Budget: tax overperformance in the ten months

A primary surplus of 6.08 billion euros, against a target for a primary surplus of 5.607 billion euros and a primary deficit of 350 million euros for the same period in 2022, mainly due to a delay in cash payments of the Ministry of National Defence's armament programmes, was recorded in the 10 months of this year's budget.

In particular, according to the state budget execution data, on a modified cash basis, for the period January-October 2023:

The amount of net state budget revenues amounted to EUR 53.925 billion, an increase of EUR 49 million compared to the target included for the corresponding period in the 2024 budget proposal.

Total state budget revenues amounted to EUR 59.474 billion, up by EUR 49 million or 0.1% against the target.

Specifically, the revenues of the minor categories of the state budget are as follows:

I. Tax revenues amounted to EUR 50.718 billion, up by EUR 33 million or 0.1% against the target included in the 2024 budget proposal.

In particular, for the main taxes in this category, the following can be observed:

* VAT revenue amounted to EUR 19.585 billion, which is EUR 2 million higher than the target.

*The revenue of the VAT amounted to EUR 5.806 billion and is increased against the target by EUR 8 million.

* Property tax revenues amounted to EUR 2.235 billion and are up by EUR 1 million against the target.

*Income tax revenues amounted to EUR 16.934 billion, which is EUR 15 million higher than the target.

II. The revenue of the category «Social Contributions» amounted to EUR 48 million in line with the target.

III. The revenue of the category «Transfers» amounted to EUR 5.098 billion, an increase of EUR 4 million compared to the target included in the 2024 budget proposal. Of the above amount collected, an amount of EUR 2.545 billion is in the form of MFF revenue, in line with the target.

IV. Revenue for the category «Sales of goods and services» amounted to EUR 734 million, an increase of EUR 7 million compared to the target included in the explanatory memorandum.

V. The revenue under the category «Other current revenue» amounted to EUR 2.871 billion in line with the target included in the 2024 budget outline. Of the above amount collected, an amount of EUR 265 million relates to MFF revenue, which is EUR 2 million higher than the target.

Revenue refunds amounted to EUR 5.55 billion in line with the target.

The total revenue of the EIF amounted to EUR 2.81 billion, EUR 2 million higher than the target (EUR 2.808 billion).

For October 2023, state budget revenues show the same changes as above on a cumulative basis and are as follows:

The total net revenue of the state budget amounted to EUR 5.628 billion. Total state budget revenue amounted to EUR 6.193 billion.

Specifically, the revenues by major category of the state budget for October are as follows:

I. Tax revenue amounted to EUR 5.802 billion.

In particular, for the main taxes in this category the following can be observed:

* VAT revenue amounted to 2.384 billion euro.

*Revenues of the VAT amounted to 614 million euro.

* Property tax revenues amounted to EUR 149 million.

* Income tax revenues amounted to 2.016 billion euros.

II. The revenue of the category «Social Contributions» amounted to EUR 5 million.

III. Revenue under the category «Transfers» amounted to EUR 118 million, of which EUR 107 million is EDF revenue.

IV. Revenue from the category «Sales of goods and services» amounted to EUR 95 million.

V. The revenue under the category «Other current revenue» amounted to EUR 169 million, of which EUR 2 million relates to EDF revenue.

Revenue refunds amounted to EUR 564 million.

The total revenue of the EIF amounted to EUR 109 million.

State budget expenditure for the period January-October 2023 amounted to EUR 54.406 billion, which is EUR 430 million lower than the target (EUR 54.837 billion) included in the 2024 budget proposal. They are also increased, compared to the corresponding period in 2022, by EUR 767 million, mainly due to an increase in interest expenditure of EUR 2.132 billion, taking into account offsetting changes in other expenditure categories.

On the regular budget side, payments are below target by EUR 464 million. This development is mainly due to the delay in cash payments of EUR 548 million for the armament programmes of the Ministry of National Defence.

Notable payments include: the grant to the Information Society of EUR 786 million to serve the needs of the Market Pass and its expansion, the return to the Energy Transition Fund of EUR 367 million of energy producers' excess profits for the period from 1 October 2021 to 30 June 2022, and this year's diesel heating subsidy payments of EUR 100 million. All the above-mentioned payments were covered by a reallocation of appropriations from the reserve for the promotion of actions to address the energy crisis (appropriations under allocation).

Payments for investment expenditure amounted to EUR 7.73 billion, an increase of EUR 34 million. The MFF expenditure includes an amount of EUR 116 million for the period 2004-2006. 116 million to serve COVID-19 measures, the most important of which are the reinforcement of health institutions with auxiliary staff to respond to the needs due to the COVID-19 pandemic in the regions, support to start-ups under Elevate Greece, the creation of a network of nurses to take biological material samples and provide nursing assistance in suspected cases of coronavirus in the home, and a grant to existing small and medium-sized enterprises in the retail sector, which have a physical store, for the development, upgrading and management of an online store.