Primary deficit of € 13.75 billion in 11 months – 2% increase in net income

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Adeficit of € 18,252 million is presented in the state budget balance, compared to a target for a deficit of € 19.837 million included for the corresponding period of 2020 in the budget report 2021 and a surplus of € 1.922 million in the corresponding period of 2019, according to the data of the execution of the state budget, on a modified cash basis, for the period January – November 2020.

The primary result amounted to a deficit of 13,747 million euros, against a target for a primary deficit of 15,292 million euros and a primary surplus of 6,945 million euros for the same period in 2019.

The amount of net revenues of the state budget amounted to 42,126 million euros, showing an increase of 806 million euros or 2.0% compared to the estimate for the year 2020 included in the presentation report of the 2021 Budget, which is due to increased revenues from taxes due to the fact that the impact of measures to address the second wave of the health crisis was not as forward-looking as it had been estimated, as well as on the increased revenue of PDE.

Total state budget revenues amounted to 47,190 million euros, up 916 million euros or 2.0% from the target. In particular, in the period January-November 2020, an increase compared to the target was observed in the following main categories of revenue:

a) VAT on tobacco products by EUR 11 million or 2.0%,
b) VAT on other products and services by EUR 373 million or 3.2%,
c) VAT on tobacco products by EUR 27 million or 1.4%,
d) Other taxes on specific services by 17 million euros or 1.2%,
e) Income tax payable by Individuals (VAT) by 130 million euros or 1.4%,
f) Income tax payable by companies (NP)
g) EUR 145 million or 7.5%, g) Transfers by EUR 342 million or 7.0%,
h) Sales of goods and services by EUR 19 million or 4.3%,
i) Other current income by EUR 37 million EUR or 1.6%
    of which: Reimbursement of expenditure by EUR 59 million or 5.6%.

Revenues for the same period were lower than the target for the same period:

(a) VAT on petroleum products and their derivatives by EUR 73 million or 5.3%;
(b ) VAT on energy products by EUR 13 million or 0.4%;
(c) Taxes on financial and capital transactions by EUR 15 million; or 4.3%,
d) Other taxes on production by 18 million euros or 1.9%,
e) Other current taxes by 70 million euros or 5.1%.

Revenues amounted to € 5,065 million, up € 110 million from the target (€ 4,955 million).

Public Investment Budget (PDB) revenues amounted to € 4,850 million, up € 331 million from the target.

In particular, in November 2020 the total net revenue of the state budget amounted to 3,715 million euros, increased by 753 million euros compared to the updated monthly target, which is due to increased tax revenues as well as increased revenue of PDB.

Total state budget revenues amounted to 4,199 million euros, up from the monthly target of 863 million euros.

Tax revenue for November amounted to € 3,609 million, up € 533 million from the target set in Budget Report 2021. It is estimated that the impact of measures to tackle the second wave of the pandemic will negatively affect the revenues of December and henceforth not November, as originally planned.

The main revenue categories that increased compared to the target in November 2020 are the following:

a) VAT on other products and services by 363 million euros,
b ) VAT on tobacco products by 24 million euros,
c) Other taxes on specific services by 16 million euros,
d) Income tax payable by Individuals (VAT) by 165 million million)
e) Income tax payable by companies (NP) by 111 million euros,
f) Transfers by 311 million euros,
g) Other current income by 20 million euros
    of which: Reimbursement of expenses by 35 million euros .

On the contrary, the following main categories of income were reduced compared to the target in November 2020:

a) VAT on petroleum products and their derivatives by 40 million euros,
b ) VAT on energy products by 25 million euros,
c) Taxes on financial and capital transactions by 15 million euros,
d) Regular taxes on real estate by 28 million. EUR
    of which: ENFIA 25 mil. EUR,
e) Other taxes on production 14 million. EUR
f) Other current taxes at 31 million. EUR.

Revenues for November 2020 amounted to € 484 million, an increase of € 110 million against the monthly target (€ 374 million).

PDE revenues amounted to 413m euros, up 330m euros from the monthly target.

The state budget expenditures for the period January – November 2020 amounted to 60,378 million euros and are reduced by 779 million euros against the target (61,157 million euros), which is due to the deviation of the EDP of 1,012 million euros.

The regular budget arm moved in the opposite direction, showing an increase of 234 million euros compared to the target. The main reason for this discrepancy is the over-execution of EUR 337 million over the originally envisaged funds of the repayable advance measure, with payments of EUR 3,905 million against an eleven-month target of EUR 3,568 million (excluding the leg performed by the EDP).

 

 

 

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