Latvia Adopts Budget for 2015

On 17 December 2014, the Latvian parliament adopted amendments introduced under the Budget for 2015. The following summarizes the main changes.

• The individual income tax rate will be reduced from 24% to 23% as planned under the 2014 budget
• The minimum monthly salary is increased from €320 to €360
• Several measures are introduced to increase tax revenues and reduce "shadow economy":
  • Current and former board members will be held personal liable for a legal entity's overdue tax payments when the…