International Internet Magazine. Baltic States news & analytics
Friday, 22.05.2015, 11:28
Raising taxes will increase shadow economy, President Andris Berzins said in an interview with the LNT show "900 sekundes", reports LETA.
Keyword tags: Analytics, Financial Services, Latvia, Legislation, Shadow economy, Taxation
Prime Minister of Lithuania Algirdas Butkevicius on Monday joined the initiative No Country for Shadow, which is aimed against the underground economy and is held for the 4th time. In Vincas Kudirka Square the prime minister distributed leaflets to passersby and discussed with them about the harm of the shadow economy, reports LETA/ELTA.
In order to curb the shadow economy and tax evasion, the State Revenue Service in Latvia will continue active control measures at companies in those national economy sectors that are the most exposed to the shadow economy; amendments have been drawn up in cooperation with the Finance Ministry in order to heighten the responsibility of dishonest businessmen involved in fraudulent activities and to reduce the number of such violations, the Revenue Service informs LETA.
In 2014, Latvia's shadow economy practically remained unchanged compared with the previous year, while declining in Lithuania and Estonia. Such a conclusion has been drawn in the study of the Shadow Economy Index for the Baltic States, which was published on May 13, 2015. The study was carried out by the Centre of Sustainable Business at SSE Riga in cooperation with SEB, reports BC SSE Riga.
The Gan Bei restaurant chain will not be the last major tax evasion case in Latvia, Finance Minister Janis Reirs (Unity) told LETA.
On 7 May 2015, introducing to the Seimas of Lithuania the annual activity report of the Government for 2014, Prime Minister Algirdas Butkevicius said the fight against the shadow economy must be faster and smarter, and this is where the new smart tax administration system comes into play, informs LETA/ELTA.
Tax revenue in 2015 has been growing faster than the national economy, the State Revenue Service's head Inara Petersone said in an interview with the LNT television today, cites LETA.