In 2018, citizens will be able to increase their income

 The citizens of Latvia will meet with significant changes in several sectors, including the possibility to increase their income.

In 2018, the new tax policy entered into force in Latvia. Most paid workers will pay a lower personal income tax (PIT), because the rate is reduced by 3% - from 23% to 20%. At the same time, a progressive PIT rate will be introduced that will affect the wage recipients, as well as a change in the solidarity tax breakdown, 1% to the compulsory health insurance, 6% to the accounts of the members of the socially insured persons or funded pension scheme, 4% - to the private pension fund chosen by the taxpayer in the pension plan, while 10.5% is diverted to the IIN distribution account. The minimum wage will increase from € 380 to € 430 per month in 2018, while the amount of relief per dependent will increase from the current € 175 to € 200.

Read more about these and other changes here , as well as in the compilation and infographic created by theState Chancellery .

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