Decline in state revenues due to the pandemic

Decline in state revenues due to the pandemic

According to the detailed data on the progress of the state budget in the first five months of 2020 provided by the Ministry of Finance, there will be a significant decline in government revenues from VAT and Special Consumption Taxes, due to the economic crisis caused by Covid-19.

Between January and May, the deficit jumped to 7.5 billion euros, about 5 billion euros higher than the target.

Tax revenues recorded a lag of 2 billion euros, the VAT receipts recorded a lag of 1.1 billion euros, while public spending increased by 2 billion euros from the target.

According to the same data, the net income amounted to 16,029 billion euros, showing a decrease of 2,712 billion euros or 14.5% compared to the target included in the report of the 2020 Budget.

The post Decline in state revenues due to the pandemic appeared first on ERT International.

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