Latvia’s tax revenue in the first three months of 2024 reached EUR 3.325 billion, which is EUR 40.7 million or 1.2% less than planned, as reported by representatives of the Ministry of Finance.
At the same time, the tax revenue of the first three months of 2024 is EUR 109.2 million or 3.4% larger when compared to the same period of 2023.
In the general state budget, tax revenues in the first three months of this year amounted to EUR 3.126 billion, which is EUR 35.6 million or 1.1% less than planned. Compared to the first three months of the previous year, tax revenue in the general budget has increased by EUR 91.4 million or 3%.
State budget tax revenue amounted to EUR 2.58 billion, which is EUR 65.4 million or 2.5% less than planned. Municipal budget tax revenue was EUR 545.3 million, which is EUR 29.8 million or 5.8% less than planned.
In turn, in the state funded pension scheme, tax revenue in the first three months of this year amounted to EUR 198.9 million, which is EUR 5.1 million or 2.5% less than planned.
In the first three months of 2024 the biggest increase was observed for social insurance contributions – EUR 1.284 billion, which is 2% more than planned.
VAT revenue in the first three months was EUR 901.8 million, which is 6.9% less than planned. PIT revenue was at EUR 574 million, which is 3.7% more than planned.
Excise tax revenue was EUR 275.1 million, which is 1.7% less than planned. Of which, excise duty revenue from petroleum products amounted to EUR 135 million, which is 5.8% less than planned; on tobacco products – EUR 59.3 million, which is 0.2% more than planned; on alcoholic beverages – EUR 55.8 million, which is 7.7% more than planned, on beer – EUR 9.1 million, which is 4.9% less than planned, and EUR 7 million from natural gas, which is 6.4% more than planned.
In the first three months of this year, EUR 111.5 million were collected in corporate income tax, which is 8.9% less than planned, while real estate tax revenue was EUR 93.7 million, which is 3.1% less than planned.
Vehicle operation tax revenues in the first three months of this year amounted to EUR 29.1 million, which is 2% less than planned, while natural resources tax revenues amounted to EUR 17.7 million, which is 4.1% more than planned.
Customs duty revenue in the first three months of this year amounted to EUR 15.6 million, which is 2.8% less than planned, while lottery and gambling tax revenues amounted to EUR 13.5 million, which is 2.5% more than planned.
At the same time, corporate car tax revenues in the first three months of this year amounted to EUR 6.8 million, which is 10.2% less than planned, while electricity tax revenues amounted to EUR 1.3 million, which is 2.8% less than planned.
In total, it is planned to collect EUR 14.656 billion in 2024. Last year it was planned to collect EUR 13.058 billion.
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