Estonia's tax revenue grows 5.5% to €6.26b in 2016 ({{commentsTotal}})

The Estonian Tax and Customs Board (MTA) collected a total of 6.26 billion euros in taxes last year, 0.1 percent more than the fiscal year's budgeted target and 5.5 percent more than was collected a year earlier.

Tax receipts in December amounted to 534.8 million euros, up 9.6 percent from the same month in 2015.

The inflow of social tax increased 6.5 percent over the year and tax receipts made up 101.7 percent of the target for the full year. The increase was mainly due to the 5.7 percent growth of average wages. The workforce increased 0.3 percent.

Corporate income tax receipts amounted to 94.8 percent of the budgeted target. The primary reasons for the underperformance were foregoing the dividend of state-owned energy group Eesti Energia and the partial carryover into 2017 of income tax payable on state-owned companies' distributed dividends.

Value added tax receipts totaled 1.96 billion euros, 5.7 percent more than the year before. The growth was primarily driven by the retail trade, whose nominal growth in the first 11 months of 2016 amounted to 4.7 percent, which was slightly above expectations. At the same time, a decrease occurred in government sector investments as funds of the EU's current seven-year financing period have not yet been fully utilized in projects. VAT inflow was also indirectly affected by the stockpiling of excise goods, which delayed tax payments. As a result, VAT receipts were 2.4 percent below the budget target.

Last year's excise receipts were the largest of all time, totaling 935 million euros. Fuel excise duty accounted for 494 million, alcohol excise for 251 million and tobacco excise for 190 million euros. Excise receipts were 1.2 percent bigger than targeted and marked an increase of 11.2 percent from the previous year. The increase was mainly due to the rise in excise duty rates last year.

Editor: Editor: Aili Vahtla

Source: BNS

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