Mandatory Income and Property declaration coming?

Diena (www.vdiena.lv) just published in its online section, that the Saeima Budget and Finance Committee gave its support to the Mandatory Income and Property Declaration system in second reading.

When the decision about passing such law (initially it was planned to be passed until January 1, 2008) came in March 18, 2007 it was just after Vaira Vīķe Freiberga announced veto on proposed amendments in Latvia's law on security organizations.

Now, its seems that slimmed governing coalition (just shaky 52-55 majority coalition)has listened to opposition proposals, and probably there was also some pressure from Latvia's Western partners (actually, it is an interesting case study for future research).

The draft of the law stipulates that citizens and all legal residents will have to make their initial declaration only once. Absence of submitting the declaration would be considered as an act of declaration, just later those persons would have to prove rots of their income or properties to state authorities.

All persons who hold cash that exceeds the amount of hundred minimal monthly salaries in Latvia (circa 200EUR=20000EUR)would have to transfer that money into their bank account until the December 31 deadline of that year.

Comission declined the idea to declare also transactions that exceed the amount of hundred minimal monthly salaries, because the idea of the declaration apparently is to declare savings, and ccording to Mr Leiškalns the takes to control expenditures is the task of law enforcement agencies later on. The latter part of the declaration project looks rather suspicios and I would have to go through it again, until there will be some credibility about actual passing of this law in the parliament. Lets wait again... .