The Latvian parliament, the Saeima, has approved the state budget for 2025, LSM reports. The budget foresees revenues of EUR 18.4bn, while expenditure is planned at EUR 19.7bn. The estimated budget deficit will thus amount to EUR 1.3bn or 2.9% of the GDP. The key budget priorities are internal and external security and competitiveness. The government plans to change taxes on labour, raise excise taxes and vehicles, and introduce a windfall tax on banks. Equalised revenue for local governments will rise by an average of 10.3%.
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