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Government relies on tax collections to bring down the deficit to 0.34%

Excluding financial aid, the deficit for all public administrations stood at 4,412 million euros as of March, meaning a decrease…

By admin , in news , at May 30, 2022

Excluding financial aid, the deficit for all public administrations stood at 4,412 million euros as of March, meaning a decrease of 16,048 million from the figure recorded a year earlier, 78.4% lower, so fell 0.34% of GDPAccording to the data provided by the Ministry of Finance.

About state deficit As of April, this figure is 0.5% of GDP, compared to 1.68% in the same period of 2021. Thus, the deficit stands at 6,553 million, showing a decrease of 67.6% as compared to 20,249 million in the same period. last year

This result is payable, according to the Treasury, a “Solid” growth in non-financial income 16.7% compared to spending behavior, which decreased at a rate of 4%.

“Developments up to April suggest that the state’s deficit continues to trend downward in 2021 as a result of economic reactivation and the creation of jobs driven by the progress of the vaccination process,” highlighted the Maria Jess Monteiro-led ministry.

Central administration collects most of the deficit

As far as the public deficit as of March is concerned, the central administration accounted for most of it at ₹3,525 million, 0.27% of the GDP, and within that, the state deficit came down to ₹5,143 million, an increase of 0.39%. Is equal. of GDP. For their part, the central governance bodies record a surplus of ₹1,618 million as of March 2022, compared to a deficit of ₹259 million a year ago.

On its side, the regional administration reported a first quarter surplus of 220 million, which is equivalent to 0.02% of GDP, as compared to a deficit of 3,416 million a year ago. This result a. obeys Slight increase in spending of 2.5%Compared to revenue growing at a higher rate of 11%.

For the Social Security Fund, data indicates that a deficit of ₹1,107 million has been recorded by the third month of 2022 and is 0.08% of GDP, representing a decrease of 847.8% compared to March 2021. This behavior resulted in a marginal decrease of 0.1% in income – a good showing of contributions with a growth of 4.7% – compared to a recorded decrease in expenses of 2.2%.

increase in tax revenue

With regard to the state deficit figures till April, the best result is due to a significant increase in non-financial income of 16.7 per cent as compared to spending behavior, which declined by 4%.

Specifically, non-financial resources stand at 72,617 million, which is 16.7% higher than the same period in 2021, with taxes at EUR 62,638 million – 86.3% of total resources – and they are 16.7% compared to the same period. has increased. 2021.

loss Increase in tax on production and imports to 16.9%, Specifically, VAT revenues increased by 19.4%, while current taxes on income and wealth due to personal income tax increased by 18.6%, an increase of 29.2%. For its part, the non-resident income tax has been increased by 51.4%.

In its favor, property income decreased by 0.6% compared to 2021, due to the fact that income from dividends and other income increased by 21.1% to 1,124 million. This result is primarily a result of a 10.4% increase in earnings due to the dividend from the Bank of Spain. For its part, interest income declined 24.8%.

cost fall

On the expenditure side, non-financial state jobs stood at 79,170 million, down 4% compared to those registered in the first four months of 2021.

The largest volume item t . Istransfer between public administration, with a weightage of 59.2% of the total number of non-financial jobs. Notably, they hold an amount of Rs 46,870 million as of the fourth month of the year, an amount which includes SII-VAT compensation, made effective in the month of March.

At the same time, there was an increase of 4.1% in the remuneration of the employees. This headline, which stands at 6,034 million, covers the salary increase of officers for this year of 2%, compared to a pay increase of 0.9% in 2021.

Finally, gross fixed capital formation grew 19.2% to 1,622 million in 2022, while investment support and other capital transfers together increased to 531 million.

Government relies on tax collections to bring down the deficit to 0.34%

2022-05-30 14:12:18