Estonia, Financial Services, Legislation, Taxation
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Thursday, 18.04.2024, 22:18
Estonia's September tax receipts up 6.1% y-o-y
Compared to the
same time last year, tax receipts in the first nine months of the year
increased 5.6% and a total of 72.6% of the budgeted 12-month tax receipts had
flowed in by the end of the period, the Ministry of Finance said.
The growth in the
payment of social tax continued thanks to fast wage growth, as 9.3% more social
tax was paid in September than in the same month the year before. The average
growth of the number of declared employees in the last three months remains at
1.6%, the average growth of wages accelerated to 7.4%.
Employees as a
ratio of all working-age people stands at a record high at present. The share
of declared employees of the working-age population is near a historic record
level.
In larger sectors
with at least 30,000 job positions, occupied positions according to data based
on the field of activity in the last three months increased most in the sector
of management and assistance and the construction sector, 5.9% and 4.4%
respectively. The number of jobs decreased most in the retail sector, by 2.6%.
VAT revenue in
September was 183.2 million euros, 7% more than at the same time last year.
Taxable revenues increased 6.4% on year in main fields of activity. The payment
of VAT in the last three months has increased most in construction, by 26.8%.
This is followed by the sale of motor vehicles with a 10.4% growth in the
payment of VAT.
The state's
revenue from excise duties totaled 74.4 million euros, 6.1% less than in
September 2016. Altogether 13.1 million euros was paid as excise duty on
alcohol in September, 6.8% less in the nine months of this year than in the
same period last year. Tobacco excise duty receipts totaled 14.9 million euros
in September and the payment of it was 8.1% higher from the beginning of
November 2016 until the end of September 2017 taking into account reserves than
the year before.
In September the
central government received more taxes and other revenue than the expenses that
were made. This decreased the budget's 9-month deficit to 30 million euros. The
combined budget of local governments by the end of September reached a 5
million euro deficit, while expenses in September exceeded revenue by 28
million euros. Revenue of social insurance funds like the Unemployment
Insurance Fund and the Health Insurance Fund exceeded expenses and reached a 39
million euro surplus in nine months.
The budget of the
government sector ran a surplus of 3 million euros since the beginning of the
year. Compared to the same period last year, budget surplus this year was 131
million euros smaller. The change was mainly due to the VAT return of
low-paid employees and increased investment volumes.