Budget, Financial Services, Latvia, Taxation

International Internet Magazine. Baltic States news & analytics Monday, 23.10.2017, 21:57

Tax revenue to Latvian budget 0.8% above target in January-August

BC, Riga, 15.09.2017.Print version
Revenue to the Latvian budget administrated by the State Revenue Service met the target by 100.8% in January-August 2017 with actual revenue being by EUR 42.933 million higher than planned, the tax authority informed LETA.

The actual revenue administrated by the State Revenue Service in the first eight months of this year reached EUR 5.66 billion while the target was EUR 5.618 billion.

 

The revenue to the central government basic budget met the target by 99.2% and was EUR 2.72 million in the first eight months of 2017, falling EUR 20.794 million short of the target which was EUR 2.741 billion.

 

The largest amount was collected in value added tax (VAT) – EUR 1.399 billion which is equal to 99.9% of the planned amount or EUR 1.4 billion.

 

Revenue from corporate income tax totaled EUR 297.152 million, or 100.4% of the target of EUR 296 million.

 

Revenues from social insurance contributions were collected at 101.2% of the target and totaled EUR 1.819 billion, growing considerably from the first eight months of 2016. The growth was promoted by a larger number of employees paying tax in a regular tax regime and increase of wages.

 

Personal income tax revenue (including to the local government basic budget) totaled EUR 1.096 billion which is equal to 104% of the target of EUR 1.054 billion.

 

Excise tax revenue in January-August this year was EUR 587.656 million or 101% of the planned amount.

 

As reported, the annual tax revenue target for 2017 is EUR 8.53 billion. This year’s tax revenue target is by 6.4% higher than actual revenue last year and by 7.6% higher than last year’s target.






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