general accounting office

The State General Accounting Office is demanding from pensioners the return of retroactive amounts that correspond to salaries higher than those to which they were entitled if they continued to work wider public sector entities after their retirement.

The new government begins its term with a budgetary cushion of almost 3.7 billion euros, as the definitive January-May budget execution data showed on Monday a primary a surplus of €2.3 billion, instead of a primary deficit of almost €1.4 billion euros the budget had targeted.

Electronic invoices will be required for all state procurements, totaling €11 billion every year, according to a new plan drafted by the ministries of Digital Governance and Finance. 

A deficit of 1,687 million euros, against a target for a primary deficit of 1,331 million euros was recorded by the state budget in the period January - March 2022. Tax revenues amounted to 12,144 million euros, increased by 1,337 million euros or 12.4% against the projected target.

The state budget showed a primary deficit of 9.06 billion euros in the year's first 10 months, according to provisional figures released yesterday by the State General Accounting Office, compared to the revised target for a primary deficit of €9.69 billion.

The discount for the timely payment of taxes helped prevent budget revenues from collapsing in April, although they did post a reduction of 1.35 billion euros in the January-April period, according to data announced by the State General Accounting Office on Monday.

The figures are depressing. In just one month the 2020 budget has gone out the window due to the Covid-19 pandemic, as spending soars as a result of the handouts to workers and enterprises and revenues crumble due to the suspension of corporate tax obligations - and the economic support cycle has only just got started.

The state budget has shown the first signs of derailment this year, as net revenues lagged their target in January-February by 476 million euros, or 5.9 percent, also partly due to the reduced revenues of the Public Investments Program.

The 2019 primary budget surplus will end up at 3.7-3.8 percent of gross domestic product, according to the latest estimates by the State General Accounting Office. This will exceed the target for 3.5 percent of GDP by 0.2-0.3 percent, or 400-600 million euros.

An amendment facilitating investments by foreign entrepreneurs from non-EU countries was tabled in parliament on Tuesday.

The amendment is attached to the foreign ministry's draft law entitled "Regulations for the UK's withdrawal from the European Union" and introduces a new type of entry visa, the Airport Transit Visa (ATV).