In Overall, the government has kept its commitment to controlling public expenditure (€ 233.5 billion at 31 July, – € 1.9 billion a year), but revenues are down sharply (170 , 1000000000, -. 6.3 billion a year)
RECIPES FROM VAT INCREASE
The department explained that down in particular by the entry into force of the tax credit for Competitiveness and Employment (CICE), lowering corporate taxes . The net yield was down 41.8% year on year, to stand at € 13.6 billion at the end of July.
However, VAT revenue, the rate rose 1 st January rose 3.4% to € 81.01 billion.
“CALENDAR EFFECT”
The income tax also rose by 9.6% to € 44.63 billion. A resulting difference, according to the ministry, “ related to a merger of income tax and social contributions opinion calendar effect” .
The Law initial budget for 2014 provided for an annual deficit of € 82.6 billion, a figure revised upwards to 83.9 billion in the amended Finance Act.
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