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Banking

Tax revenues surge 12.4% y/y in Jan-Nov.

Tax revenues surge 12.4% y/y in Jan-Nov. The amount of net tax revenues surged by 12.4% in annual terms in the first eleven months of the year, reaching a total of ALL 71bn (EUR 579mn) according to the latest report of the General Taxation Directorate. The net tax income in November alone amounted to ALL 7bn and posted an annual increase of nearly 28%. Value added and corporate profit tax contributed the most to the total amount of revenues in Jan-Nov, by about 20% each. In addition, excise and personal income tax added about 12% and 10% respectively to the total net revenues. All of these also posted considerable annual growth rates ranging between 14% (VAT) and 20.4% (corporate profit). The amount of taxes collected from small businesses continued to decline in November as in the previous months of the year. Tax income from small businesses was only ALL 2.4bn in Jan-Nov, dropping by 28% in an annual comparison. This resulted from the 50% cut in the rates paid by small businesses and the smaller number of companies registered under this category as criteria for qualifying under this group have been more vigorously monitored. The results for the eleven months of the year also show very strong growth of social insurance contributions of 52% y/y pointing to a successful curbing of the shadow of economy.    

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