Budget, Financial Services, Latvia, Taxation

The actual revenue administrated by the State Revenue Service in January-May 2016 is EUR 3.2 billion, and the target was EUR 3.18 billion.

Revenue to the central government basic budget added up to EUR 1.598 billion euros in January-May this year or EUR 30.4 million above the target.

Value added tax (VAT) revenues made up EUR 781.32 million in the first five months of 2016, which was 99.5% of the planned amount.

Excise tax provided EUR 332.56 million or 104.7% of the planned amount.

Revenues from corporate income tax in January-May totaled EUR 196.8 million, or 104.6% of the target.

Revenues from social security contributions were collected at 100.3% of the target and totaled EUR 997 million in January-May. Personal income tax revenues came to EUR 591.4 million, ir 97.6% of the four-month target.

Last year actual budget revenue administrated by the State Revenue Service amounted to EUR 7.468 billion and the target was EUR 7.464 billion.

This year the revenue service is expected to collect EUR 7.926 billion in taxes at a 6.1% growth from 2015.