Budget revenues surpassed targets in August‏

In an announcement, the ministry said that budget revenues totaled 4.055 billion euros in August, up from a budget target of 3.991 billion euros. The ministry attributed this positive development to a 28.17 pct increase in tax agency revenues in the month, boosted by payment of the first instalment of income tax which was delayed for one month because of the imposition of capital controls on banks.

The ministry said that tax controls jumped to 39,614 in the June-August period, sharply up from 22,275 in the same period last year and 7,115 in 2013. The Finance ministry said it expected VAT revenues to grow in September and most notably in October.