Primary surplus of 2,063 billion euros despite slow revenue collection

The figures of the General Accounting Office show a decrease in revenue collection for the first two months of 2014, particularly those that derive from direct and indirect taxes on fuel.
 
However, the primary surplus is twice the target of 1 billion euros, reaching 2 billion euros.
 
According to figures from the General Accounting Office (GAO):
 
- the primary balance reaches 2.06 billion euros, compared to a 487 million primary surplus last year and a target of 1.04 billion euros
- the level of net revenues of the state budget amounted to 9.4 billion euros, upped by 427 million euros or 4.7% against the target
- net revenues of the regular budget amounted to 7.8 billion euros, decreasing by 580 million euros or 6.9% below the target
- all tax revenues amounted to 6.8 billion euros, 454 million euros or 6.2% less compared to the target
 
The revenue categories that exceeded the target for January and February 2014 are:

 
- income taxes of special categories by 86 million euros, or 33.7%
- other direct taxes by 149 million euros, or 67.7%, mainly due to collection of Luxurious Living taxes
- VAT of other products by 175 million euros or 9.1%
 
In contrast, the target was missed by:
 
- income tax on natural and legal persons by 131 million euros or 12.1% to 191 million euros or 92.0%, respectively
- direct taxes of previous financial years at 94 million euros or 12.1%
- revenue from VAT and excise duties from petroleum energy products by 218 million euros or 39.4% to 79 million euros or 10.6%, respectively
 
However, tax refunds amounted to 497 million euros, an increase of 304 million euros over the target (193 million euros). Also, the revenues of the Public Investment Program (PIP) amounted to 1.6 billion euros, an increase of 1 billion euro against the target.
 
On the expenditure side, those of the regular budget amounted to 8.3 billion euros and are reduced compared to the target by 844 million euros, mainly due to the reduction in primary expenditure of 789 million against the target. The PIP spending amounted to 606 million euros, up by 256 million euros against a target of 350 million euros and 327 million euros last year.