Financial Services, Latvia, Taxation

International Internet Magazine. Baltic States news & analytics Friday, 18.09.2020, 17:47

Latvia: Budget revenue collected by Revenue Service 5.2% above target in January

BC, Riga, 14.02.2020.Print version
The State Revenue Service collected EUR 855.733 mln in budget revenue in January 2020, which is EUR 42.013 mln or 5.2% above the target, according to information released by the Revenue Service wrote LETA.

Compared to January 2019, the budget revenue collected by the State Revenue Service grew by EUR 74.688 mln, or 9.6% this January.

Social security contributions grew 6.9% on year to EUR 293.817 mln in January, exceeding the target by 3.3%. Revenue from personal income tax rose 21.3% on year to EUR 183.433 mln, which is 23.9% above the target.

Value added tax generated EUR 219.177 mln in budget revenue in January, which is 0.7% below the target and up 2.4 % against last January.  

Budget revenue generated from excise tax came to EUR 91.227 mln in January 2020, which is 3.5% short of the target but an increase of 1.4% against the respective month last year.

Corporate income tax revenue was 11.4% below the target and totaled EUR 14.17 mln in January, growing 3.3 times y-o-y.

The tax revenue target for 2020 is EUR 10.503 billion, including EUR 813.72 mln for January. 

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