The minimum wage is increased from EUR 370 to EUR 380 in 2017. Non-taxable income is decreased from EUR 75 to EUR 60 (EUR 720 annually). However, the differentiated non-taxable minimum is applicable when the PIT declaration is submitted and it is calculated regarding formula given in law. The average net salary in the year 2017 will cut about for 3.45 euros per month, because of 15 EUR decrease in non-taxable income (15 x 23% = 3.45 euros).
Amendments to the Micro-enterprise Tax Law: 1) from 01.01.2017. the current micro-enterprise tax rate will be increased to 12% with an annual turnover up to EUR 7,000. 2) the rate will be 15 % with an annual turnover of EUR 7,000.01 up to 100 000. 3) from 01.01.2018. the micro-enterprise tax rate will be 15% for all turnover.
On Wednesday, 23 November, 2016 Saeima adopted in the final reading a draft law establishing a support program for start-ups, thus promoting their creation. The new law defines what a start-up is, as well as lays down the eligibility requirements for start-up companies to participate in state aid programs. The new law stipulates that eligibility for state aid shall be granted to start-ups that have attracted investments of at least EUR 30,000 from qualified venture capitalists for the company’s equity in each year of applying for support, thus...
The Amendments to the Criminal Code, which provides for criminal liability for the undisclosed payment of remuneration exceeding EUR 3700 that is not recorded in the accountancy system, have come into the force from 07.04.2016. The Amendments to the Criminal Code are providing series of changes in the criminal justice framework and have been supplemented with a new article, which criminalises the employer who pays wages, which are not shown in the books. The Amendments provide for a new legal framework for criminal legislation concerning the...
VAT Law is supplemented with section 143.1, which provides that a special value added tax regime is applicable to the following supplies: - Mobile phones; - Tablets and laptops; - Integrated circuit devices (including microprocessors and central processing units). Considering that the value added tax to the state budget for the said supply of goods shall be paid by the recipient of goods into the State budget if the supplier of goods and the recipient of goods are registered taxable persons. A supplier of goods shall issue a tax invoice to the...
