RIGA – Today, Saeima almost unanimously voted for amendments to the Law on Personal Income Tax in the final reading. According to the amendments, the personal income tax rate will be reduced from 25 percent now to 24 percent in 2013.
The amendments stipulate that the personal income tax rate will be 24 percent from January 1, 2013, and then reduced to 22 percent in 2014 and 20 percent in 2015.
The goal is to ensure that labor taxes in Latvia are similar to those in Estonia and Lithuania, the lower taxes are also hoped to reduce poverty and structural unemployment risks, as well as tax evasion, the Finance Ministry explained earlier.
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