The ongoing challenges in the housing market are notably impacting public finances, with taxes collected by the Registration Duties Authority experiencing a substantial decline. Minister of Finance Gilles Roth presented these findings to the parliamentary committee on Friday, shedding light on the current fiscal landscape.
As of the end of October, taxes collected by the Registration Duties Authority plummeted by over half compared to the same period in 2022. Specifically, around €205 million had been collected, a significant drop from the €421.5 million recorded at the corresponding time last year.
Despite this decline, the state’s overall revenue demonstrated resilience, posting a 7.2% increase compared to the previous year, totalling €20.7 billion. However, the expenditure side of the equation also witnessed a notable uptick, surging by 15.4% to reach €21.4 billion. This increase is attributed, in part, to crisis measures implemented during this period.
Consequently, the public sector finds itself grappling with a deficit of €629 million.
