Tax revenue at 50% above targets in September

The proceeds by the tax authorities in September from the personal income tax were up by 50% in relation to the targets of the Memorandum.

The figures released Tuesday by the General Secretariat for Information Systems show that the revenues from the taxation of natural persons amounted to 1.12 billion euros in September, compared with an estimated 770 million euros target. This significant difference is associated with the extension of tax returns and their late liquidation.

Overall, in the 9 months from January to September 2013, revenues from personal income tax amounted to 5.45 billion euros against a target of 5.65 billion euros.

The target was also exceeded by the taxes paid in September by legal entities, which amounted to 210 million euros, against a target of 157 million euros. In the same period the tax authorities collected a total of 1.1 billion euros, about 70 million more than the Memorandum target.

However, VAT revenues recorded a shortfall in September as total collection amounted to 865 million euros against the target of 950 million. From January to September 2013 revenues from VAT amounted to 10.15 billion euros against a target of 10.21 billion.

Receipts from special consumption levy stood at 565 million euros in September, against a target of 686 million, while the 9-month revenues totaled 5.74 billion euros staying behind the target of 6.24 billion.

The property taxes yielded 222 million euros in September, against a target of 285 million. In the same period the tax authorities received a total of 2.01 billion euros, against a target of 1.95 billion.