With new 2011 year comes also tax changes in Latvia. What presents will we get in the coming year?
1) VAT increase from 21% to 22% (by 1%)
2) The Reduced VAT increase from 10% to 12% (by 2%)
3) VAT increase on electricity bills for households from reduced 10% to 22% (by 12%)
4) Reduction of Personal Income Tax (PIT) from 26% to 25% (by 1%)
5) Social Insurance increase from 9% to 11% for employee (by 2% increase) and for employer no change - 24.09%
6) Increase in Excise Tax for soft drinks containing sugar or artificial colors
7) And according to IMF and EU Commission the government has to find out possibility to get additional 50 million LVL in order to meet lending criteria. Finance Minister Andris Vilks commented that the measures for finding the money could be introduced in 2011Q2.
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