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The income tax return for 2020 must be submitted in an updated form

The IFTS finalized the declaration form, its format and the procedure for filling it out.


The government has prepared a project according to which the annual income is more than 5 million rubles. you need to pay personal income tax at a rate of 15%.

It is planned that the new rules will need to be applied starting with revenues generated in 2021.


The minimum wage for 2021 became known

The Ministry of Labor has established a living wage for the working-age population for the II quarter of 2020. It is equal to 12 392 rubles.

Woodworking and Forestry in Latvia


Latvia is located in the zone of mixed forests and it is one of the richest EU countries concerning forest resources. Forests cover more than 50% of the country. The forest area has almost doubled over the past 70 years, volume of timber increased for 3.6 times, reaching 631 million of cubic meters.

About 50% of forests are owned by the state and managed by the state joint-stock company “Latvian State Forests”.

Forest has a significant role in the formation of the picturesque landscape, as well as it is invaluable for the preservation of natural diversity, recreation of residents and tourism development. An important advantage of the Latvian forests is the fact that their general condition is better, than average in the world. Also, one more advantage is continuous increase of the area of renewable forests. 35,200 hectares of forests have been restored in 2011.

Number of forests, their quality and geographical location of the country in general allows listing Latvia in a number of those countries, in which forestry takes an important place.


Accordingly to recent statistical data, 3.01 million hectares of land is covered by forests in Latvia, which is 1.6 times more than the world average index. The greatest forestry value has coniferous forests. Pine-trees and fir-trees make up about 54% of the stock of wood available in the forests. Birch-trees dominate in deciduous forests, which have the same value as conifers in terms of economic value.

Disafforestation and timber export are also increasing with the increase of forest area, timber resources and the demand for wood products. Disafforestation was 12.72 million of cubic meters of wood in 2011, of which 6.69 million of cubic meters of wood (52.6% of the total disafforestation amount) are got from the state forests and 6.03 (47.4% of the total disafforestation amount) is got from the forests belonged to private owners, municipalities and other owners of forests.

In 2011, it had been cut for 0.26 million of cubic meters of wood less compared with the previous year. Basically, the amount of disafforestation has increased in the forests belonged to private owners, namely, for 0.69 million of cubic meters more. The amount of wood cut decreased by 0.95 million of cubic meters in the state forests.

A part of the forest sector in the manufacturing industry is about 25%, but production output reached 1.8 billion euro in 2011. The sector occupies 1/5 of all involved in production, but 30% of the companies registered in Latvia are connected with this sector.

The forest sector is one of the most important export sectors in Latvia. About 75% of the produced in the forest sector is exported. The volume of exports was 1.7 billion euro in 2011; it is for 15% more than in 2010. Traditionally, the main export products are lumber and merchantable wood. Export volumes of paper and carton, wooden packaging and products for construction have increased compared to 2010.

Lumber and round wood are traditionally the main export products of the sector of woodworking industry of export products. In comparison with 2010, the most significant increase in export was shown by sub-sectors of production of paper and carton, wooden packaging and wooden constructing components.

The main export markets of the woodworking industry sector are Sweden, the United Kingdom and Germany.

Business Opportunities

The sector advantages are wide access to local and imported resources of timber, skilled workforce, the industry`s ability to continuous development.

State Politics

Government politics is directed to sustainable development of forestry, which is a key factor of the industry success. A good example of it is the activation of the national program for the development of the forest sector and related industries with the purpose to promoting more efficient use of timber and long-term developing of the sector. The program is being implemented with the support of the Food and Agriculture Organization of the United Nations.

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