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Latvian Taxes Must Be Hiked, Says FM

By Ulrika Lomas, Tax-News.com, Brussels

28 May 2014


Latvia's Finance Minister, Andris Vilks, has initiated a debate on the need for higher tax rates, expressing concern that the country's tax-to-gross domestic product ratio is set to become the lowest in the European Union.

He said higher taxes must be considered to offset a fall anticipated in labor taxes in the next few years.

In an article contributed to Latvijas Avize, a local newspaper, Vilks explained that the tax-to-GDP ratio may fall to 25 percent, compared with an EU average of 40 percent.

He noted that World Bank figures show that Latvia's total tax rate (the average tax burden on corporate profits) is 35.9 percent, compared with the EU and EFTA average of 41.1 percent, and the worldwide average of 43.1 percent, and that the number of payments required each year – seven – is one of the lowest in Europe.

TAGS: tax | economics | fiscal policy | gross domestic product (GDP) | Latvia | ministry of finance | tax rates

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