Latvia's tax revenues in 2024 were 1.7% smaller than planned
Latvia’s tax revenues for 2024 fell short of expectations by €251.6 million. The total collected reached €14.404 billion, below the planned €14.656 billion. Despite the shortfall, some areas performed better than anticipated.
The general state budget saw tax revenues of €13.558 billion, which was €247 million less than projected. Meanwhile, the state budget itself collected €11.194 billion—€377.8 million under target. The pension scheme also faced a slight dip, with tax revenue at €846.7 million, €4.7 million below plans.
Not all results were negative. Municipal budgets brought in €2.364 billion, exceeding expectations by €130.8 million. Personal income tax, corporate income tax, and taxes on lotteries and gambling all performed better than forecast. Overall, tax revenues for 2024 still rose by €989.4 million compared to 2023.
Other tax categories either met or fell behind their targets for the year.
The final tax collection of €14.404 billion marks a mixed outcome for Latvia in 2024. While some sectors like municipal budgets and specific taxes outperformed, the state budget and pension scheme faced notable shortfalls. The total remains higher than the previous year’s figures.
