Latvia’s government has decided to support the proposal to keep VAT at 5% for fruits, berries and vegetables until December 31, 2023. At the same time, the government also decided to outline achievable indexes for results, Finance Ministry reported. This is support measure is intended to promote agriculture and gardening sectors’ development, reduce grey economy,…
Compared to August 2019, total retail trade turnover rose by 4.4% in August 2020. Turnover of retail trade in food products grew by 4.1%. Retail trade in non-food products (except for retail sale of automotive fuel) increased by 2%, while turnover of retail sale of automotive fuel – by 11.3%, according to data from the…
The proposed Latvian state budget for 2021 is sustainable, yet it lacks ambition, said Latvijas Banka’ President Martins Kazaks. “If I look at this story in general, I’m missing ambition”, evaluated the President of the Latvian central bank. Kazaks noted that, for example, the role of Riga in the Latvian economy had not been appreciated.…
The parties of the Latvian government have reached an agreement on the general framework of the 2021 state budget and the planned tax reform. “After several months of debates, we have agreed on the framework of the 2021 budget,” Prime Minister Krisjanis Karins said on September 21. Karins elaborated that the budget of the next…
In Latvia, the level of producer prices in industry decreased by 2.7% YoY in August, the data of the Central Statistical Bureau (CSB) showed. In a press release on September 21, the CSB reported that in a monthly comparison, from July to August, the level of producer prices in Latvian industry remained the same. Prices…
Foreign investors in Latvia propose establishing a single tax regime for all short-term small service providers that perform services on their own, stresses the Foreign Investors Council Latvia (FICIL) in its document on tax policy. Investors also recommend expanding the existing simplified tax payment regime to include taxpayers like nannies, barbers, photographers, cleaners, designers and…
Compulsory minimal state social insurance contributions should be paid by all Latvian citizens, because everyone should be socially protected independently regardless of their sector of employment, said Culture Minister Nauris Puntulis. When asked about a comment on culture industry’s workers’ arguments that minimal social contributions would not guarantee financially secured retirement anyway, the minister said…