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Federal receipts slightly above 2016 targets

The FPS Finance yesterday evening (Sunday) published the most recent figures relating to the 2016 federal state receipts. In total, receipts went up to 109,447 billion euros, or 20.4 million euros above the target (109,427 billion). In 2015, receipts went up to 106,369 billion euros.

The breakdown shows that tax on earned income and social security contributions and taxes generally (especially corporation tax) earned more than anticipated. On the other hand, tax on dividends and savings, advance tax payments, VAT and tax adjustments generated less initially, per the chart produced by the FPS Finance.

The tax authorities explained in a communiqué, “Uncertainty as a result of the terrorist threat and Brexit translated into lower VAT receipts. Receipts from tax on earned income recorded better results than anticipated thanks to growth in the employment market.”

The Minister of Finances, Johan Van Overtveldt, cited in the communiqué said, “Slogans and counter-truths regarding receipts can presently be permanently brushed off the table. Linked to recent growth figures, the 2016 result is a good starting point for 2017.

In the course of the next few weeks, figures around receipts and expenses will be finalised in detail, in view of the Monitoring Committee’s report. It goes without saying for this year and subsequent years, significant efforts need to be undertaken to maintain this course.”

The communiqué states that the figures will be sent to the European Commission so that they can be integrated into the upcoming reports.

The Brussels Times