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International Internet Magazine. Baltic States news & analytics Saturday, 16.01.2021, 14:29

Lithuania’s budget seen recording revenue shortfall of up to EUR 1.5 b in 2020

BC, Vilnius, 08.05.2020.Print version
Lithuania’s budget will in 2020 record a revenue shortfall of up to 1.5 billion euros, or approximately 12% of the full-year revenue target, due to the coronavirus crisis, Deputy Finance Minister Migle Tuskiene has said, cites LETA/BNS.

“The revenue shortfall will range from more than 1 billion euros to 1.5 billion euros,” she told members of the parliamentary Committee on Economics on Friday. In April, budget revenue missed the target by 31%, the official said.

“The revenue fall in April was worse than in the previous month. In March, it was largely due to liquidity problems and tax deferrals, and now this has been compounded by a deterioration in corporate performance,” Tuskiene added.

Lithuania’s central government budget revenue missed the target by 31%, or 221 million euros in April and fell by some 28.5%, or 195 million euros, from its year-earlier level, according to preliminary estimations.  

In January through April, the budget revenue was 10.5%, or nearly 300 million euros, short of target and 4.5%, or 119 million euros, below the year-earlier figure.

This year's central government budget was initially estimated at 9.548 billion euros in annual revenue, excluding EU funds, and 11.53 billion euros including EU funds.

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