Budget, Financial Services, Latvia, Taxation

The total budget expenditure in the first half of the year reached EUR 4.368 billion, which is EUR 281 million more than in the respective period last year. Furthermore, expenditure increased in almost all spending positions.

Meanwhile, total budget income in the first six months reached EUR 4.586 billion, which is EUR 222.6 million more than in the respective period last year. The highest growth – EUR 160.7 million – was observed in tax revenue, as well as in income from foreign financial aid, which was EUR 60.1 million larger than in the respective period last year.

Although the amount of tax revenue is higher as compared with the first half of 2014, it is nevertheless EUR 9.9 million lower than planned, the ministry said.

This is mostly due to lower-than-planned value added tax revenue and social insurance contributions.