Budget, Financial Services, Lithuania, Taxation

Throughout the first ten months of 2014, the state and municipal budgets received LTL 18.73 billion (EUR 5.42 billion) in revenue. This is by 1.2% (LTL 229.2 million or EUR 66.4 million) more than projected and by 5.3% (LTL 935 million or EUR 270.8 million) more than in the first ten months of 2013. In the first ten months of 2014 it was planned to collect LTL 18.50 billion (EUR 5.36 billion) in revenue.

The state budget revenue was expected to amount to LTL 15.38 billion (EUR 4.45 billion) in January-October, but LTL 15.45 billion (EUR 4.47 billion) was received. This is by 0.5% (LTL 73.3 million or EUR 21.2 million) more than projected and by 2.1% (LTL 315.5 million or EUR 91.4 million) more year-on-year.

According to Minister of Finance Rimantas Sadzius, the plan is being implemented successfully. "Even though income from VAT is still falling behind the projections, the shortage has been decreasing. At the same time, income from excise duties has surpassed forecasts and is gradually growing. It proves that strict control measures on excise goods, first of all petrol, were effective and were applied in time. Unfortunately, the proposed amendments on tax laws, which would have favourably affected VAT collections, have been making their way through parliament since spring," noted the finance minister.