The Ministry of Finance has submitted for public discussion an idea of amendments to the Law on Taxes and Duties, which should tighten control over the circulation of cash by individuals. At the same time, the department assures that it will not be poking around in citizens' wallets with a magnifying glass, writes Rus.Lsm.lv. "We are not going to monitor your everyday payments. If you bought something in a store for 750 euros, the State Revenue Service is not interested. Quite often, partners or relatives make large transfers to each other – for example, to cover travel expenses. And this is normal practice, the State Revenue Service does not see any problems here. But if a person has disproportionately large expenses in relation to his income – then VID may take an interest in him," Olga Bogdanova, Deputy State Secretary of the Ministry of Finance, explained in an interview with Domskaya Ploshad. At the same time, VID does not want to be perceived as an exclusively punitive organization. "In our society, VID is often treated as a repressive structure. We want to change this attitude and create the image of a partner with whom communication should be maintained. After all, a person could, for example, simply make a mistake when filling out a declaration, and he should have the opportunity to correct the mistake. The main thing is to be in contact," Bogdanova emphasized. As Delfi reported, the amendments developed by the Ministry of Finance, in particular, stipulate that banks and service providers will be obliged to provide VID with more data on the receipt of cash into the accounts of a greater number of their individual clients. The amendments stipulate that by February 1 of each year, a credit institution or payment service provider will submit to VID information on individual clients who are residents of the Republic of Latvia, for whom the total debit or credit turnover on the payment account last year exceeded 7,000 euros. Currently, the law obliges to provide information to tax authorities only on those clients whose turnover on one payment or savings account exceeds 15,000 euros. In addition, VID will receive information on all cash transactions worth over 750 euros. It is planned that these measures will help combat the shadow economy. The public discussion of amendments to the Law "On Taxes and Duties" will last from August 21 to September 4.
