Information about Latvia Minimum wage and taxes.

In Latvia, the minimum wage is subject to a regulation determined by the state in order to protect the rights of employees and employers. As of 2021, the gross minimum wage in Latvia has been determined as 500 euros. The net wage received by the employee based on this gross minimum wage is determined after deducting taxes and insurance premiums. Income tax rates in Latvia vary depending on income level. As of 2021, income tax rates in Latvia are as follows: - 20%: Incomes between 0-20,004 euros - 23%: incomes between 20,005-62,800 euros - 31.4%: Income over 62,801 euros Additionally, social insurance premiums in Latvia are paid by the employee and the employer. As of 2021, the employee social insurance premium rate is 11% and the employer social insurance premium rate is 24%. In line with this information, in Latvia, the net wage received by the employee after taxes and insurance premiums are deducted from the minimum wage will vary depending on the tax bracket of the gross minimum wage.

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