BCM Group
Staying updated on payroll tax regulations is essential for businesses in Latvia. The Payroll Tax Booklet (Algas Nodokļu Grāmatiņa) is an electronic record that helps employees receive tax benefits and ensures employers deduct the correct taxes.
Key Updates for 2025:
New Tax Rates: 25.5% for incomes up to €8,775/month, 33% for higher incomes.
Non-Taxable Minimum: Increased to €1,000/month.
Excise Duty Hike: Increased taxes on tobacco, fuel, and sugary drinks.
Vehicle Tax: Increased by 10%, payable by January 31.
New Bank Tax: Solidarity levy introduced.
Expert Advice for Employers:
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Ensure employees register their Payroll Tax Booklet via the State Revenue Service (EDS).
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Update payroll systems for new tax changes.
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Help employees understand tax benefits to maximize savings.
Stay compliant and avoid penalties by keeping up with these crucial payroll tax updates!
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