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23/09/20

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.


22/09/20

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.


20/09/20

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.


Electronics and Electrical Engineering in Latvia

Market

Electronic and electrical industry of Latvia has long and impressive history. The world`s first miniature camera VEF Minox was invented in Latvia in 1937. Telephones and radios made in Latvia are brands, known so far, they are well remembered in the countries of the former USSR. Having survived the transition period in the early 90-ies of the 20th century, the electronic and electrical industry of Latvia has revived and became one of the leading ones in the country.

Today, this industry sector is one of the most promising and the most important in the national economy due to its ability to produce high-tech products.

Industry-leading enterprises have access to all the necessary technology and to provide full production cycle of the production output, including the productions of tools and software development.

Statistics

Electronic and electrical industry has grown rapidly in recent years. The industry`s production output tripled since 2000 and remained stable in recent years. Takeover of the industry exceeded 250 million euro in 2011.

Electronic and electrical industry of Latvia is strategically focused on export, where 85% of the production produced is sent. A large specific weight of export and a large number of export markets demonstrate the competitiveness of the industry on an international level. The main export markets of the industry are the EU countries.

More than 3800 people were employed in the industry in 2011, 2/3 of them were engaged in the manufacture of electrical engineering. Electronic and electrical industry is one of the largest employers of technically and scientifically trained people in Latvia. The average salary in the sector is for 20-40% higher than the average one in manufacturing.

Business Opportunities

Accordingly to increasing export of modern technologies, electronic and electrical industry has great potential for development investments today. Many products are produced in Latvia that have been recognized and praised by the relevant professionals worldwide. The main products are loudspeakers and related devices, wireless data devices, industrial optics, measuring equipment, as well as microphones. Many companies are offering their services for the production of high-quality, certified according to ISO electronic and electrical products – from cable processing and assembly of printed circuit cards to installing and testing of finished products. Also, companies provide services for the development of industrial automation products.

State Politics

In 2012, funding was made to the Latvian Electric and Electronic industry cluster. Currently, the cluster includes 22 companies, 2 research organizations and 1 educational institution. The aim of the project is to promote cooperation of companies, research and educational institutions, increasing the competitiveness of companies and the industry as a whole, stimulating growth in export, innovations and creation of new products.


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