Potential tax chief says cash transactions should be limited further

Limiting cash transactions would help to make the fight against the shadow economy more effective, Ilze Cirule, the candidate to become director of the Latvian State Revenue Service, said in the interview to the public Latvian Radio Thursday.

She said the existing €7,000 limit on transactions in cash should be lowered, as should cash deposits via ATMs. Furthermore, such transactions could be analyzed in cooperation with the Latvian Association of Commercial Banks.

The individuals depositing unreasonable amounts of cash could be asked to explain the origin of the money. This would be helpful in fighting tax evasion in the form of unofficial wages paid to employees in cash.

Cīrule said said that she had received assurances about support from the government during the interview with the commission reviewing candidates to the State Revenue Service chief.

"I received assurances that the government is prepared to throw all its weight behind the new head of the organization so that the State Revenue Service would become a transparent, trusted and customer-oriented organization," Cirule said.

As reported, the commission assessing candidates for the next head of the State Revenue Service has recommended Ilze Cirule, who has extensive work experience in insurance business, as the best candidate for the vacant post.

Latvian Finance Minister Dana Reizniece-Ozola (Greens/Farmers) is due to interview Cirule on Thursday, November 3.

If the finance minister upholds Cirule's candidacy, the government could appoint her the new head of the State Revenue Service next week.

Previously Latvia planned to limit private cash transactions to €7,200 - the same ceiling currently applied to businesses. 

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Economy
Economy