Latvia to raise tax-deductible winnings to 7200 EUR

The Ministry of Finance of Latvia proposes not to impose tax on the lottery and gambling winnings up to 7 thousand 200 euros, report local mass media.

It is worth noting that currently gambling and lottery winnings of more than 3 thousand euros are taxed in Latvia according to the rule which entered into force on January 1, 2018, as part of the tax reform.

It is planned to introduce a fixed tax at the rate of 23% for the winnings over 7 thousand 200 euros.

It is reported that one third of Latvians play local Latvijas Loto lottery. Meanwhile, the profit of Latvijas Loto has been steadily increasing year by year: in 2015, the company’s turnover was 24.68 million euros – 13% more than in 2014, and revenue amounted to more than 4 million.

In 2016 the turnover of Latvijas Loto amounted to more than 29 million euros, and revenue was 5 million.


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