Shadow Economy Reduction Plan Offers to Facilitate Formal Economy

Riga, June 10, 2010. By Latvian Institute

On June 10, State Secretary of the Finance Ministry Mārtiņš Bičevskis announced the key measures developed by a working group for the plan to reduce the shadow economy and promote fair competition. This includes the promotion of legal business, support of entrepreneurs facing difficulties due to the crisis, a unique opportunity to legalise unreported income, strengthening analytical capacity of controlling authorities, more effective sanctions, fairer tax policy, more effective communication and greater transparency. The working group was established by the Prime Minister’s decree and chaired by the State Secretary of the Ministry of Finance Mārtiņš Bičevskis.

“The basic principle of the measures included in the shadow economy reduction plan is to build a more favourable and comfortable legal business environment, while making the illegal or gray part of the business less favourable and less attractive”, said Bičevskis. For example, it is planned to build a so-called “white list” where according to certain criteria legally-working entrepreneurs would be included and which would facilitate access to public procurements, implementation of EU fund projects and ensure less administrative controls.

For further information on proposed measures see:
http://www.fm.gov.lv/?eng/news/49982

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