Budget, Financial Services, Latvia, Taxation

The ministry’s representatives informed that during the first four months of 2018, the budget received EUR 3.46 billion worth of revenue, which is a 10.5% or EUR 329.3 million increase against the same period last year, while budget expenditure grew 8.8% or EUR 260.1 million year-on-year to EUR 3.22 billion in January-April.

Consequently, budget revenue exceeded expenditure in the four-month period, resulting in a surplus of EUR 239.9 million, which was by EUR 69.2 million larger than after the first four months of 2017. The surplus consisted of EUR 160.1 million accumulated in the central government consolidated budget and EUR 79.9 million accumulated in the local government consolidated budget.

Compared with the first four months of 2017, the surplus in the central government consolidated budget increased by EUR 92.4 million and the surplus in the local government consolidated budget contracted by EUR 23.2 million, the Finance Ministry said.

The ministry’s representatives said that during the first four months of 2018, tax revenue grew by 8.7% or EUR 216.5 million, while revenue from foreign financial assistance rose 27.l% or EUR 101.8 million. Revenue from social security contributions grew by EUR 14.3% or EUR 99.2 million, VAT revenue increased by 8.3% or EUR 54.9 million and excise tax revenue grew 12.2% or EUR 33.3 million year-on-year.