On Friday, July 14, the international credit rating agency Moody`s affirmed its 'A3' long term foreign and local currency sovereign credit ratings on the Republic of Latvia. The outlook is set stable.
If Latvia wants to meet the rising expectations among its citizens for better public services, such as health, education, and transportation, it should consider increasing revenues through improving its taxation system, according to the World Bank.
The forthcoming report, which will summarize the findings from a year-long review, finds that tax revenues in Latvia are lower than in many similar countries, while social inequality remains higher in comparison to many European Union (EU) countries. The tax revenue to GDP rate in Latvia, at some 29 percent, in one of the lowest in the EU – 10 percentage points below the EU average and about 5 percentage points below the Organization for Economic Cooperation and Development (OECD) average.
To combine efforts in the fight against the grey economy, corruption and other fraudulent activities affecting the state budget and the overall welfare of the society, the state administration implements the social information campaign also known as the anti-fraud movement – #FraudOff! The long-term goal of the movement is to achieve a zero tolerance of the population towards the fraud in our country.