FM initiates a broader discussion on changes to the personal income tax declaration system
On Monday, October 16, the Ministry of Finance (FM) will propose in a meeting of the ruling coalition parties to ensure broader consultations and discussions with government social and cooperation partners on planned amendments to the Law on Personal Income Tax (PIT), which aim to improve the general population's income declaration system. The FM will suggest removing these proposed law changes from the state budget draft package and subject them to further coordination.
"Considering that the concept of general income declaration is a very significant issue for the entire Latvian society, I propose ensuring broader discussions and consultations with social and cooperation partners on its content and implementation. I also suggest removing these law amendments from next year's state budget package. I believe that the planned amendments should be reviewed by the Saeima in the ordinary course, in three readings, after the state budget is approved," says Finance Minister Arvils Ašeradens.
The prepared law amendments are developed in line with the task set in the Shadow Economy Restriction Plan for 2021/2022 - to develop regulatory framework for the annual obligation of the general population to declare their income. The draft law aims to improve the existing general population income declaration system.
Ministry of Finance of the Republic of Latvia Information