A 2.7 billion black hole in revenue

The government is playing its last cards to recover from a 2.7 billion euro loss in State revenue. 

While in November it sought to collect nearly 6.5 billion euros from taxes, according to the latest estimates from the finance ministry, collection finally did not exceed 3.75 billion. 

Theoretically, the ministry will now need to collect about 8.3 billion in December to close the year with a deficit of 9% of GDP which is the economic team's revised target. But now it appears that the deficit this year might exceed 10% of GDP… 

The problem however remains in the caving of the market and the difficulties in collecting the extra taxes. Information indicates that revenues have fallen by 13.3% compared with November 2010 while collection of tax revenues in January-November 2011 declined by 5% over the same period last year. 

However the economic team hopes that it will reduce the black hole at 1 billion euros and close the deficit at 9% of GDP. It calculates it will collect revenue until February 2012, which will be counted in the 2011 revenue, like the second installment of the special charge on property, the doses of emergency fee, property tax of 2010 and traffic tax of 2012. 

But the task is difficult since at the same time it should collect taxes attributable to 2012, and a bad start can further aggravate the plight in which the country has fallen.

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