Bank of Italy on taxation and public accounts in the first half of the year: + 11.9% on tax revenues, but public debt increases by 11 billion

The recovery of the economy but also the rise in prices push the revenue from the tax authorities. In the first half of the year – Bankitalia calculated – tax revenues amounted to 218.1 billion, an increase of 11.9 percent (23.2 billion) compared to the same period last year. These are aggregated data that take into account only the cash trend from which it is difficult to identify the individual components of revenue growth. In June, tax revenues accounted for in the state budget amounted to 36 billion, an increase of 10.4% (3.4 billion) compared to the same month in 2021.
The increase in government debt
In June, the public administration debt increased by 11.2 billion compared to the previous month, amounting to 2,766.4 billion. The increase is due to the increase in the Treasury’s cash and cash equivalents (4.9 billion to 86.2), the borrowing requirement (4.2 billion) and the overall effect of spreads and premiums on issue and redemption, of the revaluation of inflation-linked securities and the change in exchange rates (€ 2.2 billion). This was announced by the Bank of Italy. With reference to the breakdown by subsectors, the debt of the central government increased by 12.5 billion while that of the local government decreased by 1.3 billion; the debt of the social security institutions remained virtually unchanged. Furthermore, the Via Nazionale institute said, at the end of June both the share of the debt held by the Bank of Italy and the average residual life of the debt remained stable, at 25.8 percent and 7.7 years respectively.