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Thursday, 25.04.2024, 21:33
Latvian Revenue Service: tax revenue growing faster than economy
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This proves that part of businesses is exiting the shadow economy.
According to Petersone, tax revenue in the first quarter this year was 6.3% or about EUR 100 million higher than in the same period last year.
However, tax revenue has been lower than projected in the state budget, Petersone acknowledged. The budget this year is very optimistic, it also foresees significant growth at the expense of shrinking shadow economy. However, not all measures against the shadow economy are in place and working yet.
In terms of tax revenue, January was the worst month, but the situation was improving in February and March when the monthly projections were attained successfully.
As reported, state budget tax revenue in the first quarter of the year was 99.2% on target, according to data from the State Revenue Service. State budget revenue in the first quarter totaled EUR 1.702 billion altogether, slightly less than the projected EUR 1.716 billion revenue. Overall, the state budget plans to collect EUR 7.464 billion in tax revenue this year.
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