Latvia: No major tax changes planned in 2024: Finance Minister

The Latvian government does not plan to make major changes to taxation in 2024, Finance Minister Arvils Aseradens assured, LSM reports. He said that now was not a good time to make changes in VAT, labour taxes, personal income tax, or corporate income tax. However, the Ministry of Finance will propose raising the excise duties on alcoholic beverages and on tobacco and introducing a mandatory advance payment of corporate income tax on banks amounting to 20% of the previous year’s profit. Going forward, the government will consider larger tax changes for 2025, Aseradens added.