In January, Greece managed a primary
surplus of $1.07 billion, well above the target of $709.7 million thanks
to increases in certain taxes, including corporate taxes, direct taxes and VAT
on oil and tobacco products.
January’s surplus was a slight increase
from the surplus in January 2016, which hit $1.06 billion. A budget execution
on an amended cash basis report showed a $888.8 million budget surplus, which, while still above a target of $561.4 million, is below the January 2016 surplus
of $940 million.
According to the report, state budget net
revenue was $4.4 billion in January, and regular budget net revenue was $4.28 billion, marking respective increases on targets of 4.3 percent and 8.9 percent.
Tax revenue in some areas was below target, including income tax, which was -1.8
percent; some VAT, at -6.8 percent; energy product special consumption tax,
down 4.3 percent and EU funds inlows at -10.8 percent.
A massive 357.2
percent corporate tax offset these missed targets, as well as a 15.2 percent
increase on direct taxes, 9.6 percent and 38.9 percent increases on oil
products and tobacco VAT, a 61.2 percent increase on car circulation duties and
a 25.2 percent increase on other non-tax revenue.
