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HomeLatest NewsTreasury makes August with inflation and raises another 16,500 million euros

Treasury makes August with inflation and raises another 16,500 million euros

Date: October 2, 2022 Time: 19:34:38

The Ministry of Finance put forward this Friday the data on the execution of the state budget for June, which show a deficit 23,487 million, 1.8% of GDP and 41.3% less than in the first half of last year. The reduction in the government deficit was driven by strong revenue growth of 20.4% to $113,836 million, which in turn was motivated by a 20.2% increase in tax collection. Between January and June, gross tax receipts were €107,009 million, more than €16,500 more than in 2021, which collected €90,475 million over the same period.

In the first half VAT it amounted to 49,036 million, which is 22.8% more, despite the reduction in electricity tariffs; in income tax, 23,425 million, up 28.2%; and corporate tax – 9,895 million, up 7.4% – 21.9% more if the accounting effect of the merger of the two companies in 2021 is not taken into account. also grew hydrocarbon tax collection (13%), alcohol (53.6%), tobacco (7.8%) or insurance premiums (12.2%), and property income from higher dividends from Selae and the Bank of Spain.

The deficit of all governments, excluding local corporations, for the first five months of the year amounted to 19,629 million euros, which is equivalent to 1.5% of GDP and 52.3% lower than in the same period in 2021. data released this Friday by the Ministry of Finance, this strong deficit correction – which allows the 2022 closing target of 5% of GDP to be met – is associated with good revenue performance, which rose by 12.1%, while expenditures decreased by 0.3%.

As usual, most of the deficit was concentrated in the central government -15,592 million, down 56.1% and 1.19% of GDP-, the reduction is due to increased tax collection, the accounting effect of ICO guarantees in 2021 and fewer transfers other administrations. Social security funds reduced their deficit by 70.5% in the first five months of the year to 983 million, or 0.08% of GDP, thanks to spending cuts due to the smaller impact of the pandemic.

On the other hand, the Autonomous Communities increased their deficit by 32.7%, to 3054 million (0.23% of GDP), due to increased spending, especially on intermediate consumption and wages, which could not be offset by a 2.2% increase . in fee-driven revenues, which rose by 11%. Seven autonomous communities closed May with a surplus: Asturias (0.56% of GDP), La Rioja (0.42%), Basque Country (0.37%), Castile and León (0.29%), Aragon (0. 13%), Galicia. (0.12%) and Cantabria (0.09%).

Source: www.lainformacion.com

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