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International Internet Magazine. Baltic States news & analytics Tuesday, 18.12.2018, 22:04

Latvia’s Saeima committee approves higher prize money amounts for receipt lottery

BC, Riga, 09.10.2018.Print version
The legislation on receipt lottery that is to be reviewed in the second reading by Saeima of Latvia has been amended by Saeima Budget and Finance Committee to increase the prize money amounts, informs LETA.

Originally the bill stated that there would be ten weekly 200 euros prizes and one 3,000 euros monthly prize.


The latest version of the bill approved by the committee stipulates that there will be no weekly prizes. Instead, there will be monthly prizes: one 10,000 euros prize, three 5,000 euros prizes and fifty 100 euros prizes.


Furthermore, the legislation now says that there will also be annual prizes: one 20,000 euros prize, four 10,000 euros prizes and five 2,000 euros prizes.


Due to the increased prize money amounts, the legislation's negative effect on the 2019 state budget is estimated at 211,493 euros, the Finance Ministry's deputy state secretary Jana Salmina told the committee.


The first annual receipt lottery will be organized in 2020 for receipts issued from July 1 to December 31, 2019.


The receipt lottery is projected to increase tax revenue by 3 mln euros annually as the Revenue Service will have more information about tax evaders and unregistered cash registers.


200,000 euros has been allotted from this year's state budget for development of an IT system necessary for organization of the receipt lottery. The funding for administration of the lottery and payment of prizes is estimated at 250,000 euros in 2019 and 2020 each.

 






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