The Latvian government has announced that it intends to reduce its corporate tax rate to 12.5%, which would bring it on a level with Ireland, which currently has the lowest company tax rate in the European Union other than Cyprus, at 10%.
Unveiling the plan on Tuesday, Latvia's deputy Prime Minister, Ainars Slesers went on to explain that the change would not, however, take place for around two years.
The news has been received with some consternation in Ireland, with some observers expressing concern that lower business costs in the new EU member state could attract firms away from the Republic.
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