Latvia invests 1 million lats to tackle black market

Latvia will pour around 1 million lats (1.4 million euros) into tackling the black market economy, the Finance Ministry has said.

The sum is equal to five percent of the amount that the government hopes to collect on top of the originally projected tax revenue as a result of the successful implementation of measures against the shadow economy by the authorities, which is around 39.7 million lats, reports LETA.

State Police liquidated 76 organized crime groups this year, whilst State Border Guard officers prevented 222 cases of illegal movement of goods.

A total of 1.5 million lats will be allotted to the State Revenue Service, including 1.2 million lats for increasing salaries at the Revenue Service.

The State Police will be allotted an additional 222,320 lats whilst the State Border Guard will receive 95,280 lats. The State Labor Inspectorate will be allocated 39,700 lats.

Extra funds will also be provided to the Food and Veterinary Service, State Forest Service, State Plant Protection Service, Prosecutor General Office’s Anti-Money Laundering Service.

The government’s decision needs to be endorsed by Saeima Budget and Finance Committee to come into effect.

According to the Finance Ministry’s data, the Revenue Service has collected 3.5 billion lats in taxes in the first nine months of this year, 137.2 million lats, or four percent, more than originally projected. In total, this year the Revenue Service expects to collect 138.9 million lats more in taxes than was expected at the beginning of the year.

The increase in the amount of tax revenue is attributable to the improved administrative work by the Revenue Service, stabilization of the economic situation in the country, and changes to several relevant regulations. Motivating the Revenue Service’s employees has also contributed to the improving tax revenue figures, notes the Finance Ministry.

Latvia will pour around 1 million lats (1.4 million euros) into tackling the black market economy, the Finance Ministry has said. The sum is equal to five percent of the amount that the government hopes to collect on top of the originally projected tax revenue as a result of the successful implementation of measures against the shadow economy by the authorities, which is around 39.7 million lats, reports LETA.

State Police liquidated 76 organized crime groups this year, whilst State Border Guard officers prevented 222 cases of illegal movement of goods.

A total of 1.5 million lats will be allotted to the State Revenue Service, including 1.2 million lats for increasing salaries at the Revenue Service.

The State Police will be allotted an additional 222,320 lats whilst the State Border Guard will receive 95,280 lats. The State Labor Inspectorate will be allocated 39,700 lats.

Extra funds will also be provided to the Food and Veterinary Service, State Forest Service, State Plant Protection Service, Prosecutor General Office’s Anti-Money Laundering Service.

The government’s decision needs to be endorsed by Saeima Budget and Finance Committee to come into effect.

According to the Finance Ministry’s data, the Revenue Service has collected 3.5 billion lats in taxes in the first nine months of this year, 137.2 million lats, or four percent, more than originally projected. In total, this year the Revenue Service expects to collect 138.9 million lats more in taxes than was expected at the beginning of the year.

The increase in the amount of tax revenue is attributable to the improved administrative work by the Revenue Service, stabilization of the economic situation in the country, and changes to several relevant regulations. Motivating the Revenue Service’s employees has also contributed to the improving tax revenue figures, notes the Finance Ministry.