Finance Ministry: government must stick to labor tax reforms

Oct 30, 2012

RIGA - In order to foster people’s trust in politics and ensure stable and predictable business environment, the government must continue work on reforms to labor tax policy, believes the Finance Ministry.

Proposals to reduce personal income tax rate for small salaries and leave it unchanged for large salaries has to be considered together with introduction of annual personal income declarations, and such proposals could only be supported if the non-taxable minimum income is also increased, as Lelde Kaunese from the Finance Ministry's Communications Department told Nozare.lv.

The Finance Ministry reminds that, according to amendments to the law on personal income tax that Saeima passed this past may, the personal income tax rate will be reduced from 25 percent to 24 percent next year, and another two percentage points in 2014 and 2015 each, reaching 20 percent in 2015.

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