State spending is increasing while revenues are dwindling. Taxes collected by the state in the second quarter of 2020 fell by 25% compared to the same period last year. The state collected €1.1 billion less in taxes than last year.
Statec highlighted that the deferral of several deadlines in tax matters played a role in the sinking revenue.
Value added tax and excise duties also decreased by around 35% in mid-April, May, and June. This percentage is synonymous with a €450 million hit.
