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Latvian Tax Revenues Exceed Expectations

by Ulrika Lomas, Tax-News.com, Brussels

02 August 2016


The Latvian Government has exceeded its tax revenue target for the first half of 2016, although tax receipts were down slightly on the corresponding period last year.

The Government announced on July 28 that it collected EUR4.55bn (USD5bn) in tax in the first six months of the year, with revenues from individual tax, value-added tax, and excise taxes said to have been particularly buoyant.

The results mean that the Government beat its first half revenue target by EUR22.9m, or 0.6 percent, even though total revenues in the first half 2016 were 0.7 percent lower than in the first half of 2015. The reduction was mainly attributable to lower levels of foreign financial assistance, the Government said.

Latvia's finances are improving. The country posted a budget surplus of EUR186.2m for the first half of 2016, up 5.4 percent year on year.

TAGS: tax | budget | Latvia | revenue statistics

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