Compared to the first two months of 2016, the steepest growth was recorded in the collection of social security contributions and personal income tax, as these tax revenues rose by €40.68 million or 10.6% and €27.53 million or 11.8% respectively, significantly contributing to meeting the two-month budget revenue target.
According to reports submitted by employers, employees’ average income on which the social security contributions and personal income tax are charged rose by 7.3% against the first two months of 2016. The number of employees whose income exceeded the minimum wage in January had grown by 2.8% points against January 2016.
The only tax bringing less than planned in January-February 2017 was value added tax (VAT) as VAT revenues decreased because of a steep increase in VAT refunds. In the two months of 2017 VAT refunds grew by €14.11 million or 9.2% year-on-year to €167 million.
In January-February 2017, VAT revenues rose by €19.18 million or 6.2% against the same period in 2016.
