Financial Services, Latvia, Legislation, Taxation

The law provides that taxpayers who have paid principal tax debt amount and at least 10% of applicable penalties by a set date will be offered an opportunity to have the past due fee and penalties canceled in the amount of up to 90%, Saeima Budget and Finance Committee Chairman Janis Reirs (Unity) informed previously.

The law also stipulates that tax debt discharge term, previously 18 months, will be increased to up to 60 months, depending on the amount of tax debts, writes LETA.

The provisions of the new law will apply to companies that ran up their debts before September 1, 2011, said Reirs.

The tax support measures will apply to personal income tax, corporate income tax, value added tax, excise tax, customs tax, natural resources tax and property tax debts, as well as unpaid social contributions.