March central government net revenues declined by 25% yoy* partly as a result of the payment of previous months΄ tax refunds.
VAT revenues reportedly declined by 15% yoy. In the period Jan-March, net revenues reportedly declined by 12% yoy.
In the 3 month period, the revenue shortfall versus budget is reportedly estimated at €500 million which could lead to a full year shortfall of around €3.0 billion. The government argues that the shortfall will be covered by the real estate taxes, the payment in installments of past due taxes and containment of expenses. (via Capital)
Meanwhile finance minister Yiannis Stournaras struggles for an agreement with the Troika: emergency property tax, lay-offs in the public sector and installments in payments of past due taxes are the thorny issues between the two sides.
Place your bet on who will win.
*yoy: year over year
PS 3 billion euro shortfall? I think the name of the black hole is called “recession”…