PM: Consumption taxes could be cut already this year

RIGA - Consumption taxes could be reduced already this year, Prime Minister Valdis Dombrovskis (Unity) told the LNT morning show "900 sekundes" today.

The Finance Ministry is currently assessing such a possibility. The ministry's estimates will be ready in one or two weeks, explained the prime minister.

Dombrovskis also reminded that the government does not plan any tax increases next year, on the contrary - labor taxes will be cut and monthly non-taxable minimum increased.

As reported, Finance Minister Andris Vilks (Unity) told reporters yesterday that personal income tax rate could be cut by 1 percent to 24 percent next year, while the monthly non-taxable minimum could be raised.

Vilks explained that the overall situation in Latvia's economy and budget, as well as internal and external factors will be assessed this summer, when it will be possible to decide on specific budget expenditure increases and labor tax cuts.