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Public Finances Surge in First Eight Months as Employment, Income Rise

Employment and income boost Social Security revenue. Better tax collection signals economic recovery.

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In this image I can see water, number of buildings, number of trees, number of vehicles, clouds, the sky and I can also see number of people over here.

Public Finances Surge in First Eight Months as Employment, Income Rise

Public finances have seen a significant boost in the first eight months of the year, with Social Security revenue surging by €1.7 billion. This positive trend is attributed to increased employment and income, although the exact number of additional taxpayers is not specified.

The rise in revenue can be partly attributed to a 17% increase in a specific tax, likely due to less retention in the previous year. Additionally, the state managed to refund €759 million less in excess tax collected by the end of August compared to the same period last year. This indicates improved tax collection efficiency and a growing economy.

The overall picture shows a strengthening of public finances, with increased employment and income driving up Social Security revenue and improving tax collection. Despite the lack of a specific figure for new taxpayers, the trends suggest a robust economic recovery.

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