The Latvian parliament has voted to extend the reduced tax rate for small business. For businesses with no more than 5 employees and annual revenue of up to EUR 100,000, a reduced tax rate of 9% may be applied. The reduced rate was to be phased out by 2017, with the standard corporate tax rate of 15% then applying. It is expected that changes will be made in the future, including possibly limiting the reduced rate to certain industries.