The 2022 state budget plan provides for financial stability in Latvia. Thanks to this plan there will be no need to consolidate the budget or raise taxes, said Latvia’s Minister of Finance Jānis Reirs at the government meeting on Friday, 24 September.
The minister stressed that it is a balanced budget that provides finances for both residents’ welfare and economic development of the state to bring Latvia closer to the welfare level of Nordic states.
«It is a fiscally responsible budget that sets the foundations for future development and prevents excessive expenditures,» says Reirs.
The minister added that the country’s financial situation is stable and the 2022 state budget will help ensure this stability lasts.
As previously reported, four parties of the ruling coalition have reached a political agreement on the 2022 state budget project.
Latvian Prime Minister Krišjānis Kariņš says next year residents can expect increased wages in healthcare, education and interior affairs. There are also plans to increase the base financing for research and cancer treatment.
At the same time, the coalition also agreed on a considerable reduction of the labour tax burden.
This step is intended for residents with low wages. The plan is increasing the non-taxable minimum to EUR 350 from 1 January 2022 and to EUR 500 from 1 July 2020.
Latvian minister promises no need for budget consolidation or tax increase next year
