By T. Tsiros
The level of July’s missed revenue target has reportedly shrunk the surplus from a better than expected six-month period in the first half of 2016.
Up until June, the budget's execution had prominently exceeded the net revenue target by 774 million euros.
The result left only 261 million euros as the “surplus” to date in terms of revenues goals for the entire year.
The figures are based on the preliminary data forwarded to the finance ministry, which late on Wednesday issued a partial denial through “sources” and then disseminated through the state-run media.
The current month, August, also entails difficulties in meeting revenue goals, as the first installment of a property tax, known as ENFIA, was bumped back for September. The government has provisioned 670 million euros to flow into state coffers in the eighth month of the year.
Based on developments so far, the government will find out if it has met the revenue goal for 2016 on the last day of the year.
The second half of the year, in fact, includes all of the payment installments for personal income taxes and most corporate taxes, as well as the property taxes and expected higher VAT remittances from the ongoing tourism season.
While July’s figures fell flat, other critical milestones come in September and December.
In statements on Wednesday to an Athens-area radio station, Alternate Finance Minister Tryfon Alexiadis confirmed reports over a missed fiscal target in July, despite whatever “spin control” emanating from his own ministry.
He said that preliminary figures by the ministry – official figures will be announced on Aug. 10 by the General Accounting Office – show that revenue before tax returns totaled 5.242 billion euros, with the goal for July 2016 being 5.575 billion euros.
The preliminary figures mean that the target for July was off by 333 million euros.
