Latvia: Tax revenue exceeds budget plan by 3.2% in M5/2023

Tax revenue in Latvia totalled EUR 5.387bn in the first five months of 2023, which was EUR 600.9mn (12.6%) higher than in the same period of 2022, according to data from the Finance Ministry, LETA reported. Tax revenue thus exceeded the budget plan by EUR 166.4mn (3.2%). State tax revenue amounted to EUR 4.241bn (2.8% above target) and municipal tax revenue to EUR 837mn (7.7% above target). Social insurance contributions totalled EUR 1.913bn, which was 0.2% short of target. VAT revenue amounted to EUR 1.642bn (5% above target), personal income tax revenue to EUR 870.7mn (2.8%), excise tax revenue to EUR 455.8mn (2.9%), corporate income tax revenue to EUR 210.3mn (26.6%), and real estate tax revenue to EUR 149.7mn (10%). The state budget targets annual tax revenue of EUR 13.058bn in 2023.

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