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FINMIN optimistic for revenues

10/05/2012 15:07
Government expressed its optimism on Thursday that VAT revenues will push fiscal deficit down.

According to a Finance Ministry announcement, VAT revenues in March and April 2012 rose 9.1% and 17.36% respectively compared to the corresponding months of 2011.

In real numbers, revenues in March 2012 rose €15.5 million while the April increase was of €23.3 million.

Given that increases do not include the impact from the increase ein VAT rate from 15% to 17% (from March 1, 2012), the VAT Service has every reason to be optimistic for the future, taking also into account the intensified efforts to minimize tax evasion.