Budget, Financial Services, Latvia, Taxation

The actual revenue administrated by the State Revenue Service last year reached EUR 8.62 billion, which is by EUR 0.6 billion or 7.5% more than in 2016.

This has been mostly because of larger revenues from the four main taxes – the mandatory social insurance contributions, the value added tax, the personal income tax and excise tax, the tax authority said.

The revenue to the central government basic budget met the target by 100.3% and was EUR 4.096 billion in 2017, being EUR 14.192 million above the target which was EUR 4.082 billion.

Revenues from social insurance contributions were collected at 100.9% of the target and totaled EUR 2.794 billion.

Personal income tax revenue (including to the local government basic budget) totaled EUR 1.703 billion which is equal to 103.8% of the target of EUR 1.64 billion.

Value added tax (VAT) was collected at the amount of EUR 2.188 billion which is equal to 101.4% of the planned amount of EUR 2.158 billion.

Revenue from corporate income tax totaled EUR 425.617 million, or 100.1% of the target of EUR 425.348 million.

Excise tax revenue last year was EUR 907.021 million or 101.9% of the planned amount of EUR 890.34 million.

Nature resource tax revenue last year reached EUR 25.625 million or 70% of the target.

As reported, the annual tax revenue target for 2017 is EUR 8.53 billion.