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Wednesday, 02.09.2015, 07:24
In an emergency government meeting Monday, the ministers in Latvia agreed on the most significant matters regarding next year's budget – to increase the minimum wage to EUR 370, to implement the differentiated non-taxable minimum, and to increase the general non-taxable minimum by EUR 10, reports LETA.
Keyword tags: Budget, Financial Services, Latvia, Legislation, Markets and Companies, Wages
According to the data of the Ministry of Finance, the central government deficit in Lithuania in January-July 2015 stood at EUR 147.1 million and accounted for 0.39% of the projected GDP in 2015, cites LETA/ELTA.
Slower than anticipated economic growth pace in 2015 has affected budget revenue in January-July as compared to the same period last year, reports LETA.
During an emergency meeting on August 27th, the government of Latvia discussed budget cuts in 2016 and agreed that ministries' spending would be reduced 3% or EUR 12.4 million in total, but spending cuts will not concern four priorities – defense, security, healthcare, and education, informs LETA.
On August 25th night, the government of Latvia reached agreement in principle on additional budget revenue and reducing almost all ministries' budgets by 3% in 2016, Prime Minister Laimdota Straujuma (Unity) told reporters, cites LETA.
Latvian politician allow the possibility that an additional EUR 69 million could be added to the defense budget next year, so that defense spending reaches 1.4% of GDP, according to unofficial information obtained by LETA.
The coalition's budget task forces on August 21st agreed on obtaining additional budget revenue by increasing the gambling tax and excise duty for alcohol, All for Latvia!-For Fatherland and Freedom/LNNK board member Imants Paradnieks told members of the press, cites LETA.