bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Ceturtdiena 24.05.2018 | Name days: Marlēna, Ilvija, Ziedone
LatviaLatvia

VAT payments hit 109 million lats in February

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU

This February the value added tax (VAT) contributions comprised 108.8 million lats, which is in accordance to the average monthly VAT revenues, informs the Finance Ministry (FM).

In line with the amendments to the VAT repayment procedure providing faster VAT refund to businesses, in February a record-high (in the last three years) VAT refund of 72 million lats was paid, which was accumulated since July 1, 2010. Thus, the VAT balance in February 2011 was 36.8 million lats.

Changes in the refund system provide large automatic refunds at the beginning of a year (February) for the previous year’s VAT overpayments, which could not be repaid during the year. These repayments will not reduce significantly the total revenues, as they will be compensated over the year, because companies will no longer require the previous year’s overpayments throughout the year, as previously specified.

The FM has taken into consideration the reimbursement system changes, drafting the 2011 VAT revenue forecast and monthly plan. So far, the situation is even better than previously expected, there are no risks for plan implementation, the FM even expects the 2011 VAT revenue plan to be exceeded.

In February 2010 VAT payments accounted for 96.7 million lats, but the repayments – 37 million lats. While in February 2009 VAT payments were made at the extent of 111.7 million lats, but repayments – 51 million lats.

According to the State Revenue Service (SRS) aggregated data on its administered revenue implementation in February 2011, the revenue plan was exceeded. Overall, in February 2011 the state budget revenues administered by the SRS received 258.8 million lats, demonstarting a 102.7% plan performance.

In February 2011, the SRS-administered state general budget revenues (excluding individual income and natural resource taxes, whose revenues are distributed between the state general and local government budgets) accounted for 98.5 million lats, forming 96% performance against the plan. The state social insurance contributions (with the deduction of the 2nd Tier pension contributions) constituated 100.7 million lats, fulfilling 106.7% of the plan.

The corporate income tax revenues in February 2011 accounted for 12.1 million lats, which is by 123.9% more than the planned amount. 37.8 million lats were collected in the excise tax, which is 1.2% below the target collection volume.

The SRS preliminary data show that currently VAT revenue plan for March has been already implemented, and the total SRS administered revenue plan will be executed.


Leave a reply

  1. Gustav says:

    Most of the VAT I pay go to the polish and german governement because prices are twice cheaper than Latvian ones.So if you want to save money follow my way.

    Thumb up 0 Thumb down 0

Riga City Council decides not to discuss matter of anti-corruption measures in Rīgas satiksme

Failing to reach a consensus on whether or not the matter regarding anti-corruption measures in Rīgas satiksme should be viewed behind closed doors, Riga City Council’s Security, Public Order and Corruption Prevention Committee decided to postpone its review.

Latvian companies in Vietnam to be provided with stable tax payment regime

Latvian businesses working in Vietnam are to be provided with a stable tax-payment regime that will not be subject to amendments of Vietnam’s regulations.

Saeima conceptually supports law amendments to reduce PIT debt formation

On Thursday, 24 May, Latvia’s Saeima approved in the first reading amendments to the Personal Income Tax Law that were proposed to reduce the possibility of PIT debt after application of differentiated non-taxable minimum or progressive rate on income, explains Saeima press-service.

Minister: unemployment is no longer Latvia’s main challenge

Latvia’s main challenge is no longer unemployment, rather the lack of qualified work force, said Welfare Minister Jānis Reirs at the opening of «Employment in Latvia yesterday, today and tomorrow» conference.

MH17 investigators: plane downed by Russian military unit

Dutch prosecutors, who are investigating the tragic crash of the Malaysian passenger plane that fell down in eastern Ukraine in 2014 taking the lives of 298 people, have stated that it has been downed by a missile released by a unit of the Russian Armed Forces.

Latvian Saeima gives green light to improve anti-doping regulation

On Thursday, 24 May, Latvia’s Saeima supported amendments to the Sports Law that provide for improving anti-doping regulation in the country and improve the autonomy of the anti-doping organization through the establishment of Latvian Anti-Doping Bureau, as confirmed by Saeima’s press-service.

Lithuania to host summit of women political leaders

Lithuania and its President Dalia Grybauskaitė will host the 2018 summit of the forum of Women Political Leaders, which is to take place in Vilnius from June 6 to 8.

Green energy becomes more and more attractive for Latvian residents

As technologies continue developing, the use of green energy gradually becomes more and more attractive to Latvian residents. The majority of respondents note that they may start using biomass, solar batteries and even wind turbines in the next ten years, according to results of Baltic International Bank’s latest Latvian Barometer.

Tartu railway routes operating again, system recovery from fire worth millions

In Estonia, railway traffic around the second city of Tartu interrupted last week by a cable fire has been restored with a temporary solution. To fully restore the automatic system, Estonian Railways estimate, millions of euros could be spent.

Committee chairman: municipalities’ involvement in state re-emigration policy is vital

«It is necessary to establish local governments’ responsibility in the country’s general re-emigration policy, because their role is vital. It is also important to involve the private sector. Re-emigration is not just a responsibility for regional coordinators; it is also a complex venture in which we should divide responsibility,» says chairman of Saeima’s Citizenship Committee Ritvars Jansons.

EC nearly to allocate half of next year’s budget to support economic growth

On Wednesday, 23 May, European Commission initiated approval of European Union’s 2019 budget project for EUR 166 billion, making EU’s next year budget 3% larger.

Yulia Skripal in first filmed statement: «We are very lucky to have survived»

Yulia Skripal, one of the victims of the Salisbury poison attack, has expressed her sentiments in her first filmed statement since the attack that has increased the diplomatic isolation of Russia as it is seen by many countries to have been highly likely linked to the attempted murder of Yulia and Sergei Skripals.

Latvia to refinance debt with lower interest rates

Latvia has released simultaneous two-term euro bonds for a total amount of EUR 650 million on international markets, as confirmed by State Treasury.

Italian head of state accepts Conte's candidacy for post of Prime Minister

In Italy, President Sergio Mattarella has accepted the candidacy of a political novice for the post of the Prime Minister chosen by two parties that seek both to lower taxes and renegotiate Italy's foreign debt.

Riga City Council decides not to view gambling hall closure in Riga; says Saeima should do it

Riga City Council has declined opposition deputy Juris Jurašs’ proposal to review matter regarding the closure of gambling halls in Riga. The coalition and one other deputy abstained in the vote, opposition voted in favour.

Fixed MPC portion to drop 27.8% for electricity users in July

From 1 July onward, the fixed portion of mandatory procurement component will decline by 27.8% for all electricity users, as reported by Public Utilities Commission.

Producer price level in industry grew 0.6% in Latvia in April

Compared to March, level of producer prices in the Latvian industry rose by 0.6 % in April 2018. Prices of products sold on the domestic market went up by 1.0 % and prices of exported products by 0.3 %.

70% of residents confident about benefits from European Union membership

According to results of European Parliament’s Eurobarometer study, 52% of Latvian residents are confident their country’s membership in the European Union is a good thing. An average of 60% of respondents across member states agree with this statement; even more positive responses are noted in Lithuania and Estonia – 67% and 69% respectively, as BNN was informed by EP Office in Latvia.

Minister: merging Competition Council and Public Utilities Commission is possible

Merging Competition Council and Public Utilities Commission is possible and is something for the next government to consider, says Latvian Economic Minister Arvils Ašeradens.

Turkish lira sharply loses value this week

The national currency of Turkey, the lira, has lost five percent of its value against the U.S. dollar this week resulting in a 20%-drop in the currency pair in 2018. The Middle Eastern NATO member is to hold early presidential and parliamentary election in June.

Number of companies whose employees sort waste on a rise in Latvia

The battery-collecting campaign organized by AS Latvijas Zaļais punkts, SIA Officeday Latvia and SIA Fazer Latvia has concluded. Over the course of the eight-month campaign, more than 100 businesses managed to collect 1,104 kg of used batteries.

Estonia's Kaljulaid on visit to Ukraine, where warfare has escalated

Kersti Kaljulaid, the President of Estonia, is in Ukraine on an official visit taking place from May 22 to 24m which includes both meetings with senior officials and travelling to Eastern Ukraine, where the Donbass war has entered its fifth year.

Latvian State Audit: it is necessary to sort out retirement pension system

Latvia should finally sort its sensitive retirement pension system, said State Auditor Elita Krūmiņa in an interview to Rīta Panorāma programme of LTV.

24/7 working hours getting popular for Tallinn supermarkets

In Tallinn, the Finnish supermarket chain Prisma has noticed demand for round-the-clock shopping plans to have in the Estonian capital three supermarkets with unlimited working hours 24/7.

Latvian Defence Committee conceptually supports amendments to National Security Law

To further improve legislation in the country’s defence sector, Saeima’s Defence, Internal Affairs and Corruption Prevention Committee supported in the first reading amendments to the National Security Law on Tuesday, 22 May.