Tax revenue down € 468M in January impacted by fall in VAT
Portugal's state collected 468.2 million euros less in taxes in January compared to the previous year.
The Portuguese state collected 468.2 million euros less in taxes in January compared to the same month in 2020, with tax revenue totalling 3.08 billion euros, according to the Budget Execution Summary released on Thursday.
“The net tax revenue of the State sub-sector in January 2021 maintains the trend shown in 2020,” said the Directorate General of Budget (DGO), adding that in the first month of 2021 there was “a fall of 468.2 million euros, or 13.2%, of tax revenue compared to the same period of the previous year.”
Contributing to this year-on-year drop were indirect taxes, especially VAT and the Tax on Oil Products (ISP), whose revenue fell by 242.4 million euros and 156.9 million euros, respectively, compared to the amount collected in the first month of 2020.
