Revenues to Latvia's state budget 6% less than planned

In the first five months of 2020, the 6% less than expected has been collected for the state budget, the State Revenue Service (VID) told Saeima Budget and Finance Committee on June 10.

According to VID operational data, EUR 3.9 billion has been collected towards the general government budget over the first five months of 2020. The budget revenue plan has been fulfilled by 94%.

Finance Minister Jānis Reirs (New Unity) pointed out that since the beginning of the COVID-19 crisis in March, EUR 300 million had not been collected for the budget. The general budget revenue plan administered by VID was mainly affected by the national measures to limit COVID-19.

The largest part of non-compliance with the plan is linked to revenue of value added tax and excise duty. Labor force taxation has also changed the situation. 

The tax revenue for the first five months of 2020 is EUR 401.33 million, which is 5.6% less than the corresponding period in 2019. Given the decline in revenue, this plan was met by 86%. 

This year, total revenue is planned to be EUR 10.5 billion.

 

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