The National Audit Office criticised Lithuania's national budget for 2016, saying it was based on excessively optimistic tax collection expectations. Minister of Finance Rimantas Šadžius has dismissed the remarks.
© Shutterstock nuotr.

On Monday, the National Audit Office announced that the 2016 state budget was balancing on the brink of violating fiscal rules and the country was not ready to deal with possible financial shocks. The National Audit Office also sees digressions in forecasting revenue - projections of value added tax (VAT) and personal income tax (PIT) collections are particularly over-optimistic.

"I dare to disagree with the National Audit Office's conclusions regarding PIT and VAT revenue planning. I believe, and many specialists agree, that projections of revenue from these taxes, which have been included in the budget and submitted to Parliament, are very conservative. On the other hand, you know that we are implementing tax administration improvement measures that give tangible results, as far as excise and VAT are concerned," Minister of Finance Rimantas Šadžius said.

According to the finance minister, additional extra revenue was received from excise, collection of VAT, PIT and social insurance fees have improved.

It is forbidden to copy the text of this publication without a written permission from ELTA.
Įvertink šį straipnį
Norėdami tobulėti, suteikiame jums galimybę įvertinti skaitomą DELFI turinį.
  • 1
  • 2
  • 3
  • 4
  • 5
(0 žmonių įvertino)
Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Norwegian IT company Omega to double headcount of Klaipėda office

In 2006, the Lithuanian port city of Klaipėda welcomed the Norwegian company Omega, which develops...

Metro. Who will be the first?

World experience shows that the longest and most expensive metro construction phase is a political...

Wellness start-up Urban establishes development office in Lithuania

Urban was founded in 2014 by Jack Tang and Giles Williams to provide easy and affordable access to...

Profits in Lithuanian banking sector highest since 2007 (1)

Lithuanian banks and branches of foreign banks in Lithuania earned almost 358 million euros (406...

Alternative lending in Baltics is taking market share from traditional banks and credit unions

In the ever-growing European alternative finance market, Lithuania - together with other Baltic...