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Parliament drops property tax

Dec 02, 1999

RIGA (BNS) - The Latvian Parliament on Nov. 25, in the final reading, adopted amendments to the law on real estate tax envisaging to apply the tax on buildings and construction, thus removing the property tax.The rate of the property tax varies between 0.5 percent and 4 percent depending on the value of the property. The real estate tax rate is 1.5 percent. Currently applied only to land, the real estate rate will be reduced to 1 percent in 2002.Both taxes are collected by local authorities and, ...

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