The Ministry of Finance: the zero declaration will affect 60,000 people.

The Ministry of Finance: the zero declaration will affect 60,000 people.

The Ministry of Finance: the zero declaration will affect 60,000 people.
In the next year, 50,000 to 70,000 inhabitants of Latvia will have to report on their property condition, according to the information provided by the Ministry of Finance of the Sejm Commission on Budget and Finance (taxes), the press service of the parliament said.
On Wednesday, the commission supported for consideration in the second reading a bill on the declaration of property by individuals, providing for the introduction of so-called zero declarations from January 2012.
“This will allow us to calculate the assets of all residents and limit the shadow economy that prevents normal competition and prevent corruption,” said commission chairman Janis Reyes.
As reported, its property status at 00.00 on January 1, 2012 will need to be declared to individuals who own property abroad, the value of which is not less than 50 minimum wages, or 10 000 lats.
The declaration will need to be submitted to all citizens of Latvia, non-citizens and persons who have obtained a residence permit, as well as to persons who are residents of Latvia in the understanding of tax legislation and who meet one of the ten criteria.
The declaration must be submitted by persons who are owners or co-owners of real estate abroad, or have the right to own or co-own property;
persons who own only land, water or air vehicles registered abroad, the value of which does not exceed 50 minimum wages;
persons owning financial instruments that are part of a regulated market registered in Latvia with a market value exceeding 50 minimum wages, as well as persons holding unregistered financial instruments or capital shares in Latvia, or shares in commercial companies, shares in cooperatives in Latvia or abroad , whose value exceeds 50 minimum wages;
persons who have cash or non-cash savings in excess of 50 minimum wages, while in order to confirm large cash reserves for a time they will need to be credited to an account in a credit institution of Latvia or another EU country or the European Economic Area of the country, or entered into a postal settlement system .
The declaration should also be submitted if contributions to private pension funds or life insurance premiums (with accumulation) in Latvia or abroad exceed 50 minimum wages; if a person in Latvia or abroad has unpaid loans or other debt obligations, the amount of which exceeds 50 minimum wages, or the person has issued a loan for a large sum.
The declaration must be submitted by persons owning antique or collector’s things, precious metals, etc., the total value of which exceeds 50 minimum wages.
Legalize the income received from January 1, 1991 to December 31, 2007, it will be possible, paying a tax of 15%. To declare previously undeclared incomes will be possible from the beginning of next year to April, envisages a draft law supported by the commission.
In addition, from January 2012 it will be necessary to deposit to your account in a bank or savings company savings exceeding 50 minimum wages, after which you can freely dispose of the funds.
The declaration will need to be filled out once, and submitted in person, electronically or by mail by registered mail.


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