Budget, Financial Services, Latvia, Taxation
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Tax collection almost on target in Latvia in 2014
BC, Riga, 22.01.2015.
Print version
Print versionTax collection in Latvia was almost 100% on target in 2014, the State Revenue Service was just EUR 12 million short of collecting the full planned amount, as the Revenue Service's Director General Inara Petersone said in an interview with the Latvian State Radio this morning, cites LETA.
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Petersone believes this is a fairly good result. The Revenue Service has been particularly successful in collecting personal income tax and social insurance contributions, she added.
Revenue from corporate income tax, on the other hand, was lower than projected, and Petersone believes this to be due to the Finance Ministry's overly optimistic forecasts. The Revenue Service has notified the Finance Ministry of the problem. On the positive side, companies' total profit increased 10% last year from 2013.
Economic development is continuing in Latvia, gross domestic product is increasing, and companies' investment in fixed assets and technologies last year was EUR 254 million higher than in 2013, added Petersone.
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