The Tax Administration (TA) has reported that they collected €444.44 million in gross revenue during the first quarter of 2024. This represents a significant increase of €87 million or 24.5% compared to the same period last year.
According to the TA, this revenue surpasses the first-quarter target by €58 million or 15%. Notably, all revenue categories experienced growth. Corporate income tax collections exceeded last year’s figures by €45.6 million and surpassed the 2024 target by 31.5%. Value-added tax collections amounted to €109 million, marking an increase of €18.5 million from the previous year and €4.4 million above the current year’s target. Contributions totaled €122.71 million, surpassing last year’s collection by €13.7 million and this year’s target by €8.8 million.
In March alone, gross revenue collections reached €245.7 million, indicating a 27% increase compared to the same period last year and a 19% increase compared to the March revenue target.
The TA is optimistic about the continued growth in revenue collection. They plan to achieve this through modernizing processes, simplifying voluntary tax compliance procedures, enhancing inspection supervision, and conducting revenue collection activities based on risk analysis. These efforts are expected to be particularly impactful during the upcoming summer tourist season.
