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

Valdis Dombrovskis.

"The received information will allow authorities to be more efficient when combating various manifestations of shadow economy," points out the prime minister.

Dombrovskis reminds that, according to the latest assessment of Latvia's competitiveness, shadow economy poses a significant threat to Latvia's competitiveness, therefore it is necessary to particularly focus on combating it. Moreover, January-March budget revenue and independent studies indicate that the share of shadow economy in Latvia tends to decrease.

"I expect that the government's decisions to reduce consumption and labor tax rates will serve as an additional stimulus for companies and individuals to return to legal economy," says the prime minister.

122,377 personal property declarations have been registered as of June 13, reports the State Revenue Service.