Latvia’s tax revenue behind the plan so far in 2024

Tax revenue was collected in the amount of EUR 1.292 billion in January 2024. This is EUR 29.3 million or 2.2% less than was planned for the month.
According to representatives of the Ministry of Finance, when compared to January 2023, tax revenue in up by EUR 24.2 million or 1.9% in January 2024.
Revenue of the state general budget in January 2024 accounted for EUR 1.225 billion, which is EUR 27.3 million or 2.2% less than planned.
The state budget’s tax revenue reached EUR 1.013 billion, which is EUR 37.5 million or 3.6% less than planned. Municipal budget tax revenue was EUR 211.9 million, which is EUR 10.3 million or 5.1% more than planned.
In turn, in the state funded pension plan, tax revenue in January 2024 amounted to EUR 66.6 million, which is EUR 1.9 million or 2.8% less than planned.
Social insurance contributions accounted for the largest volume of taxes collected in January 2024 – EUR 464.1 million, which is 3.4% less than planned.
Revenue from the value added tax reached EUR 342.5 million, which is 6.4% less than planned. Personal income tax revenue reached EUR 270.2 million, which is 3.9% more than planned.
Excise tax revenue in January 2024 reached EUR 100.8 million, which is 2.8% less than planned. Excise tax revenue from petrol products was EUR 46.8% million, which is 9.1% less than planned. Excise tax revenue from alcoholic beverages was EUR 23.5 million, which is 10.7% more than planned. Excise tax revenue from tobacco products was EUR 22.1 million, which is 0.4% less than planned. Excise tax revenue from beer was EUR 3.2 million, which is 5.1% less than planned. Excise tax from natural gas was EUR 1.9 million, which is 22.6% less than planned.
Corporate income tax revenue reached EUR 66.3 million, which is 1.8% more than planned. Natural resource tax revenue was EUR 15.5 million, which is 0.3% more than planned.
Vehicle operation tax revenue in January this year amounted to EUR 11.5 million, which is 1.4% more than planned, while real estate tax revenue was nine million euros, which is 42.5% more than planned.
Customs tax revenue reached EUR 4.6 million, which is 16.8% less than planned. Lotteries and gambling tax revenue amounted to EUR 4.4 million, which is 2.9% more than planned.
At the same time, company car tax revenues in January this year amounted to EUR 2.4 million, which is 2.8% less than planned, while electricity tax revenues were EUR 0.4 million, which is 5.3% less than planned.
In 2024 it is planned to collect EUR 14.656 billion in taxes. Last year Latvia planned to collect EUR 13.058 billion in taxes.
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