Despite higher revenue, increased spending needs mean that there is a shortfall in the budget estimated at €400 million, data concerning budget implementation show. Revenue during the first half of 2024 exceeded the budget target by €1.258 billion, but after accounting for various spending needs, the actual excess was only slightly over €600 million. The shortfall includes extra spending on pensions, compensation for flood victims, child subsidies, and more.
This shortfall prompted the government to be stricter in extending the tax filing deadline. The Finance Ministry considers this shortfall a challenge in combating tax evasion and unfair tax competition from large companies. The government aims to address these issues through various initiatives and measures.
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