Budget, Financial Services, Latvia, Taxation

The actual revenue administrated by the State Revenue Service in the first seven months of this year reached EUR 4.928 billion while the target was EUR 4.908 billion.

The annual tax revenue target for 2017 is EUR 8.529 billion, and the seven-month revenue amounts to 57.8% of the annual target.

However, the revenue to the central government basic budget met the target by 98.7% and was EUR 2.366 million in the first seven months of 2017, falling EUR 31.186 million short of the target which was EUR 2.397 billion.

The largest amount was collected in value added tax (VAT) – EUR 1.202 billion which is equal to 99.8% of the planned amount.

Excise tax revenue in January-July this year was EUR 505.818 million or 100.8% of the planned amount.

Revenue from corporate income tax totaled EUR 259.38 million, or 102.1% of the target.

Revenues from social insurance contributions were collected at 100.9% of the target and totaled EUR 1.589 billion.

Personal income tax revenue (including to the local government basic budget) totaled EUR 952.699 million which is equal to 104.2% of the target.

As reported, during the first six months of this year the State Revenue Service collected EUR 4.186 billion in the state budget, which was EUR 48.235 million or 1.2% more above the target. As compared to the first half of 2016, budget revenue administered by the State Revenue Service grew by EUR 326.86 million or 8.5%.