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2011 tax revenue almost on target

THE STATE’S revenue from taxes in 2011 amounted to €8.7 billion, or more than 99 percent of the amount set out in the budget. The final amount fell just €86.5 million short of the plan. In individual categories the state collected more in value added tax and in excise tax on tobacco products, while collection of excise tax on mineral oils and corporate taxes failed to reach the budgeted figures. The Finance Ministry’s Institute of Financial Policy (IFP) announced preliminary tax collection results on January 3.

THE STATE’S revenue from taxes in 2011 amounted to €8.7 billion, or more than 99 percent of the amount set out in the budget. The final amount fell just €86.5 million short of the plan. In individual categories the state collected more in value added tax and in excise tax on tobacco products, while collection of excise tax on mineral oils and corporate taxes failed to reach the budgeted figures. The Finance Ministry’s Institute of Financial Policy (IFP) announced preliminary tax collection results on January 3.

As in previous years, VAT accounted for the biggest portion of the taxes collected: €4.75 billion, €85.1 million more than budgeted. Compared with 2010 VAT collection rose by 7.3 percent. The IFP attributed this increase mainly to the January 2011 increase in the VAT rate from 19 to 20 percent and the abolition of a reduced 6-percent VAT rate on direct sales from farmyards.

Revenue from excise taxes amounted to €2 billion, or 96 percent of the projected figure. Excise tax on beer, wine and tobacco products exceeded the projected levels, while the excise tax on mineral oils lagged the plan by €73.4 million. Compared with 2010, revenue from excise taxes increased by 2.9 percent.

Corporate income tax revenue fell short of the plan by €52.5 million, or 3.1 percent, amounting to €1.62 billion. Compared with the previous year they rose 28.9 percent. Income tax paid by private individuals totalled €112 million and exceeded the plan by 1.1 percent or €1.2 million. Revenue in this category was 16.9 percent lower than in 2010.

Topic: Finances and Advisory


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