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Thursday, 25.04.2024, 15:23
Cash will no longer be permitted for real-estate transactions in Latvia
BC, Riga, 03.04.2019.
Print version
Print versionSaeima in the final reading today passed amendments to the Taxes and Duties Law, which prohibits cash to be used in real-estate transactions, informed LETA.
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The bill has been passed with the aim of restricting fictitious real-estate transactions, like, for example, when two sides are interested in selling or purchasing real-estate for a larger sum than the actual price.
Previously this same bill also foresaw a considerable reduction in the permitted amount of cash in all financial transactions - from EUR 7,200 to EUR 3,000, but MPs did not support these amendments, and the cash restrictions will only come into force in regards to real-estate transactions.
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