Latvia’s Saeima on Nov. 6 approved amendments to the Micro-enterprise Tax Law in the final reading, according to which the micro-enterprise tax rate will be increased to 15 percent by 2017, reports LETA.
According to the amendments, the tax rate for micro-enterprises with annual turnover under 7,000 euros will remain 9 percent. The tax rate for micro-enterprises with higher turnover will be increased to 11 percent in 2015, 13 percent in 2016 and 15 percent in 2017.
Currently, micro-enterprises are applied a 9 percent tax regardless of their annual turnover amounts.
Should a micro-enterprise deliberately attempt to conceal information about the enterprise’s turnover in order to avoid the tax, a 20 percent tax rate will apply. On the other hand, if a micro-enterprise’s turnover or the applicable tax amount does not exceed 50 euros, the micro-enterprise will have to pay a tax of 50 euros.
The Latvian Chamber of Commerce and Industry on Nov. 5 submitted to Saeima a petition against the parliament’s decision to increase the tax, which has been signed by a total of 2,644 persons. The organization is also planning to turn to President Andris Berzins.
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