Lithuania’s tax revenues well ahead of target

Tax revenues ahead of target
DELFI / Andrius Ufartas

Lithuanian state tax revenues were 5.4% ahead of target in the first six months of this year, and 7.8% higher than in the same period last year.

Preliminary data from the Ministry of Finance shows that in the first half of this year the state budget and municipal budgets revenue was €197 million more than projected and overall revenues were up by €278 million on the same period last year.

Lithuania’s finance ministry had projected total revenues of €3.63 billion with the actual revenues hitting €3.83 billion.

The Ministry of Finance pointed out that additional revenues would be used to strengthen public finances and reduce the government deficit and government borrowing needs.

It is therefore expected to continue to follow the European Commission’s recommendation not to exceed the maximum permissible increase in government expenditure limits, and to reduce the level of public debt.

According to preliminary data, revenue from VAT hit €1.5 billion up 4.3% on the same period last year but 1% lower than projected.

Excise taxes were 2.8% higher than the same period last year and 2.9% ahead of projections while corporation tax was 22.3% ahead of projections in the first half at €406 million up 14.4% on the same period last year.

Income tax revenues were 4.9% ahead of projections at €735.3 million and up 8% on the same period last year.

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