Tax revenue reached EUR 11.967 billion in ten months this year, which is EUR 173.9 million or 1.4% less than planned, as reported by Latvian Ministry of Finance.
At the same time, tax revenue in the ten months of 2024 was EUR 764.7 million or 6.8% higher than in the ten months of 2023.
Of which, in the state budget, tax revenue in ten months of this year amounted to EUR 9.327 billion which is EUR 298.3 million or 3.1% less than planned, but in the municipal budget tax revenue was EUR 1.941 billion, which is EUR 115.9 million or 6.4% more than planned.
Tax revenue from state-funded pension plan was EUR 699.1 million in ten months of 2024, which is EUR 8.5 million or 1.2% more than planned.
This year, in ten months, more than planned was collected in personal income tax, lottery and gambling tax, corporate income tax, real estate tax, as well as excise tax on tobacco products, while the income from other taxes lags behind the planned.
In the ten months of 2024, the largest amount was collected in social insurance contributions – EUR 4.381 billion, which is 2.1% less than planned.
Value added tax (VAT) revenue in the ten months of this year amounted to EUR 3.163 billion, which is 5.5% less than planned, while personal income tax revenues amounted to EUR 2.296 billion, which is 7.2% more than planned.
Excise tax revenue for the period considered amounted to EUR 998.3 million, which is 4.8% less than planned. Excise duty revenue on petroleum products amounted to EUR 487.2 million, which is 6.4% less than planned; on tobacco products – EUR 239.4 million, which is 0.4% more than planned; on alcoholic beverages – EUR 178.2 million, which is 6.7% less than planned; on beer – EUR 46.4 million, which is 5.2% less than planned. Excise tax for natural gas amounted to EUR 11.3 million, which is 2.1% less than planned.
EUR 644.7 million was collected for corporate income tax in the first ten months of 2024, which is 2% more than planned. Real estate tax revenue reached EUR 205.3 million, which is 0.8% more than planned.
Vehicle operation tax revenue reached EUR 89.5 million in ten months, which is 2.2% less than planned. Natural resource tax revenue reached EUR 64.6 million, which is 8.9% less than planned.
Customs tax revenue in the ten months of this year amounted to EUR 51 million, which is 9.1% less than planned, while lottery and gambling tax revenues amounted to EUR 45.4 million, which is 3.6% more than planned.
At the same time, the company’s passenger vehicle tax revenue for ten months of this year was EUR 23.3 million, which is 10.1% less than planned, while the electricity tax revenue was EUR 4.1 million, which is 3.6% less than planned.
In total, it is planned to collect EUR 14.656 billion in taxes in Latvia in 2024.