Budget, Financial Services, Lithuania, Taxation

The predicted total budget revenues in January – March stood at more than EUR 1.590 billion, while the actual revenues amounted to over EUR 1.596 billion.

The plan of the state budget revenues in January-March was implemented at 98.3%. It was planned to receive EUR 1.304 billion of revenues but the actual inflow stood at EUR 1.282 billion or by EUR 15.6 million (1.2%) more than in Q1 of 2014 and by EUR 22.3 million (1.7%) less than planned for this year.

The plan of revenues from tax collection to the state budget was completed at 97.9% as EUR 1.202 billion was received, which is by EUR 29.7 million (2.5%) more than in Q1 of 2014 and by EUR 25.3 million less than forecast.

According to preliminary data, instead of the planned EUR 764 million from revenues for VAT the state budget received EUR 730.7 million, which is by EUR 12.6 million (1.7%) more than in Q1 of 2014 but by EUR 33.3 million (4.4%) less than this year's forecast.

"Consumption after the euro adoption and the growth of consumption still remain lower than we had expected," Finance Minister Rimantas Sadzius explained the reasons for the failure to collect VAT completely.