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In Latvia, taxes are levied by both national and local governments. Tax revenue stood at 28.1% of the GDP in 2013.[1] In 2023, a decade later, that number fell to 21.77%, as the economy of Latvia grew, the 2013 Latvian economic crisis came to an end, and trading expanded with other Baltic nations. The most important revenue sources include income tax, social security, corporate tax and value added tax, which are all applied on the national level. Income taxes are levied at a flat rate of 23% on all income.[2] A long range of tax allowances is given including a standard allowance of €900 per year and €1980 per year for every dependent.[3]
Social security contributions are levied on all employment income and are mandatory for most workers. The employee pays 10.5-11% of the wage, while the employer contributes 22.59-24.09%.[4][5] There was no maximum ceiling for social security in year 2013 because of the economic crisis in Latvia, but the ceiling was reinstated in 2014 at €46,600 of yearly income.[6] The standard rate for VAT is 21%;[7] for medications and heating expenses, a reduced rate of 12% applies.[8] Some goods and services are also exempt from VAT, this include education, medical care, financial transactions and rent.
Excise taxes apply on different luxury goods and things harmful to the environment. Wine is subject to excise duty of €64.03 per 100 litres. Coffee is subject to excise at €142.29 per 100 kg.[9]
Taxation in Latvia has gone through major reforms since leaving the Soviet Union in 1991 and making a transition from a centrally run economy to a market economy.[10] The fiscal system in Latvia in the early 1990s was similar to other former communist states with high public spending (45-50% GDP) and a tax system that relied on tax base definitions characteristic of central planning.[11] Since then a long range of reforms has been made, including introducing VAT in 1992 and social security contributions.[12]
including introducing VAT in 1992 and social security contributions. Economy of LatviaTaxationin Estonia Taxationin Lithuania Taxationin Poland "Eurostat -...
2017-08-10. [1] State Revenue Service of Latvia, VAT, 3 January 2021 "Latvia tax system - taxation of Latvian companies and individuals: VAT, income tax...
Latvia (/ˈlætviə/ LAT-vee-ə, sometimes /ˈlɑːtviə/ LAHT-vee-ə; Latvian: Latvija Latvian pronunciation: [ˈlatvija]), officially the Republic of Latvia, is...
The economy of Latvia is an open economy in Europe and is part of the European Single Market. Latvia is a member of the World Trade Organization (WTO)...
usually limit the scope of their income taxationin some manner territorially or provide for offsets to taxation relating to extraterritorial income. The...
million native Latvian speakers inLatvia and 100,000 abroad. Altogether, 2 million, or 80% of the population of Latvia, spoke Latvianin the 2000s, before...
according to the State Administration of Taxation, overall tax revenues were 30% in China. The government agency in charge of tax policy is the Ministry of...
and local taxation must conform to the framework established by the Code. Taxes or levies not listed explicitly by the Code or enacted in violation of...
The Saeima (Latvian pronunciation: [ˈsai.ma]) is the parliament of the Republic of Latvia. It is a unicameral parliament consisting of 100 members who...
A revenue service, revenue agency or taxation authority is a government agency responsible for the intake of government revenue, including taxes and sometimes...
social inequality within Latvia. The Latvian healthcare system is a universal programme, largely funded through government taxation. It is similar to British...
of the eastern shores of the Baltic Sea, in what today are Estonia and Latvia. Since their resettlement in 1945 after the end of World War II, Baltic...
new reality, and in 1998, the OECD member states unanimously adopted the "Ottawa Taxation Framework Conditions" on e-commerce taxation: The rules of consumption...
7% is in use in the hotel industry. In July 2015, Liechtenstein and Switzerland signed a new agreement on double taxation, which took effect in December...
according to the Cypriot government, it was vetoed by Turkey. In 1996, Estonia, Latvia, and Lithuania signed a Joint Declaration expressing willingness...
costs. In addition, most systems provide specific rules for taxation of the entity and/or its members upon winding up or dissolution of the entity. In systems...
the ways in which money is raised for the supply of transport capacity. Taxation and user fees are the main methods of fund-raising. Taxation may be general...
its reputation as a tax haven, signing double taxation treaties with many (mostly OECD) countries and in April 2011 a treaty on the exchange of financial...
rates that vary depending on the amount subject to taxation. A flat tax system is usually discussed in the context of an income tax, where progressivity...
companies. In 1980, the top rates of most European countries were above 60%. Today most European countries have rates below 50%. Austrian income taxation is determined...
main agricultural products, although only tobacco and cotton are exported in any quantity. According to Healy Consultants, Kyrgyzstan's economy relies...
venture capital firm credited with turning around the fortunes of Gucci. Taxation and import laws apply equally to Bahraini and foreign-owned companies,...
Smoking inLatvia is common, with a rate higher than the OECD average, and Latvian men are among the heaviest smokers in the European Union. One in four...
Internet. Some digital goods are free, others are available for a fee. The taxation of digital goods and/or services, sometimes referred to as digital tax...
the portion of the inheritance that exceeds one million euros. Taxation is more severe in the case of remote relatives or those with no family connection...
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