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Lithuania Says 9-Month Budget Revenue Exceeds Plan on Income Tax

Oct. 12 (Bloomberg) -- Lithuania benefited from more revenue than planned in the nine months from January to September as higher income-tax proceeds offset lagging value-added tax collections, the Finance Ministry said.

Revenue increased 3.9 percent from the same period last year to 15.54 billion litai ($5.84 billion), 168 million litai more than planned, the ministry in Vilnius said on its website.

The total from personal income tax of 2.85 billion litai was 148 million litai more than planned, while income from VAT of 6.80 billion litai was 56 million litai below plan. Excise taxes fell 3.6 million litai short of plan in the period at 2.436 million litai. Revenue from taxes on corporate profits of 751 million litai was 18.7 million litai more than planned.

Lithuania intends to cut the 2012 budget deficit to within the European Union’s limit of 3 percent of output.

To contact the reporter on this story: Bryan Bradley in Vilnius at bbradley13@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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