Taxation in Latvia

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While governments around the world debate over the legality of cryptocurrencies, Latvia has a simple solution to keep the industry running; Make it legal and charge high taxes. Additionally, the government is mulling over the introduction of clear regulations for digital currencies.

On April 9 the State Chancellery announced a competition for the position of director general at the State Revenue Service.

The Bank of Latvia has come up with proposals to the changes in the Latvian tax system, focusing on revision of personal income tax and corporate tax systems, according to unofficial information at the disposal of LETA.

A controversial tax on high salaries – the so-called solidarity tax – was approved by legislators in Latvia and will come into effect in 2016.

On May 2, 2014, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 with the Republic of Latvia.

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