Budget, Financial Services, Latvia, Taxation

The actual revenue administrated by the State Revenue Service in the first nine months of this year reached EUR 6.374 billion while the target was EUR 6.324 billion. Tax revenue in the first nine months of this year reached EUR 6.07 billion, which is by EUR 0.08 billion or 1.3% above the target.

The revenue to the central government basic budget met the target by 99.4% and was EUR 3.067 billion in the first nine months of 2017, falling EUR 19.381 million short of the target which was EUR 3.086 billion.

The largest amount was collected in value added tax (VAT) – EUR 1.598 billion which is equal to 100% of the planned amount.

Revenue from corporate income tax totaled EUR 326.735 million, or 99.9% of the target of EUR 327 million.

Revenues from social insurance contributions were collected at 101.3% of the target and totaled EUR 2.046 billion.

Personal income tax revenue (including to the local government basic budget) totaled EUR 1.234 billion which is equal to 103.5% of the target of EUR 1.192 billion.

Excise tax revenue in January-September this year was EUR 674.697 million or 101.8% 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.