Ministry of Finance forecasting €69 million more tax revenue for 2019
According to the summer forecast of the Estonian Ministry of Finance, altogether €69 million more in taxes will be paid into the state budget this year than estimated in the spring forecast.
Altogether €46 million more in tax revenue than projected in spring is to be paid into the budget in 2020.
According to the Ministry of Finance, the volume of social tax to be paid into the 2019 budget is €30 million more than estimated in spring, while social tax receipts are to increase by €55 million next year.
The ministry is estimating the payment of excise duty on fuel to be greater by €16 million than previously estimated. However, in 2020, fuel excise duty receipts are expected to total €24 million less than previously projected.
Compared with previous estimates, the payment of excise duty on tobacco is to be greater by €10 million in 2019, while the inflow of value added tax (VAT) and corporate income tax is estimated to be higher by €5 million and the inflow of personal income tax by €4 million.
The estimate of the inflow of the alcohol excise duty was reduced by €3 million for this year and €4 million for next year compared with the spring forecast.
Next year's VAT receipts are to increase by €20 million compared with the spring forecast, while personal income tax receipts are to be up by €21 million. Corporate income tax receipts for 2020 are to total €27 million less than estimated in the ministry's spring forecast.
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Editor: Helen Wright