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Thursday, 12.12.2024, 08:47
Lithuanian FinMin defends 2016 VAT, income tax revenue forecasts as conservative
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"I do not agree with the NAO's conclusions regarding the planning of personal income tax and VAT revenue. In my opinion and in the opinion of many specialists, the tax revenue targets set in the draft budget submitted to the Seimas for approval are very conservative," the minister told reporters after a Cabinet meeting on November 16th.
"I think we can expect higher revenue (than that projected in the draft budget) both from the value added tax and from the personal income tax next year," he added.
The NAO said earlier in the day that next year's VAT and personal income tax projections were too optimistic. The auditors also said that the risks to the long-term sustainability of public finances were medium, not low as rated by the Finance Ministry.
The total tax revenue of the central government and local governments is projected to rise to 6.666 billion euros next year, which is 5.1% higher than this year's target.
The government expects that VAT revenue will grow by 3.8% to 3.054 billion euros and revenue from the personal income tax will be up by 5.3% to 1.477 billion euros.
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