Budget, Financial Services, Latvia, Taxation

Revenue in January-March this year is by EUR 165.04 million or 8.7% higher compared to the first three months of 2017. This is the steepest growth in the last six years, the State Revenue Service said.

Revenue to the central government basic budget was EUR 944.56 million or equal to 96.6% of the target which was EUR 977.515 million for January-March this year.

The steepest growth of revenues compared to the first quarter of 2017 has been observed for the mandatory state social insurance contributions (by 12.7%), the value added tax or VAT (by 8.5%) and the excise tax (by 10.3%).

Revenues from social insurance contributions were collected at 99.4% of the target and totaled EUR 719.14 million in January-March 2018.

Personal income tax revenue (including to the local government basic budget) totaled EUR 383.5 million which is equal to 99.5% of the target.

VAT was collected in the amount of EUR 581.43 million which is equal to 96.5% of the planned amount.

Revenue from corporate income tax totaled EUR 96.88 million or 93.9% of the target.

Excise tax revenue was EUR 223.5 million or 99.1% of the planned amount.

The annual tax revenue target for 2018 is EUR 9.287 billion, up 7.7% from 2017. The revenue target for January-March 2018 is EUR 2.096 billion.