Budget: Over €7.5 billion the primary surplus of eight months 2024 – At 16,7 billion VAT revenue

Over EUR 7.5 billion is the period January – August 2024 , according to the final figures for the execution of the State . In particular, the budget implementation statement for this period shows a surplus in the balance of the state budget of EUR 1,044 billion compared to a deficit target of EUR 2,774 billion included for the corresponding period of 2024 in the budget report 2024 and a deficit of EUR 92 million in the corresponding period of 2023. The primary result on an amended cash base was a surplus of EUR 7.567 billion, against a target for a primary surplus of EUR 3,316 billion and a primary surplus of EUR 5,596 billion for the same period in 2023. It is noted that part of the difference in the revenue from tax revenues of EUR 647 million is counted on the financial result of the year 2023, while part of the difference between the transfer payments to CIUs of EUR 1,854 billion and the costs for equipment projects of EUR 634 million (i.e. a total of EUR 2,488 billion), does not affect the result in budgetary terms. Apart from the above amounts, the target in the primary surplus of the State budget for the period January-August amounts to EUR 1.116 billion. Therefore the primary result in budgetary terms differs from the result in cash terms. It should be noted that the above concern the primary effect of the Central Administration rather than the whole of the General Government, which includes the financial results of the Legal Persons and Subsectors of TTA and OCA. In addition, these relate to the comparison with the objectives of the budget report 2024. When drawing up the Stability Programme in April 2024, it has already been taken into account that an amount of EUR 1,238 billion on a budgetary basis derived from an updated forecast of the tax revenue of 2024 is directed at increased expenditure on the regular budget of the General Government bodies, as well as the National leg of the Public Investment Programme. In January – August 2024, the amount of net revenue in the State budget was EUR 45,133 million, with an increase of EUR 228 million or 0,51% compared to the target included for the corresponding period in the budget report 2024, although the purpose of the draft report was to include: The next steps of the procedure until the fee is paid are expected to be completed in the following months. The total revenue of the state budget amounted to 49,631m euros, increased by 269m euros or 0.5% over the target. More specifically, the revenue of the major categories of the state budget is as follows: 1. The revenue of the ‘Taxes’ category amounted to EUR 43,002 million, increased by EUR 1,899 million or 4.6% compared to the target included in the budget report 2024. This overexecution derives from the best return on the income taxes of natural and legal persons of the previous year received in instalments by the end of February 2024 (note that an estimated amount of EUR 647 million is counted on the financial result of the year 2023) and the best return on the collection of taxes of this year. Therefore, the excess of tax revenue measured in the year 2024 amounts to EUR 1,252 million. It is noted that these relate to comparison with the objectives of the budget. During the preparation of the Stability Programme in April 2024 an increase of EUR 1,238 billion has already been taken into account, directed at increased expenditure for the year 2024 of the regular budget of the General Government bodies, as well as the National strand of the Public Investment Programme, as reflected in the Stability Programme. In particular, the main taxes in this category are as follows: VAT revenue amounted to EUR 16,796 billion and is increased against the target by EUR 532 million. The revenue of the EICs amounted to EUR 4,744 billion and is increased against the target by EUR 132 million. The revenue of property taxes amounted to EUR 1,941 billion and is increased against the target by EUR 48 million. Income tax revenues amounted to EUR 14,938 billion and are increased against the target by EUR 1,197 billion, of which the Natural Persons Income Tax is increased by EUR 384 million, the Income Tax for Legal Persons increased by EUR 613 million and the Other Income Taxes increased by EUR 200 million compared to the target. 2. The revenue of the category « Social Contributions » amounted to EUR 41 million , and is increased against the target by EUR 2 million . 3. The proceeds of the ‘Transmissions’ category amounted to EUR 3,189 billion , reduced by EUR 1,233 billion compared to the objective included in the budget report 2024 mainly because of: (a) the collection in December 2023 of the amount of EUR 1,687 billion from the Recovery and Durability Fund (TAA), while EUR 159 million was collected in January 2024, compared with an objective of EUR 1,797 billion originally planned to be collected in March 2024 and (b) the increased revenue of the PIP by EUR 257 million against the objective. In particular, from the above amount of EUR 3,189 billion, an amount of EUR 2,746 billion relates to PPS revenue. 4. The proceeds of the ‘Sales of goods and services’ category amounted to EUR 672 million , reduced by EUR 1,323 billion compared to the objective included in the Budget 2024 draft report. The observed lag is due to the fact that the target of the rapporteur’s report was included in the collection in the month of June of the price from the concession contract of the Egnatia Road motorway and its 3 vertical road routes, amounting to EUR 1,350 billion, but it is expected to be collected in the coming months, as mentioned above. 5. Revenue in the ‘Other current revenue’ category amounted to EUR 2,696 billion , increased by EUR 892 million compared to the objective included in the Budget 2024 report, mainly due to increased revenue from reimbursements , by EUR 412 million. It should be noted that from the above amount of EUR 2,696 billion, EUR 402 million relates to PIP revenues, which are increased by EUR 313 million compared to the target. 6. The proceeds of the asset sales category amounted to EUR 33 million , compared to an objective of EUR 1 million . Revenue refunds amounted to €4,499 billion, increased by €41 million from the target (€4.457 billion). The total revenue of the Public Investment Programme (PPS) amounted to 3,148 billion euros, increased by 570m euros from the target (2.578 billion euros). In particular, in August 2024 the total net revenue of the state budget was EUR 5,946 billion, reduced by EUR 635 million compared to the monthly target. In particular, revenue per major category of the State budget for August 2024 is as follows: 1. The revenue of the ‘Taxes’ category amounted to EUR 6,136 billion , reduced by €291 million or 4.5% against the budget objective , which is mainly related to increased income tax receipts, legal persons of the previous month , associated with the expiry of tax returns. In particular, the following are noted for the main taxes in this category: VAT revenues amounted to EUR 2,215 billion and are reduced against the target by EUR 13 million. The revenues of the EICs amounted to EUR 698 million and are reduced against the target by EUR 4 million. The proceeds of property taxes amounted to EUR 132 million and are reduced against the target by EUR 25 million. Income tax revenues amounted to EUR 2,653 million and are reduced against the target by EUR 207 million, of which EUR 199 million relates to the income tax of legal persons and EUR 14 million to the income tax of natural persons, while other Income Taxes are increased by EUR 6 million against the target. 2. The revenue of the category « Social Contributions » amounted to EUR 5 million , according to the objective . 3. The proceeds of the ‘Transmissions’ category amounted to EUR 104 million , reduced by EUR 423 million compared with the objective included in the budget report 2024. EUR 94 million relates to PIP revenues, which are reduced by EUR 422 million compared to the target. 4. The proceeds of the sales of goods and services category amounted to EUR 89 million , increased by EUR 28 million compared to the objective included in the Budget 2024 report. 5. The revenue of the ‘Other current revenue’ category amounted to EUR 212 million , increased by EUR 88 million compared with the objective included in the budget report 2024. A sum of EUR 50 million relates to PPS revenue, which is increased by EUR 48 million compared to the target. Revenue refunds amounted to EUR 600 million, increased by EUR 37 million from the objective (EUR 563 million). The total revenue of the Public Investment Budget (PPS) amounted to 145m euros, reduced by 374m euros from the target (519m euros). The expenditure of the State Budget for the period January – August 2024 amounted to EUR 44,089 billion and is presented reduced by EUR 3,590 billion compared with the objective (EUR 47,679 billion), which has been included in the budget report 2024. It is also increased, compared to the corresponding period of 2023, by EUR 878 million, mainly due to the increase in interest payments. On the part of the Regular Budget payments are reduced against the target by EUR 3.291 billion. This development is mainly due to the heterochronisation of transfer payments to OCAs by EUR 1,854 billion, as well as expenditure relating to equipment projects of EUR 634 million, which do not affect the result in budgetary terms. Counterpractice, i.e. increasing in relation to the target, increased interest payments to serve public debt by EUR 465 million. Notable transfers can be reported: the payment of EUR 130 million from the Ministry of Rural Development and Food to the ELGA for the compensation of affected agricultural holdings from flooding phenomena due to the natural disasters of DANIEL-ELIAS of September 2023 as well as for relatively land improvement projects, the grant of EUR 225 million from the Ministry of Infrastructure and Transport to transport operators (OASA, OASH and OSA), the grant of EUR 276 million from the Ministry of Health to the National Central Health Procurement Authority (SPA) to cover the cost of supply of medicines for the needs of the hospitals of the NSO and G.N. Papageorgiou and the 98m-euro grant to the Higher Educational Institutions (A.E.I.) to cover their operational costs. Payments on the investment expenditure side amounted to EUR 6.549 billion, presenting a delay of EUR 299 million compared with the target.