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FinMin in Latvia proposes to scrap special tax regime for royalties
BC, Riga, 01.09.2020.
Print version
Print versionThe Finance Ministry in Latvia has proposed to scrap the special tax regime for royalties, informs LETA.
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The Finance Ministry said in its report on the proposed tax changes that the goal of the changes is to ensure people the social protection. Like in other alternative tax regimes, social contributions made by recipients of royalties are low. The ministry also noted that royalties often are used to optimize taxes.
According to the proposal, starting from 2021, there will be no special regime for royalties. Recipients of royalties will have a choice to either register business activities or apply the same tax regime as currently paid under a contract for work performance without registration of business activities.
According to the Finance Ministry, in 2019, there were 39,006 persons registered in Latvia as recipients of royalties.
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