A major shortfall in expected tax revenues is expected to be recorded in the execution of the budget for August 2016, with the first worrying signs coming out of Tuesday’s informal briefing by finance ministry officials.
A major shortfall in expected tax revenues is expected to be recorded in the execution of the budget for August 2016, with the first worrying signs coming out of Tuesday’s informal briefing by finance ministry officials.
The shortfall is expected to “eat away” at a “cushion” of 730 million euros in revenues above targets for the first six months of the year, with the over-the-target figure reaching 530 million euros as of July 2016.
However, August’s poor showing could reduce the "cushion" to between 200 to 250 million euros, meaning that the most important phase of the execution of the Greek state budget commences anew on September.
August’s shortfall, according to ministry officials, is due to the one-month postponement of the first installment of this year’s property tax (ENFIA). Instead of August, the first installment was bumped back for late September 2016.