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Non-taxable minimum income on pensions to be raised to €330 in 2021

The Latvian parliament on September 27 adopted in the final reading amendments to the law on individual income tax, providing to raise the non-taxable minimum income on pensions to €330 a month in 2021.

At present the law states that non-taxable minimum income on pensions is €250 this year, and it will grow to €270 in 2019, and €300 in 2020.

According to the Finance Ministry, raising of non-taxable minimum income on pensions to €3,960 a year will create a negative fiscal impact worth €11.8 million.

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