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Thursday, 28.03.2024, 14:47
Latvian government upholds proposals for changes in micro enterprise tax
BC, Riga, 26.07.2017.Print version
The Latvian Cabinet of Ministers on July 25th upheld the draft amendments to the Law on the Micro Enterprise Tax under which the tax will be set at 15%, starting from 2018, for businesses with annual turnover not exceeding EUR 40,000, writes LETA.
The legislative proposal approved by the Cabinet for the final reading in
the parliament is intended to reduce the administrative burden of beginning
businesses and companies with small annual turnover.
Under the proposal, the maximum monthly pay that micro enterprises are
allowed to pay their employees may not exceed EUR 750, which is commensurate
with the average wage in Latvia and its anticipated increase.
Altogether 27,000 entities employing around 68,000 people in total are
likely to opt for the new micro enterprise tax in Latvia.