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FINANCIAL NEWS

State Revenue Decreased In June 2011

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Greece’s tax revenues in June were hit by the recession and the large tax refunds that caused the measure of receipts. According to Finance Ministry sources, the total tax revenues decreased by approximately 3.5% in June compare to revenues in June 2010. 

FinMin officials note that the gap in the budget revenues amounts to €2.2b. They add that tax refunds were significantly increased compared with the corresponding month last year. 

Moreover, the tax revenue were hit also by the recession of economic activity, because of the drop of revenue from taxation of corporate profits and individuals’ income. 

The continuing recession of tax revenue is pushing the economic team to implement rapidly new recovery measures, which passed by the implementation act of the medium-term program. Ministry officials suggest that a significant reversal of tax revenue should be visible from August due to the increased income taxation. A larger improvement is expected in September with the mass-mailed notices for the payment of extraordinary levy on income, corporate tax etc.
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