Latvia’s grey economy proportion was 20.3% of GDP last year. It is 1% higher in comparison with 2015, according to results of the data from the Grey Economy in Baltic States 2009-2016 study. The most common signs of grey economy in Latvia are undeclared income (42.1%), envelope wages (40.2%) and unregistered employees (17.7%). In Lithuania,…
In January-April the port of Ventspils handled 9.5 million tons of cargo, up by 25% YoY. According to the port authority, transshipment of Ro-Ro cargo grew by 26%, to 143,000 tons. Kalija parks handled 140,000 tons, Ventspils Nafta – 3.4 million tons, Eurohome Latvija – 367,000 tons. In April the port’s throughput surged by 60%…
The tax reform provides for a major increase of labor costs for small employers. In accordance with Finance Ministry’s offer, these companies will have to find more than EUR 13 million to, at the very least, maintain their business activities, Latvian Traders Association comments on the situation. Authors of the tax reform, on the other…
Latvian government approved the new state budget priorities funding process, the Finance Ministry reported. During the meeting of the Cabinet of Ministers on May 3, members of the government reviewed a draft that provided for a new order for financing processes of budget priorities of different ministries starting with the preparation process of the 2018…
Latvian State Revenue Service has registered in its unified database multiple new cash register models, opening the way for users to replace their existing cash registers with new models that comply with updated requirements. Compliance certificate has been issued to CHD 3050, CHD 3050 U, CHD 2050 and CHD 7 cash register models. These models…
As part of the terminal’s expansion project, construction of a new warehouse for Ventspils Grain Terminal has been successfully completed. Now it is possible to commence wall construction work, as reported by the company’s chairman Vladislavs Safranskis. The expansion project for the improvement of Ventspils Freeport includes not only increasing storage capacity thanks to the…
Compared to March 2016, total retail trade turnover in Latvia rose by 1.5% in March 2017. Turnover of retail trade in food products declined by 0.8%, whereas turnover of retail trade in non-food products grew by 3.3%. The most significant turnover growth in the non-food product group was recorded in retail sale of information and…