Tax revenue overshoots target

Budget tax proceeds exceeded targets by 7.5% or 3.156 billion euros in the January-September period, totaling €44.982 billion, and were down 3.5% on a monthly basis, the National Economy and Finance Ministry said in a report on Monday. 

According to provisional budget execution data, on an amended cash basis, net revenue was €48.277 billion in the nine-month period, up €4 million from targets. 

Tax returns totaled €4.985 billion, up €561 million from targets and Public Investment Program revenue was €2.7 billion, down €900 million from targets. 

Budget spending amounted to €48.677 billion, down €2.3 billion from targets, but up €432 million from the same period last year. 

Public Investment Program spending reached €6.568 billion, down €1.12 billion from targets. In September, budget revenue was €5.16 billion, down €57 million from monthly targets. 

Tax revenue was €5.144 billion, down €189 million from targets. 

Tax returns totaled €468 million, down €212 million from targets, while Public Investment Program revenue was €348 million, up €89 million from targets.