Budget, Financial Services, Latvia, Taxation

According to the plan, EUR 4.08 billion had to be collected in taxes administered by the Revenue Service in the first seven months of the year, but the actual revenue was EUR 4.05 billion.

Compared to the same period last year, the amount of tax revenue has nevertheless increased 5.1%.

According to Petersone, value added tax collection has been causing the most problems this year. The VAT revenue projection for January-July was EUR 1.1 billion, while the service has collected EUR 1.07 billion. On the other hand, when compared to the first seven months of 2014, VAT revenue has increased 3.8% this year.

As for other budget revenues administered by the Revenue Service, the projection for the first half of the year was EUR 3.66 billion, while the revenue totaled EUR 3.65 billion. This is also 99.7% of the budget revenue in the first half of 2014, said Petersone.