Friday servers as an utterly crucial day for the finance ministry’s revenue targets for the entire year, as the day marks the first deadline for paying income tax installments and lump sum payments in the recession-battered country.
The deadline is for tax returns filed for fiscal 2015, with higher tax rates imposed in order to meet memorandum-mandated fiscal targets sending the first shivers through much of Greece’s middle classes.
The figure in the revenue column at the end of the banking day on the last weekday of July will either cover the first of several targets aimed towards fulfilling the annual revenue goal, or, the finance ministry will be forced to calculate the size of the gap between target and collected revenues.
July 2016 has long been viewed as the most difficult month in terms of executing this year’s Greek budget, given that revenues from income taxes were projected to reach 5.57 billion euros during the specific month – the biggest monthly figure.
The Greek finance ministry has budgeted 5.368 billion euros in net revenues for July 2016.
