Tax take in April stood at EUR 670.8 million, up by 14.9% YoY, the Tax and Customs Board (MTA) said, with growth mainly fueled by the low starting point, given that April 2020 was the first full month to follow the arrival of the coronavirus pandemic.
VAT receipts in January to April came to EUR 804 million, up by 19%, though even 5.9% higher than in the same period in the pre-pandemic year of 2019.
This was in turn the result of total enterprise turnover growth accelerating to 27% in April, the result of a strong demand. Of the activities, trade, i. e. retail and wholesale trade and sale of motor vehicles, contributed the most to the increase in VAT payments.
Excise duties payments increased by 13.2% in April, driven by alcohol excise duties, which rose by 3.1% in January to April. At the same time, hard liquor tax receipts fell by 4.9% in four months, compared with the same period in 2020, partly the result of coronavirus restrictions meaning bars, restaurants etc. were largely closed through to May.
As of the end of May, EUR 203 million in tax rebates has been paid, up by EUR 18 million YoY, primarily due to a higher tax-free income threshold this year.
Corporate income tax receipts came to EUR 40.9 million in April, up by 18.2%, or EUR 6.3 million, compared with April 2020, mainly due to income tax paid on private distributed profits.
Corporate income tax receipts have increased by 1.6% compared with last year.
Income tax on special benefits transformed to a small increase, following a year-long decline. (ERR/Business World Magazine)
