Latvia May Amend Personal Taxation

Latvia May Amend Personal Taxation

The President of Latvia Andris Berzins supports introduction of a progressive personal income tax, however, noting that an excessive tax rate may discourage people from working and earning more. At the same time Latvian President is against introduction of the progressive rate of the estate tax.

Mr. Berzins expressed those thoughts as various options for amendment to income tax regime, which is currently under consideration, including reducing the rate for those on a lower income.

Current rates of corporate income tax and personal income tax in Latvia are flat (15% and 25% respectively). Recently the Latvian parliament approved reductions of the personal income tax rate to 24% from January 01, 2013, to 22% from January 01, 2014, and to 20% from January 01, 2015, though the Latvian Prime-Minister stated that no changes would be introduced till 2014.

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