Financial Services, Latvia, Taxation
International Internet Magazine. Baltic States news & analytics
Tuesday, 01.07.2025, 02:50
Latvian budget revenue in January 2.5% higher than target
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Compared to January 2018, budget revenue has increased EUR 35.164 mln or 4.7%.
According to the Revenue Service's data, the total amount of social contributions was EUR 274.877 million, exceeding the target the most, by 7.3%. The increase was thanks to the increasing number of employees and average wage, as well as one percentage point increase in the social insurance contributions rate.
Personal income tax revenue amounted to EUR 151.276 mln in January - 5.8% more than projected.
Excise tax revenue was EUR 89.965 mln, exceeding the target by 3%. Excise tax on oil products accounted for the largest portion of excise tax revenue - EUR 41.702 mln, followed by excise tax on alcoholic beverages - EUR 21.194 mln, and excise tax on tobacco products - EUR 19.191 mln.
Value added tax revenue in January was EUR 214.122 mln - 3.3% short of the target but 4.8% more than in January 2018.
Although the law on the 2019 state budget has not been passed yet, the government's general budget plan for 2019 stipulates that EUR 9.702 bn is to be collected in taxes this year, including EUR 761.993 mln in January.
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