On August 24, Latvia’s Cabinet of Ministers reviewed a report prepared by the Ministry of Finance on the state base budget and state special budget. Consolidated budget expenditures are estimated at EUR 11.886 billion. For 2022 the ministry has estimated base budget expenditures at EUR 8.741 billion and for 2023 state base budget expenditures are…
Latvian State Revenue Service’s Tax and Customs Police have commenced a criminal procedure over large-scale contraband of tobacco products. Latvian authorities managed to prevent damages worth EUR 400,000 to the state by uncovering this crime, as reported by the service. In August, VID Tax and Customs Police performed investigative measures after receiving a tip regarding…
Latvia is not prepared for the way the economy will be changed by climate neutrality requirements. Mostly businesses in Latvia think only about cost reduction, not new ways of earning in the context of climate requirements, said the governor of the Bank of Latvia Martins Kazaks. “I don’t think the private sector or state administration…
The indicative fiscal space or additional expenditures of the 2022 Latvian state budget are estimated at EUR 300 million. Budget deficit is planned at 3.8% of GDP, according to the Ministry of Finance. On August 24, that Cabinet of Ministers will consider a number of topics related to the 2022 state budget, including fiscal space,…
There are a number of issues important to Latvia’s future development – from insufficient investments to inequality in society. However, it is the delays with long-term decisions that causes concerns, governor of the Bank of Latvia Martins Kazaks has said. “As for political decision, unfortunately, we have to conclude that we are too wrapped in…
The State Revenue Service (VID) has put under arrest the accounts of SIA Rigas karte, which is responsible for the electronic public transport ticket system in Riga. This decision may negatively impact the functionality of the entire e-ticket system in Latvia’s capital city, says Rigas karte board chairperson Diana Smite. She says the company has…
Unemployment rate in Latvia constituted 7.9% in Q2. Compared to the previous quarter, the unemployment rate decreased by 0.2% and over the year – by 0.7%. In Q2, there were 73.4 thousand unemployed persons aged 15 to 74, down by 10.1 thousand YoY and by 1.3 thousand QoQ. In Q1, the unemployment rate in Latvia…