Financial Services, Latvia, Taxation

International Internet Magazine. Baltic States news & analytics Wednesday, 27.05.2020, 17:33

Latvia's tax revenue 3.7% above target in Q1

BC, Riga, 17.04.2019.Print version
During the first three months of this year, the State Revenue Service collected EUR 2.17 bn in taxes, beating the first-quarter tax revenue target by EUR 77.619 mln or 3.7 %, according to information released by the Revenue Service writes LETA.

Compared to the first quarter of 2018, budget revenue provided by the Revenue Service grew by EUR 103.718 mln or 5% in January-March 2019.

Collection of value added tax (VAT) beat the target by 4% and came to EUR 586.41 mln in the first quarter of 2019.

Excise tax revenue exceeded the target by 1.4% and totaled EUR 249.227 mln in the first three months of this year.

The Revenue Service collected EUR 810.826 mln in social security contributions, which beat the target by 6.7%, and EUR 408.834 mln in personal income tax, or 5.1% more than planned.

This year, the Revenue Service plans to collect EUR 9.702 bn in taxes. The tax revenue target for the first quarter of the year was EUR 2.092 bn.

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