Fiscal policy. 15.1 Protocol Member States agree to the setting of fiscal and debt benchmarks, which shall be reported to and published on an annual basis by the Monetary Council.
Fiscal policy. The general government primary balance in programme terms reached 4.2% of GDP in 2016, up from 0.5% of GDP in the previous year, significantly outperforming the 0.5% of GDP programme target. This follows a small over-performance of the 2015 ESM programme target by 0.8% of GDP. The over-performance in 2016 was broad-based, driven by both higher revenues and expenditure restraints. The largest contributions on the revenue side came from the corporate income tax, VAT, and non-tax revenue, while the main expenditure shortfall was registered in investment spending and intermediate consumption. The Greek authorities commit to ensuring sustainable public finances by pursuing the fiscal path agreed in August 2015 that is based on primary surplus targets of 1.75 and
Fiscal policy. 11. The key fiscal objective is to reestablish the credibility and integrity of the budget as the government’s main fiscal instrument. This implies keeping within the budgeted envelope for all categories of expenditure, including capital, eliminating the recourse to emergency and cash advance payment procedures, and ensure the timely receipt of oil revenue in conformity with the organic budget law.
Fiscal policy. The Greek authorities commit to ensuring sustainable public finances and achieve sizeable and sustainable primary surpluses over the medium-term that will reduce the debt to output ratio steadily. The authorities will accordingly pursue a new fiscal path premised on a primary surplus targets of -¼, 0.5, 1¾, and 3.5 percent of GDP in 2015, 2016, 2017 and 2018 and beyond, respectively. The trajectory of the fiscal targets is consistent with expected growth rates of the Greek economy as it recovers from its deepest recorded recession. The government has recently adopted a reform of VAT and a first phase of the reform of the pension systems; raised the corporate tax rate; extended the implementation of the luxury tax; taken measures to increase the advance corporate income tax in 2015 and require 100 percent advance payments gradually for partnerships etc. and individual business income tax by 2017; and raised the solidarity surcharge. Furthermore, as a prior action the Government will adopt legislation to: • raise revenues: a) gradually abolish the refund of excise tax on diesel oil for farmers in two equal steps in October 2015 and October 2016; b) increase the tonnage tax. The authorities will take actions to launch the 2015 ENFIA exercise in order to issue bills in October 2015 with the final instalment due in February 2016. They will also correct issues with the revenue measures recently implemented. • target and contain expenditure: a) effective immediately, (i) re-establish full INN prescription; (ii) reduce the price of all off-patent drugs; b) launch the comprehensive social welfare review (see section 2.5.3). • The package will include further measures with budgetary impact, such as public administration reforms, reforms addressing shortfalls in tax collection enforcement, and other parametric measures, recalled in other parts of this document. To demonstrate its commitment to credible fiscal policies, the Government will adopt (Key deliverable) in October 2015, a supplementary 2015 budget as needed, the draft 2016 budget and a 2016–19 Medium-Term Fiscal Strategy, supported by a sizable and credible package of parametric measures and structural fiscal reforms, including: a) a second-phase of pension reforms, see section 2.5.1; b) a reform of the income tax code, see section 2.2.2;
Fiscal policy. The accounting year shall commence on July 1 (first) of each year and end on June 30 (thirtieth) of the following year. The Treasurer shall prepare the financial report and the records which will be submitted to the C.P.A. to review all records of general funds, savings accounts, and auxiliary accounts to verify their completeness and accuracy and the tax exempt status of the organization. XII GOVERNING ORDER The rules contained in the current edition of Xxxxxx’s Rule of Order, newly revised, shall govern the Association in all instances to which they are applicable.
Fiscal policy. Provision of assistance to SCC, consisting of consultants’ services, training, and goods, aimed at enhancing SCC capacity to provide information and analytical support to the government with respect to customs duties, customs exemptions and non-tariff customs policies, supporting development of methods and techniques for customs revenue forecasting, development and implementation of a new system of cost-based customs fees in compliance with WTO standards, improving the system for accounting of customs revenues paid to the federal budget and simplification and standardization of procedures for control over customs collection.
Fiscal policy. The primary balance outcome of 2015 as defined under the programme is estimated to be a surplus of 0.7 percent of GDP, compared to the programme target of a deficit of 0.25 percent of GDP, based on a stronger revenue collection and one-off factors that were not envisaged when the third ESM programme was agreed in August 2015. In the medium term, the fiscal over-performance in 2015 is not sufficient to compensate for the downward revision of the yields of already legislated measures according to actual outcomes and non-implementation of some measures. The Greek authorities commit to ensuring sustainable public finances by pursuing the fiscal path agreed in August 2015 that was based on primary surplus targets of 0.5, 1.75 and 3.5 percent of GDP in 2016, 2017 and 2018 respectively. The programme definition of the primary balance will be adjusted to exclude migration-related expenditure net of EU transfers to the Greek budget subject to a proper monitoring mechanism and a cap being defined. The precise definition and scope of this adjustor is described in the TMU. To meet the fiscal targets, as a prior action the Government will adopt supporting legislation generating savings equivalent to ¾, 2¼ and 3 percent of GDP in 2016, 2017 and 2018 respectively through parametric measures, as follows: A holistic pension reform (as detailed in section 2.5.1 and in the TMU) that will generate additional savings of 1 percent of GDP by 2018 and compensate for the cost of the Council of State ruling (equivalent to 2 percent of GDP) on some aspects of the previous pension reforms. The reform will generate increasing savings beyond 2018 and up to 2025. A major reform of the personal income tax yielding 1 percent of GDP (as detailed in section 2.2 and in the TMU). A series of other parametric measures, to generate savings of around 1 percent of GDP, including: An increase in VAT revenues (savings of around ¼ percent of GDP), by raising the standard VAT rate to 24 percent as of 1 July 2016. Further control of the wage bill (savings of around 0.2 percent of GDP). This includes (i) a freeze of promotion and wage drift for 2016-18 for the special wage grids, as is currently the case for the unified wage grid; and (ii) the gradual easing of the public sector attrition rule from 1:5 in 2016 to 1:4 in 2017 and 1:3 in 2018, while exempting from the calculation of the total annual number of hirings those resulting from court decisions since 2015, including those of the EU Court of Just...
Fiscal policy. The fiscal tightening undertaken by the transition government made it possible to keep the deficit, excluding grants, under 9 percent of GDP, thanks in particular to the fact that expenditure was generally kept within the envelope provided in the supplementary budget law. Good performance on the tax revenue side is explained by the taxes related to oil activity, but also to temporary factors (stepped-up releases of goods from bonded warehouses in December and the efforts to collect taxes from the SNIM). These results (combined with the large increase in treasury bills issues) made it possible to reduce the treasury float by more than 50 percent in 2005, to UM 10 billion. The overall figure for government arrears at end-2005 (of slightly over UM 40 billion or 8 percent of GDP) also includes other government liabilities to its suppliers (about UM 24 billion) and arrears on membership contributions to international organizations (almost UM 7 billion).
Fiscal policy. The primary balance outcome of 2015 as defined under the programme is estimated to be a surplus of 0.7 percent of GDP, compared to the programme target of a deficit of 0.25 percent of GDP, based on a stronger revenue collection and one-off factors that were not envisaged when the third ESM programme was agreed in August 2015. In the medium term, the fiscal over-performance in 2015 is not sufficient to compensate for the downward revision of the yields of already legislated measures according to actual outcomes and non-implementation of some measures. The Greek authorities commit to ensuring sustainable public finances by pursuing the fiscal path agreed in August 2015 that was based on primary surplus targets of 0.5,
Fiscal policy. In order to promote efficiency in public resource use by improving the financial situation and management of EDH, the Recipient has caused EDH to design, publicize and start implementing a cost recovery policy which includes:
