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Employers: a massive tax reform is developed, but there is still a lot of work left

Vitalijs Gavrilovs/eu2015.lv.
«As a socially responsible organization, we believe changes to the tax system are a step in the right direction. But work is not over yet. True benefits from the reform will appear only once people’s attitude changes,» employers comment on the tax reform.


Latvian Employers’ Confederation says that the organization and the government have worked hard on proposals this past year to reform Latvia’s tax system and find appropriate solutions for the country’s sustainable development.
 

«For the first time since the restoration of independence, such a massive tax reform has been developed for Latvia’s tax policy,» LCCI explains.
 

«Finding a compromise is decisive for the social dialogue and decision-making process. Although certain deviations are noted in the reform project, the main objectives include competitiveness (motivating system for honest entrepreneurship and raising the level of residents’ welfare) are kept in place,» says LCCI President Vitalijs Gavrilovs.
 

To raise competitiveness of businesses and secure an increase of investments, one of the most important changes has been added to the tax reform – 0% rate for reinvested profits.
 

Also employers, understanding the need for increased funding to be allocated for healthcare, supported the introduction of mandatory health insurance, because the goal of tax reform is not just increase of competitiveness of businesses, but also the increase of welfare for residents.
 

«As a socially responsible business organization, we believe changes to the tax system are a step in the right direction. But this is not the end. True benefits from the reform will become apparent once people’s attitude, culture and understanding of causation will secure social guarantees in the future,» says LCCI Director General Liga Mengelsone.

BNN

31-07-2017
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