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Sunday 23.02.2020 | Name days: Haralds, Almants

Finance Minister: 2010 budget deficit - smaller than planned

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Baltic news, News from Latvia, BNN-NEWS.COM, Andris Vilks

Andris Vilks

The total state budget revenue amounted to 3.8 billion lats in 2010, while the expenditure – to 4.7 billion lats, thus creating a 917 million financial deficit, which is less than planned before (1.03 billion lats), says the Finance Minister of Latvia Andris Vilks.

According to Latvian or cash flow formula, the state budget deficit formed 7.3% of GDP (gross domestic product) in 2010, the business news portal BNN was informed by the Finance Ministry (FM).

2010 budget deficit turned out to be smaller than forecast, due to severe austerity measures. However, there is still an excessive deficit, because we are spending more than we have. Clear and determined government’s movement towards a balanced budget is a solution for sustainable national economy recovery, stresses Vilks.

In December 2010, the state budget revenue amounted to 323.8 million lats, while the expenditure – to 725.7 million lats, the deficit –  to 401.9 million lats. December, compared to other month of 2010, reported a considerable rise in the budget expenditure – 602 million lats, compared to the average 200-250 million lats in other months.

The majority of the additional costs was formed by payments to EU funds projects implementation. The FM informed the government repeatedly in 2010 about the delayed acquisition of EU funds, thus a considerable part of the financing was transferred exactly in December – about 220 million lats.

The total revenue of the basic budget formed 2.62 billion lats in 2010, expenditure – 3.2 billion lats, the deficit – 580 million lats. Whereas the social budget total revenue amounted to 1.18 billion lats, expenditure – to 1.52 billion lats, the deficit – to 337.2 million lats.

The State Revenue Service (SRS) data on the budget revenue in 2010 show the SRS administered budget revenue plan was overfilled by 2.2% or 79.7 million lats – 3.64 billion lats was collected instead of the planned 3.56 billion lats.

The tax revenue plan is overfilled in most cases: 112.2 million lats was collected from the enterprise income tax, which is 145% against the annual plan, the VAT brought 825.2 million lats, forming 119.5% million lats against the plan, 77.3 million lats was collected from the alcohol excise tax, which is 101.6% against the annual plan, 17.9 million lats was collected from beer excise tax, amounting to 127.9% against the planned. All in all 95% of the planned was collected from the excise tax, while tobacco products lag behind the planned the most (92 million lats or 83.4% of the planned).  97% of the planned was collected from the oil products excise tax (260.9 million lats). The amount of social contributions lacks very little to reach the planned sum – 1.157 billion lats or 98.7% of the annual plan. 777.6 million lats was collected from the personal income tax, which is 94.6% of the planned.

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