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Government approves procedure of declaration of cash savings by private individuals

2012.02.01 11:05

RIGA, Jan 31 (LETA) - The government today approved the Finance Ministry's procedure for the declaration of cash savings by private individuals, whereby person who have such cash savings will have to transfer them to their accounts in commercial banks. The regulations stipulate that this will have to be done by 12 midnight on June 1 this year. The law on private individuals' declarations of financial circumstances, which came into force December 15 last year, stipulates that residents will have to declare cash savings worth more than LVL 10,000, in lats or foreign currencies, which they will have to pay into their bank accounts. For officials, the minimum limit is LVL 4,000.

If an individual does not submit the declaration, or if untrue information is provided in the declaration, the person will be held responsible under the Criminal Law.

Declarations will also have to be submitted by residents who have taken out loans or have other debt liabilities of LVL 10,000 or more, persons who have issued loans of LVL 10,000 or more, as well as persons who own properties worth LVL 10,000 or more.

The regulations also provide that cash paid into a given individual's bank account by June 1 will have to remain in the account at least until June 2, 5 a.m. Latvian time.

Jānis Bagātais LETA

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