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State Treasury: taxes collected in August exceed plan by 5%

Total tax revenue in Latvia exceeded the planned amount by 5% in August 2017, according to information from State Treasury.

VAT was collected 7% more than was originally planned during the formation of the state budget for 2017. PIT collection was 2% better, excise tax collection was 2% and solidarity tax collection was 81% better.

Social insurance fees paid in January had exceeded their planned amount by 4%, BNN was informed by State Treasury.

The only position on which the amount of money collected did not reach the plan is corporate income tax – its completion is around 90%.

Tax revenue in general exceeded plans by 1% in the first eight months of 2017.

The State Treasury reports that 4% more of PIT was collected in the first eight months of 2017 than was planned for the 2017 budget. Excise tax was collected in the amount of 1% more, whereas solidarity tax collection was 28% better than previously expected. VAT tax and corporate income tax completion was 100% in this period. Social insurance fees were collected at 2% than initially planned.

Prime Minister Maris Kucinskis says results demonstrate success of the government’s economic development policy and the first tangible results from improving tax collection efforts. «Trends show that the government is on its way to reach its goals in the development of the country’s national economy,» he said.


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