Lithuanian 2012 Budget Revenue Beats Goal as Tax Receipts Rise

Lithuania’s 2012 budget revenue exceeded the government’s target on higher-than-planned tax receipts.

Revenue rose 7.9 percent to 21.2 billion litai ($8.2 billion), 137 million litai more than envisaged, said the Finance Ministry, based in the capital, Vilnius. That’s less than half the 318 million-litai surplus for the first 11 months.

“Our projection that the 2012 deficit will be less than 3 percent of gross domestic product hasn’t changed,” the ministry said today on its website.

Revenue from profit tax was 1.5 billion litai, 268 million litai more than planned, while personal income-tax proceeds were 4 billion litai, 225 million litai more than estimated, the ministry said. Value-added tax was 8.7 billion litai, 212 million litai less than budgeted, while excise taxes were 3.3 billion litai, 43 million litai less than planned.

The government also earned less than it planned from carbon-permits sales, according to the ministry. Low prices and weak demand hurt permit sales, Vitalijus Auglys, head of the Environment Ministry’s Pollution Prevention Department, said by phone.

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