IMF forces Latvia to increase VAT rate

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IMF forces Latvia to increase VAT rate

December 15 2008

Latvia's standard and reduced rates of VAT are to increase to 21% and 10% respectively. The increase of the standard rate amounts to three percentage points and the reduced rate has been doubled from 5%. The move comes after pressure from the IMF. The VAT increases will be effective from January 1 2009.

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