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Latvia May Unflatten Personal Income Tax

by Ulrika Lomas, Tax-News.com, Brussels

06 November 2012


The President of Latvia, Andris Berzins, has expressed his support for a progressive personal income tax, although he also warned that an excessive rate might discourage people from working. He also expressed opposition to progressive changes in the estate tax.

Mr Berzins was speaking on a Latvian television programme, and his comments were made as various options for income tax are currently under consideration, including reducing the rate for those on a lower income. The Prime Minister, Valdis Dombrovskis, recently confirmed that any changes would not be introduced until 2014.

Latvia currently applies a flat tax of 15% on corporate income and flat tax of 25% on personal income. However, the Latvian parliament recently approved reductions in the personal income tax rate, which will fall to 24% from January 1, 2013, to 22% from January 1, 2014, and to 20% from January 1, 2015.

TAGS: tax | Latvia | individual income tax

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