February tax receipt up 16 percent on year
Tax receipt was up 16 percent year-over-year in February to €962 million. Income tax was the greatest contributor, courtesy of lower income tax returns volume compared to 2022.
The first two months of the year yielded 15.5 percent of planned tax revenue for 2023, the Ministry of Finance said Wednesday.
Salary fund growth accelerated to 14.4 percent in February, while the average wage grew by 13.1 percent and the number of jobs by 1.1 percent. Salary advance was fastest in energy, with education and public administration contributing through teachers' pay rise.
Social tax receipt was up 14 percent on year in February. Individual income tax receipt was up by €45 million, partly due to the delayed start to income tax returns.
Revenue from excise duties grew by 0.8 percent, with duties on fuel and alcohol yielding more than last year and that on tobacco falling by 2.7 percent.
VAT receipt grew by 15.8 percent compared to last February, which fell short of price advance at 17.6 percent. VAT on imports fell by 33 percent due to Russia and Belarus sanctions.
Follow ERR News on Facebook and Twitter and never miss an update!
Editor: Marcus Turovski