Receipts of tax money into the Estonian state budget totaled 337 million euros in March, 5 percent more than in the same month a year ago, the Finance Ministry said on Thursday.
Estonia's March tax receipts up 5 pct on year
4th April 2013, 17:05
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The main contributors to the increase were bigger receipts of social tax and income tax, which grew by respectively 8.5 million and 7.7 million euros over March 2012.
The annual rate of increase in social tax receipts however slowed down to 5.5 percent, a lower rate than in any of the past 14 months. Payments to employees grew 6 percent on year in February mostly as a result of a 5 percent increase in the number of recipients in wholesale. In all sectors taken together the number of recipients of payments grew 0.6 percent.
Refunds of personal income tax paid in 2012 totaled 76.7 million euros by the end of March, 4.8 million euros more than by the same time a year ago. The ministry pointed out that since the speed at which refunds are paid out depends among other things on the individual's tax behavior, the faster payment of refunds shows that also people's tax behavior has improved.
Of corporate income tax 10.6 percent more flowed into the state budget than in March 2012. Tax paid on distributed profit totaled eight million euros and tax on special benefits 1.7 million euros.
Inflow of value added tax (VAT) improved somewhat in January and February partially thanks to the bringing forward of some VAT refunds into December. In March refunds no longer had an effect on receipts and the annual rate of increase in the amount of the tax collected was somewhat more modest at 5.7 percent.
Taxable turnover in February grew 4.2 percent year on year mostly on the back of increased turnovers in construction and the sale of motor vehicles, which grew respectively by 5.8 percent and 7.6 percent.
Just like in February, receipts of excise revenue were lower in March 2013 than in the same month a year ago. Of alcohol excise duty 34.4 percent more was received than in March 2012, but the big increase in that category is attributable to the low reference base, the ministry said. Last year the excise hike took effect from Feb. 1 and realization of accumulated stocks was the highest namely in that month. This year, however, realization of accumulated stocks peaked in January.
Receipts of tobacco excise duty were low just like expected because in February cigarettes with a lower rate of tax were still sold. Monthly receipts were lower than in 2012 because of the effect from somewhat bigger leftovers of stocks accumulated in December 2012.
Of fuel excise duty 19.4 percent less was received than in March 2012. The decline is attributable primarily to a deepening slump in gasoline consumption since March 2012. The amount of gasoline declared in February is the lowest in nine years.
Also the data about new car registrations indicates a reduction in the use of gasoline in Estonia, as the share of diesel powered cars among new cars has kept increasing since 2012. In the first months of this year diesel powered cars made up 60 percent of all new cars registered in Estonia, figures available from the Road Administration show.