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LTRK: BUDGET 2020 CAN GENERALLY BE CONSIDERED AS POSITIVE

LTRK: BUDGET 2020 CAN GENERALLY BE CONSIDERED AS POSITIVE

The largest association of Latvian entrepreneurs, the Latvian Chamber of Commerce and Industry, generally has a positive view of the state budget drafted by the government and submitted to the Saeima, however the politicians must pay more attention to increasing budget revenue through developing export and attracting investments.

LTRK pointed out that politicians were able to keep their promise — not to increase basic taxes when drafting the budget for 2020. This approach is perceived positively, because one of major pre-requisites in business is stable and predictable business environment without sudden and major changes in tax regulations and other regulations from year to year. However, in discussions with our members, we arrive at a conclusion that changes are being planned in some taxes, for example, natural resources tax and gambling tax. Even though we understand policy makers’ motivation to invite such changes, we also point out that they should have started negotiations with stakeholders timely and at much greater scale. We expect that discussions on changes in these taxes will continue in the Saeima.