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Tax revenue to Latvian budget 1.4% above target in H1
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    Tax revenue to Latvian budget 1.4% above target in H1

    RIGA, July 11 (LETA) - In the first half of this year, the State Revenue Service collected EUR 4.653 billion in taxes for the Latvian budget, which was EUR 62.803 million or 1.4 percent above the target, the tax authority said.

    Compared to the first six months of 2017, revenue to the Latvian central government consolidated budget administrated by the State Revenue Service has increased by EUR 466.631 million or 11.1 percent. The growth was due to the tax reform and the economic growth.

    Nearly a half or 49.5 percent of the revenue administrated by the State Revenue Service in the first half of this year was revenue from labor taxes. Revenue from the mandatory state social insurance contributions reached EUR 1.516 billion, rising 13.8 percent from January-June 2017, and was 0.1 percent above the target. Personal income tax revenue totaled EUR 785.496 million, down 1.6 percent year-on-year, and 3.5 percent short of the target.

    Revenue from value-added tax (VAT) accounted for 24 percent of all revenue administrated by the State Revenue Service and grew 9.4 percent year-on-year to EUR 1.117 billion but was 3.4 percent short of the target.

    Excise tax revenue was EUR 481.838 million in the first half of this year or 0.5 percent above the target.

    Revenue from corporate income tax which has been revised in 2018 totaled EUR 280.175 million, growing 23.4 percent from the first half of 2017 and rising 26.4 percent above the target.

    The annual tax revenue target for 2018 is EUR 9.287 billion. The revenue target for January-June 2018 is EUR 4.59 billion.

    • Published: 11.07.2018 10:22
    • LETA
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