11.8.2022 | Estonia
Estonia’s tax revenues up 16% in first half of 2022
Text Mark Taylor
Photo Andrei Chertkov
In the first half of 2022, Estonia’s tax revenues rose by 15.9 per cent to 5.62 billion euros. In June alone, tax revenues were up 18 per cent on the same month last year.
According to the Ministry of Finance, the reason for the increase is more VAT being paid than was forecast, as a result of increased economic activity and rising prices for goods and services.
At the same time incomes from labour taxes also rose, up 15.3 per cent in the first half of this year. There were two main reasons behind this; increasing salaries and record high levels of employment.
Revenues from social taxes rose by 11.8 per cent, for the same reasons. This is despite the fact that the Social Tax Act reduced the tax rate from 33 to 20 per cent for some, which reduced the amount of social tax paid by 5 million euros per month.
Income tax and corporate income tax also rose, up 12.5 and 24.4 per cent respectively. The latter was mainly due to income tax from private company dividends, which was up 27 per cent.
Sales taxes rose by 20.2 per cent, totalling 1.55 billion euros. The rise, which totalled 261 million euros, was a result of higher economic activity and the rising prices of goods and services, particularly energy.
Excise duties and duties on fuels have also risen slightly, up 4.2 and 0.5 per cent respectively.
To learn more about this and similar topicsIncome Tax
Ministry of Finance
Social Tax Act
Tax Revenue Estonia
30.11.2022 | Estonia
Estonian economy contracted by 2.4% in Q3
According to data released by Statistics Estonia, in the third quarter of 2022, the gross domestic product (GDP) of … Read more
30.11.2022 | Estonia
Estonians ahead of all other Europeans in paying their bills on time
This week, Intrum published its European Consumer Payment Report 2022, which highlighted Estonians as the most likely to pay … Read more
29.11.2022 | Estonia
Turnover of grocery stores down 7% in October
According to data released by Statistics Estonia, in October, the turnover of retail trade enterprises was 896 million euros. … Read more
28.11.2022 | Estonia
Young people have more health problems than 10 years ago
According to the 2021 census, an estimated one-third of the population have a long-term illness or health problem. This … Read more
27.11.2022 | Restaurants
Narva: Where history and art are intertwined
Narva Castle is the historic heart of the city and the place that is likely to be top of … Read more
25.11.2022 | Estonia
Construction volumes fell in the third quarter of 2022
According to Statistics Estonia, in the third quarter of 2022, the total production value of Estonian construction enterprises in … Read more
24.11.2022 | Estonia
Salaries in Estonia have risen 8.1% in the last year
According to data released by Statistics Estonia, in the third quarter of 2022, the average monthly gross salary was … Read more
23.11.2022 | Estonia
There was already a Christmas tree in Tallinn’s Town Hall Square in the Middle Ages
Town hall square has been the centre of Tallinn’s lower town since the Middle Ages, being both a market … Read more