In the first two months of the year, the general government accounts registered a surplus of 15 million euros, improving 244 million compared to the same months of last year (when there was a deficit of 229.3 million ).
According to figures published Thursday by the Budget Directorate-General (DGO) revenues grew 2.9%, offsetting the increase in spending of 0.9%. The accounts relate to State bodies, the autonomous funds and services, social security and regional and local administrations. But if the Social Security and the regional and local administrations had surpluses, the side of the central administration there was an increased deficit in 39 million euros (651 million to 690 million).
The numbers of tax revenue the state (one of those sub-sectors) show a drop in the collection because of a reduction in indirect taxes, which in turn is mainly due to a drop in VAT related to reimbursements to companies.
the revenue collected by the state with taxes until February (6292 million) fell 1.3% over the same period, representing a difference of 79.9 million euros. The objective inscribed in the budget, which on Thursday reached the hands of the President, is a revenue growth of 2.6%.
The VAT receipts, the tax generates more revenue for the state coffers, fell 8.4%, which DGO, under the Ministry of Finance, explained by the “increased volume of refunds” to the companies earlier this year. This is because the values compared with the first months of 2015 that were felt the changes to the system of refunds, which then led to a very low level of payments in this period (a decrease of 29.7% compared to 2014).
Now, repayments rose 68.5% in the first two months of the year, which means a difference of more than EUR 340 million in the previous year – were paid 842.7 million, in contrast to 500 million accumulated in the same period 2015.
Cashing in all this effect of increased reimbursements, revenue growth was 2.6%, closer to but still below the 3.1% projected increase by the Government for the whole year.
Influenced by the performance of VAT (where the government expects an increase of 3.1% in revenues this year), the result in indirect taxes was a drop of 2.3 %. The performance of the different taxes, some of which are aggravated in the State Budget that has not yet entered into force, was distinct from each other: the tax on fuel and energy products grew by only 0.4%; the collection of vehicle tax rose 5.4%; the tobacco tax soared 97.8%; already in the tax on alcohol and alcoholic beverages fell 8.3%, with the same expression was found in VAT, and to be influenced also by a large increase in reimbursements (an increase of 67.9%, equivalent to 210.3 million).
the direct tax side, the collection is growing, both in the case of the IRS (up to 1.1%, with revenue going to 2.2463 billion euros), as IRC (where growth recovery of 43.5% gave the state 211 500 000).
in the case of only two months of budget execution, the numbers now known are far from being, as a whole, representing the evolution of budget execution for the rest of the year, first because of the specific impacts that gain expression in cumulative figures in just two months – what at the beginning of the year the government calls “intra-annual effect “which are reflected from one year to another in a direct comparison of the data.
as was the case in January, these figures still only reflect some steps taken by the Government before submitting the budget (if the reduction IRS surcharge and mitigation of wage cuts in the public service), but not yet reflect the impact of others (such as increases in some indirect taxes or lowering the restoration of VAT on food services and some drinks that will come into force July 1).
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