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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.


Manufacture of Textile and Clothing in Latvia

Market

Manufacture of textile and clothing if one of the corner stone of the Latvian industry, which has long history and traditions. Latvia once was one of the largest producers of flax in the world. Today the sector is equipped with the latest technologies and know-how. Experience and knowledge have led to the creation of products with high added value – silver and amber threads.

Latvia became a place, where many famous European, Russian and worldwide brands place their orders in small amounts, where fast and qualitative execution or ecological manufacturing is important

Also, Latvia is a major centre of the production of lingerie in Eastern Europe with more than 50 manufacturers, located on the shore of the Baltic Sea in the city of Liepaja. The higher concentration of the lingerie manufacturers can be only found in France.

Statistics

In more than 700 Latvian textile enterprises were employed about 12.000 people in 2011. The contribution to this sector to GDP is 4.4%.

The industry of manufacturing of textile and clothing is export-oriented. The main sub-sectors are manufacturing of lingerie, tailoring of ready-made clothes, weaving, machine knitting, manufacture of technical textile and handicraft industry.

The main export partners of Latvia are the EU countries, Russia, Belarus and Ukraine. 23% of the industry`s production was exported to Estonia, but in Russia - 9%, Denmark – 9%, Sweden – 7%, Germany – 7%, Lithuania – 7% in 2011. The goods produced under the „private label” are mainly exported to West, but in Russia and the CIS countries – ready-made clothes and lingerie.

Turnover of the industry amounted in 365.8 million euro in 2011.

Business Opportunities

Competitive advantages of the Latvian companies are numerous, starting from the ability to execute orders in a short time, the production of small amounts to price and quality relations.

Sewing companies dominate in the sector, executing orders for the European and global brands. This opportunity is widely used, because Latvian companies offer a short term of execution of orders and have all the necessary new technologies – starting from embroidery, finishing with laser cutting and manufacturing of waterproof fabrics. Also, the companies offer design, garment designing and pattern services.

Also, the sector is presented by small and medium-sized companies, which work with their own fabrics and promote the idea of environmental clothing.

The Latvian companies present new collections of clothes for adults and children, collections of home textile every year, admired by customers worldwide.

Many well-known companies of motor industry and aerospace technologies praised the competence of Latvian companies, producing fiberglass.

Latvian fashion designers gain international recognition, actively participating in fashion shows and competitions, as well as visiting numerous exhibitions on fashion design.

Another integral part of the textile industry in Latvia is the production of lingerie. Quality and design of the Latvian manufacturers of lingerie were praised at many international exhibitions in Europe and Russia.

The industry monitors the development of trends, seeing the future in the development of the production of technical textile and innovative solutions for motor industry, medicine and other industries.

State Politics

The Association of Latvian Lingerie Manufacturers was established in 2009, the main aim of which is to raise the image of the Latvian manufacturers of lingerie and protect their interests. The Association participates in the familiarization of the EU structural funds, organizes training courses, conferences, attracts European manufacturers and offers other services for its members.


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