Revenue service expects to earn 6.1% more in taxes this year

This year the State Revenue Service hopes to earn 6.1% more in taxes than in 2015, the service said in a Wednesday press conference, reported LSM's Latvian-language service. 

Last year the service raked in €7.119b in taxes, expecting the 2016 figure to reach €7.551b - or €457.81m more than last year.

If the forecast comes true it will constitute the greatest tax revenue increase in the last four years. The 2013 yearly revenue growth was 5.5%, 3.7% in 2014 and 5.4% in 2015.

The service predicts that tax revenue will grow almost for all taxes, with VAT and income tax revenue seeing growth of 6.4%. Revenue from social security contributions is to grow by 6%, and that from business income tax and excise tax - by 3.7% and 3.2% respectively.

Revenue from the rest of the taxes - bar the customs tax, the revenue of which is expected to drop by 1.9% - is expected to grow 19.4% this year.

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Economy
Economy