The reduced value added tax (VAT) rate has given the book and media industry an opportunity to overcome inflation and increase the availability of books and periodicals to readers.
This was found in the informative report prepared by the Ministry of Culture (MoC), which was accepted by the government yesterday. In order to assess the long-term impact of the reduced 5% VAT rate on books and periodicals, the government also supported the Ministry of Finance’s proposal to compile and analyze industry indicators over a ten-year period. Thus, the Ministry of Internal Affairs is required to prepare and submit to the government for review an informative report by June 30, 2029, which evaluates the impact of the application of the reduced rate of VAT in the amount of 5% on books, newspapers, magazines, bulletins, etc. in the form of printed and electronic editions in the period from 2018 to 2028. for the year, comparing the number of titles of books and periodicals and the average price in the commercial circulation – in bookstores and press outlets.
Faith in stability
“The publication and sale of books and periodicals plays an important role in the preservation and development of the Latvian language, as well as in the promotion of literacy. In the period from 2021 to 2023, the reduced VAT rate has provided an opportunity in the industry to increase the availability of books and periodicals for readers. In the book publishing industry, the reduced VAT rate is the most democratic instrument of support,” stated the Minister of Culture Agnese Lāce (Progressives)
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2024-08-14 09:50:47