Tax revenues 0.5% below target in first half of 2016

The State Revenue Service has met the tax revenue target by 99.5% in the first half of this year with revenue falling €20.71m short of the planned amount, reported LETA Tuesday.

The revenue administrated by the State Revenue Service in January-June 2016 is €3.859 billion, and the target was €3.88 billion.

Revenue to the central government basic budget added up to €1.91 billion in the first six months of 2016 which is €21.86m below the target.

Value added tax (VAT) revenue made up most of tax revenue in the first half of this year or €956.18m which is 99.5% of the planned amount.

Excise tax revenue was collected in the amount of €408.59m which is 104.6% of the target.

Revenue from corporate income tax added up to €223.5m in January-June 2016, and the target was met by 105.4%.

Social security contributions were collected in the amount of €1.211 billion, and the target was met by 100.9%.

Personal income tax revenue totaled €723.87m which is equal to 98.1% of the target.

Last year actual budget revenue administrated by the State Revenue Service amounted to €7.468 billion and the target was €7.464 billion.

In 2016 the revenue service is expected to collect €7.926 billion in taxes, or 6.1% over the 2015 figure.

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