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Taxes in Latvia

About Latvia » Taxes in Latvia

Information about taxes in Republic of Latvia

Value added tax (VAT)
Most of goods and services are taxed with 22% but there are exceptions and some specific goods and services are taxed with 10% VAT.

Personal income tax
Personal income tax is 25% from private incomes.

Corporate income tax
Corporate income tax to companies is 15%.

Losses
Losses for company of previous periods can be carried forward for five years.

Tax rates in European Union
Here you can see comparison of main taxes in European Union:

Country Income tax VAT
Corporate Individual
Austria 25% 21-50% 20%
Belgium 33,99% 25-50% 21%
Denmark 25% 38-59% 25%
Estonia 21% 20% 18%
Finland 26% 7-30,5% 22%
France 33,33% 5,5-40% 19,6%
Germany 30-33% (effective) 15-45% 19%
Hungary 16% 18% and 36% 20%
Italy 31,4% 23-43% 20%
Latvia 15% 25% 22%
Lithuania 20% 15% / 20% 19%
Norway 28% 28-49% 25%
Poland 19% 18% / 32% 22%
Portugal 25% 0-42% 20%
Spain 30% 24-43% 16%
UK 28% 0-40% 15%

Total tax weight in Latvia which forms from all the taxes including Social insurance tax is 30,5% from GDP. It is one the lowest index via 27 EU countries. Average tax weight is 39,8% from GDP. The highest tax weight are in Denmark – 48,7%, Sweden – 48,3%, Belgium – 44%, France and Italy – 43,3% from GDP.

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