Budget, Financial Services, Lithuania, Taxation

According to the Ministry of Finance, in eleven months of 2014 the revenue of the state budget (excluding municipalities) was expected to reach LTL 16.77 billion (EUR 4.86 billion). However, actual figures exceeded projections by LTL 2 million (EUR 0.58 million). Tax collection plan was exceeded by 0.5%. Income from tax accounted for LTL 15.66 billion (EUR 4.54 billion) or LTL 76.6 million (EUR 22.2 million) more than projected.

Value Added Tax (VAT) revenue was the highest and stood at LTL 9.06 billion (EUR 2.63 billion). However, VAT collection plan fell short by LTL 151.8 million (EUR 43.99 million). Revenue from excise duties amounted to LTL 3.22 billion (EUR 0.93 billion), by LTL 205.8 million (EUR 59.63 million) or 6.8% more year-on-year and by LTL 119.5 million (EUR 34.63 million) or 3.9% more than projected.

In January-November the state and municipal budgets received LTL 3.96 billion (EUR 1.15 billion) from personal income tax, by LTL 181.2 million (EUR 52.5 million) or 4.8% more year-on-year and by LTL 21.5 million (EUR 6.23 million) or 0.5% more than projected.

The approved 2014 state budget revenue totals LTL 18.73 billion (EUR 5.43 billion), with the European Union Structural Funds LTL 26.16 billion (EUR 7.58 billion).