Financial Services, Latvia, Legislation, Taxation
International Internet Magazine. Baltic States news & analytics
Tuesday, 23.04.2024, 21:37
Saeima committee supports introduction of differentiated non-taxable minimum income
Print version |
|---|
The differentiated non-taxable minimum income will be introduced January 1, 2016. The Finance Ministry said earlier that the fiscal impact of the differentiated non-taxable minimum income from January 1, 2016, considering the terms of payment, will be additional EUR 5.86 million in 2017, including EUR 1.17 million in the general government budget, and EUR 4.69 million in the local government budget.
The bill also provides for lifting tax allowances for adult dependants. The fiscal impact of the proposal to lift tax allowances for adult dependants, except for adults who continue their education and disabled adults, in 2016 and coming years is planned at EUR 25 million, including EUR 5 million in the general government budget and EUR 20 million in the local government budget.
In contrast to the earlier plans, the personal income tax rate will remain at 23%, and, according to estimates drawn by the Finance Ministry, it will ensure a positive fiscal impact worth EUR 60.63 million in 2016, including EUR 12.13 million in the general government budget, and EUR 48.5 million in the local government budget.
The present bill is a part of the 2016 budget legislative package and will be revised by Saeima in the final reading on November 30.
«The Baltic Course» Is Sold and Stays in Business!
