, which was signed on 29.3.2024 and the next steps of the process until the payment of the price are expected to be completed in the coming months.
Tax revenues amounted to 36 billion 993 million euros, increased by 2 billion 317 million euros or 6.7% compared to the target included in the indicative report of the Budget 2024. This outperformance comes from the better performance of of income taxes of natural and legal persons of the previous year that were collected in installments until the end of February 2024 (an estimated amount of 647 million euros is counted in the fiscal result of the year 2023), as well as the best performance in the collection of taxes of the current year. Therefore, the excess of tax revenues that is counted fiscally in the year 2024 amounts to 1 billion 670 million euros.
These relate to the comparison in relation to the objectives of the Budget. During the preparation of the Stability Program in April 2024, an increase in tax revenues of 1 billion 238 million euros has already been taken into account. The said revenues are faced with increased expenses for the year 2024 of the regular Budget of the General Government bodies, as well as of the National branch of the Public Investment Program, as reflected in the Stability Program.
Revenue returns totaled €3.898 billion, up €4 million from the target (€3.894 billion).
The revenues of the Public Investment Program (PIP) amounted to 3 billion 3 million euros, increased by 944 million euros from the target (2 billion 59 million euros).
The exact distribution between the revenue categories of the state budget will be carried out with the publication of the final bulletin.
In particular, in July 2024 the total net revenues of the state budget amounted to 7 billion 739 million euros, increased by 1 billion 168 million euros compared to the monthly target.
Tax revenues amounted to 7 billion 794 million euros, increased by 1 billion 59 million euros or 15.7% compared to the Budget target, mainly due to the better performance in the collection of the income tax of natural and legal persons of the fiscal year 2023. Most of this result has been foreseen in the objectives of the Stability Program.
Revenue returns totaled €674 million, up €123 million from the target (€551 million).
The revenue of the Public Investment Budget (PDE) amounted to 215 million euros, increased by 168 million euros from the target (47 million euros).
The expenses
The State Budget expenditures for the period January – July 2024 amounted to 39 billion 326 million euros and are presented reduced by 2 billion 743 million euros compared to the target (42 billion 70 million euros), which is included in introductory report of the 2024 Budget. They are also increased, compared to the corresponding period of 2023, by 743 million euros, mainly due to the increase in interest payments.
In the part of the Regular Budget, the payments are shown reduced compared to the target by 2 billion 860 million euros. This development is mainly due to the deferral of transfer payments to OKA by 1 billion 693 million euros, as well as the costs related to equipment programs amounting to 630 million euros, which do not affect the result in fiscal terms. In contrast, i.e. incrementally in relation to the target, interest payments for servicing the public debt moved by 436 million euros.
Notable transfer payments can be mentioned: the payment of 120 million euros by the Ministry of Rural Development and Food to ELGA for the compensation of agricultural holdings affected by floods due to the Daniel and Elias disasters in September 2023, the grant of 191 million euros from the Ministry of Infrastructure and Transport to transport agencies (OASA, OASTH and OSE), the grant of 207 million euros from the Ministry of Health to the National Central Health Procurement Authority (EKAPY) to cover the cost of supplying medicines for the needs of NHS hospitals and of G.N. Papageorgiou and the grant of 98 million euros to the Higher Educational Institutions (HEIs) for operational costs in general.
Payments in the investment expenditure arm amounted to 6 billion 99 million euros, showing an increase of 117 million euros in relation to the target, as the target was exceeded in the PDE.