Economics, Financial Services, Latvia, Taxation
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Thursday, 25.04.2024, 23:50
Q1 tax revenue short of target because of decreasing economic growth pace in Latvia
BC, Riga, 29.04.2016.
Print version
Print versionDecreasing economic growth pace in Latvia is the main reason why the State Revenue Service's tax collection in the first quarter pf 2016 was short of the target, as the Revenue Service's Director General Inara Petersone told reporters on April 28th, cites LETA.
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All the main economic indicators have declined. Gross domestic product growth began to slow down already in the fourth quarter of 2015, export volume decreased 6.1% this past January and February, while imports fell 8.5%. Retail trade turnover increased just 0.8% in the first two months.
In addition, salaries are growing slower, which is affecting compulsory social insurance contributions and personal income tax revenue.
Customs tax revenue was also 7.2% lower than anticipated in the first quarter because of the reducing import volumes, said Petersone.
The Revenue Service said previously that it had collected 99% of the planned tax revenue in the first quarter this year – EUR 17.34 million less than projected.
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