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Latvian tax authority aims for 6 pct rise in tax revenue in 2016

Xinhua, January 28, 2016 Adjust font size:

This year Latvian State Revenue Service aims to collect 6.1 percent more in taxes than last year, the tax authority's head Inara Petersone said at a news conference Wednesday.

The goal is to increase tax revenue from 7.119 billion euro in 2015 to 7.551 billion euro this year.

If the target is met, this will be the steepest increase in four years. Latvia's annual tax revenue grew by 5.5 percent year-on-year in 2013, by 3.7 percent in 2014 and by 5.4 percent last year.

The revenue service expects to bring more budget revenue through tax collection in 2016. VAT and personal income tax collection are projected to grow by 6.4 percent and social security contributions are expected to grow by 6 percent.

Collection of corporate income tax should increase by 3.7 percent and excise tax is expected to bring in 3.2 percent more than in 2015.

Meanwhile, revenue from customs tax is projected to drop 1.9 percent from last year, but collection of other taxes is supposed to increase by 19.4 percent, the tax authority said. Endit