bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Tuesday 17.01.2017 | Name days: Tenis, Dravis
LatviaLatvia

FM: this year’s tax revenue is 22.9 million higher than planned

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RULatvia completed this year’s six-month tax revenue budget plan by 100.6%, exceeding the previously planned revenue by EUR 22.9 million. Compared with the first half of 2015, tax revenue has increased by EUR 183.3 million or 5.4%, where the largest increase was provided by labour tax, VAT and excise tax revenue.

Budget revenue in total was EUR 4,555,100 million, which is 31,000,000 or 0.7% less in comparison with the first six months of the year before. The decline is mainly due to significantly smaller state budget revenue from foreign financial sources, which were EUR 219.8 million or 30.6% lower in comparison with the year before. The investment activity of European funds for the 2014-2020 planning period is not intensive enough to match the level of previous years. The state budget’s expenditures were on the level of the previous year – EUR 4,369,000. As a result – the surplus of the consolidated state budget declined by EUR 31.3 million due to lower revenue in the first half-year and was EUR 186.2 million, as reported by Finance Ministry.

The state budget’s non-tax revenue was collected on the level of 2015 – EUR 289.8 million. Nevertheless, there is still a lack of completion for certain non-tax forms of revenue. This applies to road fees (collected in the amount of EUR 8.6 million, which is equal to 69.8% of the previous level).

VAT tax revenue was collected in the amount equal to 99.5% of the planned amount (EUR 956.2 million). Compared with six months of 2015, VAT revenue grew by EUR 42.7 million or 4.7%. This was provided by the decline in repayments of VAT.

Revenue from personal income tax was collected in the amount of EUR 723 million, which is EUR 14.6 million or 2% lower than planned. The main reason for the failure is related to the moderately increased repayments which are carried out based on submitted annual declarations. EUR 59 million were repaid in the first six months of 2016, which is EUR 22.3 million or 60.8% more in comparison with the same period of 2015. The increase in repayments can be explained with partial automation of the PIT repayment process.

Good completion is noted in excise tax segment, in which the state budget collected EUR 408.6 million, which is EUR 17.9 million or 4.6% more than was initially planned. Compared with the same period of 2015, revenue has grown by EUR 33.9 million or 9%. The rise in revenue is mainly related to the rise in consumption of diesel fuel and tobacco products.

The state special budget’s expenditures for social benefits continue to rise. Their more rapid growth is associated with larger expenditures for sickness, unemployment and parental benefits. Growth of the average size of benefits continues since 2015, when amendments to legislation were added to lift the restriction on the size of benefits. The process is also influenced by the rapid climb of minimum wages.

A major increase was noted in expenditures for subsidies and grants – by EUR 133.5 million or 16.2%. This mainly applies to state budget subsidies and grants provided to entrepreneurs, including EUR 59.2 million allocated to Public Energy Trader in order to partially compensate the cost of mandatory procurement component and the increase of EUR 60.3 million in payments to farmers. Healthcare expenditures have grown EUR 20.3 million in comparison with the first half-year of 2015.

The increase of expenditures in the aforementioned budget position was compensated by significantly smaller capital expenditures, which, compared with the first six months of 2015, declined by EUR 128.3 million or 41.5%. This can be explained with the end of the previous planning period and start of preparations for the realization of the next planning period’s intended projects for the second half of the year. There were also smaller expenditures in relation to the state debt maintenance, which declined by EUR 47.3 million in comparison with the year before. This is largely related to the fact that the last interest payment for the EUR 1.2 billion loan provided by the European Commission was paid back in January 2015.Expenditures in relation to payments to the European Union budget were EUR 48.6 million or 29.8% lower in comparison with the level of expenditures of 2015.

Ref: 102.109.109.6790


Leave a reply

In spite of opposition from businessmen, government supports railway electrification project

On Tuesday, 17 January, the Cabinet of Ministers supported Transport Ministry’s and LDz’s proposed project for electrification of the country’s railway network and its further development. The plan provides for the electrification of the railway network from Daugavpils and Rezekne to Riga through Krustpils, as BNN was informed by Transport Ministry.

Study: users still do not make passwords that are sufficiently secure

«Considering the amount of private and confidential information we tend to store on the internet, users should be more careful about security and effective passwords. This seems self-explanatory, but many people, it seems, do not understand how easy it is to make password-management mistakes,» – says Kaspersky Lab consumer commercial manager Andrey Mohola.

SRS uncovers 3,200 litres of illegal diesel fuel in Riga

During an information check regarding possible storage and realization of illegal diesel fuel, State Revenue Service’s Customs Police uncovered illegally stored diesel fuel within a garage territory in Riga on 11 January, 2017.

GFK determines the most popular smart-phones in Latvia

Last year, Latvians were prepared to spend more money on smart-phones than in 2015. According to results of a study by GFK, residents spent EUR 389 on the purchase of a smart-phone on average.

BATL: intention to electrify railway line is either incompetent or is the scam of the century

In spite of the industry’s calls over the past two years, Transport Ministry still has not provided a cargo attraction plan, a unified offer for our cooperation partners. Nor do we have a clearly defined transit strategy and development direction, says Baltic Association – Transport and Logistics.

Poroshenko warns Ukrainians could get disillusioned with Euro-integration

The choice of the people of Ukraine to go the road of deepening ties with the European Union could turn into disappointment if delays with visa regime and association agreement continue, Ukrainian president Petro Poroshenko stated.

Ventspils municipality’s planned budget expenditures are higher than revenue

On 12 January, Ventspils City Council approved the budget for 2017. It is stated in the document that the base budget’s planned revenue is EUR 13,584,298. Budget expenditures are planned at EUR 22,652,396, as reported by Marlena Zvaigzne, editor of Ventspils Novadnieks.

Rating: Estonia best in Baltic in growing and retaining talent

In a rating on the success of countries in growing, attracting and retaining talented workers, Baltic states have all been ranked in the top 33 out of 100 countries.

FM: gradual transfer to electronic procurements is planned

«The procurement field has changed significantly over the past several years. And it is not just because of the new directive announced by the European Parliament and European Council for procurements. One other factor to consider is the aiming for better management, reduction of the administrative burden and more efficient use of public resources,» – reports Finance Ministry’s Legal Department expert Liga Neilande.

Adding more EUR 10m Rail Baltic stops up for analysis, says Ratas

The current project of the international high-speed railway Rail Baltica contains three stops in its Estonian part, while adding more would need careful analysis, stated Estonian Prime Minister Jüri Ratas.

Okmanis: stores should become modern to survive

Competition in the trade sector continues to grow in Latvia, admits Raimonds Okmanis, chairman of Latvian Traders Association.

Survey: every third Ventspils resident worried about new jobs in the city

Continuing the discussion regarding the unemployment situation in Ventspils, Latvijas fakti had performed a social survey last year. Results of this study show that 32% of residents of this city are concerned about the emergence of new jobs, adding that this is one of the main priorities for the city council.

Indian Ocean’s search for missing Malaysian aircraft – stopped fruitless

Search teams have quit looking for Malaysian airliner, which disappeared from radars on flight No. MH370 from Malaysia to China with 239 people on board, as currently, only seven of the 20 pieces of recovered debris have been identified as definitely or highly likely to be from the Boeing 777.

Turkey’s New Year attack suspect arrested

Police in Turkey have captured the man suspected of having committed a tragic terror attack in Istanbul on January 1.

Media report on Lithuania’s plan to build fence along Kaliningrad border

Vilnius has voiced plans to erect a 45-kilometre-long fence on the Lithuanian-Russian border along the Kaliningrad region, report Russian media.

Noord Natie Ventspils Terminals to offer alternative option for cargo carriers

Noord Natie Ventspils Terminals multifunctional cargo transshipment centre continues its work this year on a wave of positive results. This year, the terminal plans to introduce a new transport line to offer existing carriers and increase cargo turnover.

African swine fever reaches Krimulda and Adazi

On Monday, 16 January, Crisis Management Council decided to declare a state of emergency in Krimulda and Adazi. Because of that, it will be necessary to allocate approximately EUR 100,000 from the state budget for emergencies to combat African swine fever.

Ventspils has the most expensive heating among Latvia’s major cities

The heating season is especially unpleasant for residents of Ventspils, as, according to data from the Public Utilities Commission, Ventspils has the highest heating tariffs among Latvia’s major cities. Heating tariffs are only higher in a couple of smaller cities, but even in most of Latgale tariffs are lower than in Latvia’s richest port city.

VIDEO: how is life for «martyr» Lembergs?

A video has surfaced on the internet, depicting from bird's eye view the home of criminally accused, oligarch and member of Ventspils City Council Aivars Lembergs.

Investment volume in Latvia’s real estate market exceeds EUR 300 million

The volume of investments in Latvia’s real estate market exceeds EUR 300 million for the fourth consecutive year. The total investment volume reached EUR 341.3 million in 2016, compared with EUR 394.4 million in 2015, according to data from Colliers International Latvia.

Calendar of cultural events in Lithuania. International museum selfie day in Kaunas

BNN offers you a selection of cultural and sports events in Lithuania for the week during January 16-23.

Hesburger plans to open nine new restaurants in Baltics

Sales of Finnish and Baltic fast food restaurant network Hesburger in Baltics reached EUR 58 million last year.

Nordea: Latvia is the most demanding among Baltics in terms of bank supervision

Of the three Baltic States, Latvia is the most demanding when it comes to regulator requirements for banks. This is largely because of its banking market’s state. Nevertheless, requirements are not inadequate, Nordea bank head in Latvia Janis Buks said in an interview.

Estonia registers increase in population

The number of Estonian population has last year grown by 0.14%, or 1,850, people – estimated Statistics Estonia.

Lembergs had a shared offshore business with Putin’s advisor

In 1994, Ventspils Mayor Aivars Lembergs travelled to Moscow to sign a document that made him a co-owner of Solvolub offshore. The company’s largest co-owner was Russian businessman Boris Titov, who is currently one of Russian President Vladimir Putin’s advisers. This is also how Lembergs first acquired shares in Ventamonjaks in Ventspils, as reported by Nekā personīga programme of TV3.