Budget, Estonia, Financial Services, Taxation

Labor taxes or social tax, unemployment insurance premium and personal income tax receipts totaled 903 million euros or 6.8% more than at the same time last year.

Tax receipts made up the biggest part of revenue increase, totaling 198.1 million euros. The growth of receipts was also positively influenced by the inflow of European Union support.

The state's receipts in 2016 are budgeted to total 8.84 billion euros and expenditures 9.07 billion euros inclusive of carryovers.

The Tax and Customs Board collected 1.83 billion euros in three months, 12.1% more than a year earlier. Of the biggest revenue items, social tax made up 623.7 million euros, VAT 460.6 million euros and excise duties 279.7 million euros.

The main reason behind the first quarter's tax receipts' increase is that many stores bought large amounts of products subject to excise duty in January and February before the excise duty hike stepped into force. According to the ministry, in the coming months excise duty receipts are to decrease.

Non-tax revenue amounted by the end of March to 345.5 million euros, showing a year-on-year increase of 71.2 million euros. European Union and other support totaling 255.7 million euros accounted for the biggest part of non-tax revenue.

Investments made since the start of the year total 45.6 million euros, a decrease of 33.8% compared to the same period of last year.

Liquid financial assets of the state treasury, that is, deposits and bonds, stood at 1.19 billion euros at the end of March, down by 194.6 million euros or 14% compared to the end of March 2015.

At the end of February, the government sector had a nominal deficit of 0.18% of gross domestic product or 37.3 million euros.