Latvian budget deficit in first five months at LVL 395.21 million
04.06.2009, 11:32
The state consolidated budget deficit in
the first five months of this year totaled LVL 395.21 million, according to the
State Treasury's latest data, LETA reports.
The master budget revenue in May amounted to LVL 230.97 million, whereas tax
expenditure reached LVL 240.36 million, thus the financial debt totaled LVL 9.39
million.
The state master budget tax revenue in May stood at LVL 157 million, which is
LVL 36 million or 23 percent more than in April. An increase was registered both
from corporate tax revenues (LVL 18 million more than a month earlier) and from
excise and value-added tax revenues, which were collected by LVL 12 million and
LVL eight million more than in the previous month respectively.
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On the other hand, revenue from the personal income tax and other taxes was
lower than in April.
In May 2009, LVL 13 million were injected in Latvia's economy in form of
foreign financial assistance, as Latvia received LVL 4.8 million Cohesion Fund
installment, LVL 4.3 million from the European Agricultural Guarantee Fund and
LVL 4.4 million other installments.
The national master budget revenue in January-May totaled LVL 1.168 billion,
the budget spending amounted to LVL 1.491 billion, thus there is currently LVL
323.20 million financial deficit. Additionally, as the special budget revenue
stood at LVL 535.45 million and the spending amounted to LVL 607.46 million,
there is LVL 72 million financial deficit in the special budget.
Thus, the state consolidated budget deficit in the first five months of 2009
reached LVL 395.21 million.
In the first five months of this year, revenue from all the taxes is lower
than in the first five months of the last year.
Revenue from the personal income tax has shrank by LVL 26 million, revenue
from the corporate income tax reduced by LVL 106 million, the value-added tax
revenue plunged LVL 137 million, the excise tax revenue was LVL 10 million lower
and that of customs duty - LVL 4 million lower.
The official state budget performance report will be presented on June
18.