New tax reform were adopted

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At an extraordinary meeting of the presidium of the Latvian parliament, the necessary budget changes for the 2018 budget were adopted in the field of taxation.

As mentioned earlier on Thursday, the Latvian Parliament approved the adopted legislative package in final reading, where the main amendments were adopted, providing for a number of changes in the regulation of microenterprises.

In the final reading, amendments were adopted, which provide for a simplified principle for Personal Income Tax, setting a fixed maximum salary for employees, and regulations pertaining to the percentage distribution of taxes to the state budget.

The draft of the new law on enterprise income tax (EIT) provides for the possibility to postpone the payment of EIT until the moment when profit is distributed or otherwise directed to such expenses that do not ensure the further development of the enterprise.

Legislators basically approved the proposals submitted by the government, making minor adjustments. Only in a few cases where bills were not directly related to tax reform, some of them were excluded from consideration and redirected to the next discussion of the adoption of the national budget 2018.

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