Tax revenues grow 5.6% in first half of 2016

Budget revenues administered by the Latvian State Revenue Service in the first half of 2016 rose by 5.6% compared to the first half of 2015, said acting Revenue Service head Dace Pelēkā in a press conference on Wednesday, reported LETA.

Tax revenues in the said period reached €3.655b, which is 0.6% above the target figure. During the same period last year, €3.436b were collected in tax revenues.

Tax revenues were 5.4% above the planned figure for corporate income tax, 4.6% above for excise tax, 4.8% above the target for gambling and lottery tax, and 0.9% above for social insurance contributions.

Collection of the added value tax amounted to 99.5% of the target, individual income tax at 98.1% of the planned amount, customs duties were collected at 97% of the target, nature resource tax at 86.8%, transport vehicle tax at 97.3% of the planned.

Non-tax revenues in the first six months of this year were €215.12m, which is 83.9% of the target. In the first half of last year non-tax revenues amounted to €256.54m.

Dace Pelēkā said that tax revenue has fallen short of target as the value of VAT-applicable transactions has shrunk.

While the individual income tax revenue has shrunk as people are more active in collecting tax rebates.

Meanwhile Inga Koļegova, the head of the State Environmental Service, has emerged as the likeliest candidate of running the State Revenue Service as she has accepted the offer to be nominated chief of the tax institution, reported LETA Tuesday.

Previous head Ināra Pētersone stepped down as the head of the Revenue Service in late May, saying she felt her effort to reform public administration was futile.

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