Posts tagged as tax

Prime Minister asks for review of older vehicle tax

Friday, October 9, 2020

Prime Minister Krišjānis Kariņš (New Unity) asked to review the amendments to the Law which provided for the taxation of cars older than five years, LETA reported October 8. Kariņš raised the issue of these amendments at the meeting of coalition parties on Thursday, stressing that the Transport Ministry, together with the Ministry of Environment and Regional Development and the Ministry of Finance, will have to revise the proposed car registration tax…

Tax for old vehicles to be implemented in Latvia

Monday, October 5, 2020

Government decided last week to impose a one-off tax for purchase of old vehicles starting next year, Latvian Television reported October 3. The initiative regarding the introduction of vehicle registration tax has come from the Ministry of Transport, with a view to prevent the registration of old and environmentally harmful passenger cars in Latvia. According to Transport Minister Talis Linkaits (New Conservative Party) –  Western countries have already taken a variety…

Tax debts have increased in Latvia

Tuesday, September 8, 2020

Tax debts increased during the COVID-19 crisis, reaching a billion euros, Ieva Jaunzeme, Director General of the State Revenue Service (VID), told Latvian Television September 8. “All extended debt, which is nearly at €300 million, goes into debt. Even if the company came and extended [the due date], it is debt,” Jaunzeme said. She welcomed the fact that companies in COVID-19 came to the VID and agreed to an extension…

Minimum social contribution payments planned from 2021

Thursday, September 3, 2020

The Cabinet on Wednesday backed a proposal to make tax changes from 2021 with a view to improve social protection for residents. Introduction of minimum national social security contributions  is planned, whereas Finance Ministry’s proposal to abolish royalties has been postponed, Latvian Television said September 2. Ministers on Wednesday examined a report prepared by the Ministry of Finance on tax policy developments to improve the country’s social sustainability and economic…

Tax on old vehicle purchase considered in Latvia

Monday, August 31, 2020

Latvia is planning to implement a one-off tax for purchasing older vehicles, head of the European vehicle database, autoDNA.lv, Agris Dulēvičs, told Latvian Radio August 30. In the European Union, the average car age is 10-11 years, while in Latvia it is three years older than that. In order to facilitate the updating of the Latvian car situation, it is envisaged to introduce a one-off tax for purchasing a vehicle older…

Tax reform discussion hits dead end

Friday, July 10, 2020

The parties’ talks on changes to the tax system have stalled, according to several politicians, Latvian Television reported on July 8. The reason was the New Conservative Party’s requirement that the untaxed minimum should be raised next year to €500, as promised in the Party’s program. Other parties say that Latvia cannot afford it. With the beginning of next year, the government hopes to introduce a 5% health tax, shifting…

Popular Lithuanian restaurant chain in massive tax dodging case

Thursday, July 2, 2020

The co-owner of Grill London restaurant chain and a vice president of the Lithuanian Autosport Federation were arrested on Wednesday on suspicions of moving money in order to avoid taxes. Andrius Lavrinavičius, a co-owner of Grill London restaurants, is suspected to have hidden hundreds of euros of taxes by transferring large sums of money as aid to the federation. Kaunas Prosecutors Office said that over 418,000 euros were moved from…

Lithuanian employers vow not to cut wages, if income tax is reduced

Monday, May 25, 2020

Employers in Lithuania pledged not to cut wages if the parliament reduces the income tax rate from 20 to 15 percent, and increase non-taxable income by 50 euros. The memorandum was signed by the Infobalt association, the Investor’s Forum, the Lithuanian Confederation of Employers, the Lithuanian Confederation of Industrialists, the Lithuanian Association of Chambers of Commerce, Industry and Crafts as well as the Lithuanian trade unions Solidarumas and Sandrauga. The…

Total tax debt in Latvia at EUR 954.5 mln in early May

Saturday, May 23, 2020

At the beginning of May 2020, tax debts in Latvia totaled EUR 954.542 million, an increase of 7.5% month-on-month, writes LETA, according to the State Revenue Service. This total includes current and suspended debts as well as debts with extended payment deadlines. Overdue social security contributions grew at the steepest rate over the past month. Tax debts to the central government basic budget stood at EUR 507.547 million, an increase…

Lithuanian president suggests temporary cuts to income tax to stimulate economy

Tuesday, May 5, 2020

The Lithuanian President is suggesting temporarily cutting the income tax so as to speed up economic recovery from the coronavirus-induced crisis. President Gitanas Nausėda discussed the option during a discussion with economists last week, according to his adviser Simonas Krėpšta. “The discussion included one of the options, ideas – to reduce the income tax temporarily until the end of the year […] for all employees in a very horizontal manner,…