RIGA, Feb 23 (LETA) - Saeima today passed in the final reading amendments to the Administrative Violations Code, introducing fines for violations in residents' declarations of their property status.
The amendments stipulate that fines of up to LVL 250 will apply to residents who fail to submit their property status declarations, fill out the declarations incorrectly or fail to declare part of their properties or savings.
Also, persons who fail to transfer into their bank accounts the minimum amount of money provided for in the law by June 1 will be fined up to LVL 500.
The amendments also stipulate that such administrative violations will be investigated by the State Revenue Service.
As reported, the government last December approved law on property status and undeclared income declarations by private individuals, which stipulates that residents will have to declare their property status as of December 31, 2011, from March 1 to June 1 this year.
The law 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. 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, and persons who have issued loans of LVL 10,000 or more.
Mārtiņš Vilemsons LETA
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