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The expected increase in revenues is largely a consequence of the planned introduction of a real estate tax, of which the government expects EUR 216m in revenue next year.

Tax revenues have been estimated to stand at EUR 6.87bn, which is EUR 17m less than in the original 2014 budget and EUR 561m more than the expected tax revenue in the 2013 budget.

Expected revenue from personal income tax and corporate tax is to be EUR 74m lower at EUR 1.32bn. Revenue from tax on goods and services, including VAT and excise duties, is also expected to be EUR 100m lower at EUR 5.14bn.

Value added tax, which rose in July (from 20% to 22% and from 8.5% to 9.5%), is expected to bring more than EUR 3bn or EUR 27m more than planned in the original 2014 budget. On the other hand, revenue from excise duties is expected to stand at EUR 1.56bn, which is EUR 91m less than planned.

Non-tax revenues are expected to bring next year somewhat more than half a billion euros, which is EUR 11m more than planned in the original document. The expectations are based on the planned higher revenue from the sale of land and intangible assets.

Expected revenue based on received EU funds will increase by EUR 210m compared to the original document to almost EUR 1.2bn.

Budget expenditure is meanwhile expected to increase by EUR 324m to stand at EUR 9.6bn. Planned transfers to social security funds increase by EUR 188m and transfers to public funds and institutes by EUR 117m.

Planned social transfers to individuals and households will be cut by EUR 15m to EUR 1.3bn, but transfers for unemployed persons will increase.

The government plans to cut expenditure for goods and services by EUR 115m to EUR 573m, while investment expenditure will decrease by EUR 24m to EUR 662m.

EUR 902m will be secured for wages and other payments to public sector employees in 2014, which is EUR 14m less than in the original budget. Funds for performance bonuses will however rise.

The government plans to repay EUR 3.27bn of debt in 2014, which is more than 50% above the amount planned in the original document.