Lithuania's government may fail to collect up to 1.5 billion euros, or 12 percent, of planned budget revenue due to the coronavirus crisis, according to a deputy finance minister.
“The revenue shortfall will range from over 1 billion euros to 1.5 billion euros,” Miglė Tuskienė told members of the parliamentary Committee on Economics on Friday.
In April, budget revenue missed the target by 31 percent, the official said.
“The revenue fall in April was worse than in the previous month. In March, it was largely due to liquidity problems and tax deferrals, and now this has been compounded by a deteriorating corporate performance,” Tuskienė added.
Businesses affected by the coronavirus quarantine measures were allowed to postpone paying their taxes in March in order to stay afloat.
Since January, the state budget revenue was 10.5 percent, or nearly 300 million euros, short of targets. The government failed to collect 221 million euros of planned revenue in April alone.
This year's central government budget was initially estimated at 9.548 billion euros, or 11.53 billion euros including EU funds.