Latvian budget revenues 1.4% above target in January-February

During the first two months of this year, Latvia’s budget revenues managed by the State Revenue Service, exceeded the target by 1.4% as they grew by EUR 101.8 million or 8.5% against the same period last year, according to the Revenue Service.

Compared to the first two months of 2016, the steepest growth was recorded in the collection of social security contributions and personal income tax, as these tax revenues rose by €40.68 million or 10.6% and €27.53 million or 11.8% respectively, significantly contributing to meeting the two-month budget revenue target.

According to reports submitted by employers, employees’ average income on which the social security contributions and personal income tax are charged rose by 7.3% against the first two months of 2016. The number of employees whose income exceeded the minimum wage in January had grown by 2.8% points against January 2016.

The only tax bringing less than planned in January-February 2017 was value added tax (VAT) as VAT revenues decreased because of a steep increase in VAT refunds. In the two months of 2017 VAT refunds grew by €14.11 million or 9.2% year-on-year to €167 million.

In January-February 2017, VAT revenues rose by €19.18 million or 6.2% against the same period in 2016.

Seen a mistake?

Select text and press Ctrl+Enter to send a suggested correction to the editor

Select text and press Report a mistake to send a suggested correction to the editor

Most read

Please be aware that the LSM portal uses cookies. By continuing to use this site, you agree that we may store and use cookies on your device. Find out more

Accept and continue