Latvia: Total tax revenue down nearly 10% in 2023: Finance Ministry

Latvia’s tax revenue totalled EUR 13.414bn in 2023, which was EUR 1.188bn (9.7%) less than in 2022, according to the Finance Ministry, LETA reports. Annual tax revenue was 2.7% more than the EUR 13.058bn planned. General government tax revenue reached 2.9% above target at EUR 12.639bn, including EUR 10.514bn of state budget revenue (2.3%) and EUR 2.126bn of local government revenue (5.6%). Social security contributions were 0.6% above target at EUR 4.799bn, VAT revenue 2.3% above target at EUR 3.879bn (2.3%), and personal income tax revenue 6.1% more than planned at EUR 2.500bn. Meanwhile, excise tax revenue fell 2.8% short of target at EUR 1.155bn in 2023.