Financial Services, Latvia, Legislation, Markets and Companies, Taxation

"This is very important, as it also affects the investment environment in the country. For this reason, we will hold meetings with Prosecutor General and representatives from the State Audit Office in order to solve this issue," Straujuma said.

The prime minister also said that the future priorities will concern quality of the education system, as well as the tax system.

Commenting on the tax system, Straujuma said that the toughest discussions will focus on the 1 percent reduction in personal income tax as of next year.

The prime minister also said that the National Development Council has been restored that will focus on issues related to business environment.

Justice Minister Dzintars Rasnacs (VL-TB/LNNK) also said that the main issue of concern for the moment is the insolvency process. He indicated that the laws and regulations on the insolvency process were brought in order following the March 1 amendments, adding that the profession of insolvency administrator will now have to be reformed. Rasnacs said that the necessary reforms could be implemented in two to six years.