Tax service records surplus revenue

Tax revenue in Latvia totaled €2.71 billion in January-August this year, which is 1% above the projected sum, the State Treasury said.

Revenue from value-added tax (VAT) met the target of €1.39 billion, and revenue from corporate income tax also was collected in the planned amount or €297.15 million.

Revenue from personal income tax reached €219.19 million in January-August this year, which is by 4% more than was planned.

Excise tax brought in €587.65 million in revenue, one percent above the target. Revenue from the solidarity tax charged on high-income earners was €39.69 million or 28% above the target, and state social insurance contributions were collected in the amount of €1.8 billion, which is 2% higher than planned.

Latvian Prime Minister Maris Kucinskis (Greens/Farmers) said the eight-month results bore evidence to success of the economic development policy and also demonstrated the first results of improvements to the tax collection.

"These trends suggest that the government will achieve its economic growth objectives," he said.

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