Tax revenues reap the benefits of economic recovery

The faster-than-expected economic recovery (1% instead of 0.6%), confirmed by the National Bank of Belgium on Monday, has also resulted in a dramatic increase in tax revenue since the start of the year, report L’Echo and De Tijd Tuesday.

The tax authorities collected no less than 41 billion euros in the first four months of 2021, or 45% more than in the first quarter of 2020. “The explosive growth is the logical consequence of the drastic recession caused by the end of economic activity and public life last year. It is especially on VAT (+ 140%), withholding tax (+ 23%) and advance payments (+ 35%) that the impact has been enormous.“, explains Francis Adyns, of the SPF Finances.

More significantly still, the public treasury collected even more than during the same period in 2019, in the “world before“, or a bonus of 3.3 billion euros.”The only possible explanation is that the underlying economic growth is important“, emphasizes Francis Adyns.

Source

Tax revenues reap benefits economic recovery

 
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