The steepest growth was recorded for excise tax revenue, which rose by €48.56 million or 8.2% compared to the first nine months of 2015. Excise tax revenue in January-September 2016 reached €639.442m, exceeding the target by 4.4%.
Personal income tax revenue increased 5.2% year-on-year which is the steepest growth over the last three years. The growth was largely due to changes in people's income. Revenue from personal income tax totaled €1.11b in the first nine months of 2016 but was 1.2% short of the target because of the increase in personal income tax refunds.
Revenue from value added tax (VAT) was €1.484b in the first nine months of this year, falling 1.1% short of the target. Nevertheless, VAT revenue has increased 5.7% on-year.
The tax service said that VAT revenues fell short of the target due to sluggish GDP growth in 2016.
The tax revenue target for the nine months of 2016 was €5.901b. The annual tax revenue target for this year is €7.95b.
