Monday, June 22, 2009

Latvia: tax revenue down 13.4% compared to expectations

Tax revenue as of June 7 is 13.4% lower than the expectations (the so called saving plan), according to the Ministry of Finance (latest data regarding the state budget performance).

The tax revenue in the given period was LVL 754.7 million or 86.6% of the expected sum.

Revenue from personal income tax exceeded the planned revenue by 8.7% as of June 7, corporate income tax revenue was 6.3% larger than planned, whereas revenue from excise tax was 14.9% smaller than expected; other tax revenue was 2.9 % larger than planned.

Value-added tax revenue was 20.7 % smaller than planned, which is the main reason for the budget deficit and gives a good lesson to the Estonian governement after the recent decision to increase the VAT rate and excise duties (some economists also gave a warning).

Latvia received LVL 285.3 million from international financial aid.

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