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Monday 24.10.2016 | Name days: Renāte, Modrīte, Mudrīte

SRS to notify taxpayers regarding their identified «envelope salary» risk

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUStarting with Wednesday, 1 July, the State Revenue Service will start sending notifications to taxpayers regarding who have been identified with «envelope salary» risk. These notifications will be sent via the Electronic Declaration System.

Taxpayers who receive such notifications should make certain that the information they submit to SRS complies with their economic activities and, using their rights as taxpayers, submit correction to SRS if any are necessary.

In the event of breach of laws, rules of the Cabinet of Ministers or local municipalities during the calculation of tax amounts, SRS is to calculate taxes in accordance with laws that govern specific taxes as well as reduce the size of the tax payment amount within three years in accordance with payment periods stated in the law.

SRS will continue monitoring taxpayers whose ‘envelope salary’ risks are the highest. If necessary, action will be taken to administer unpaid taxes.

BNN had previously reported that Latvia’s volume of shadow economy continues to decline – while its proportion was 24.7% of GDP in 2014, this year’s results show 23.6%, as concluded in Austrian economics professor Friedrich Schneider’s report on shadow economy in Europe. His work is based on review and analysis of macroeconomic information in different countries.


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