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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 Food Products and Beverages in Latvia

Market

Latvia has rich history of production of agricultural products and foodstuff, this industry is one of the largest manufacturing sectors in Latvia. Latvian`s population, one hundred years ago mainly living in countryside, developed their own cuisine – nourishing, tasty and suitable for people, who spend most of the day working in the field.

Latvian products were highly valued in Russia for decades; this fact reminds unchanged to this day. „Made in Latvia” is a phrase that represents the high and true value of the product.

Rapid development of the market of finished products and by-products is observed on the foodstuff market of Latvia, Eastern Europe and the CIS countries. There is growing interest about national dishes, as well as easy-to-consumption meals and snacks, but at the same time the demand is for healthy food, which opens new opportunities for food and beverage manufacturers.

Connection between the industry and consumer education is one of the most powerful factors that can ensure the successful development of the sector of food and beverages in Latvia. University of Agriculture provides training of highly skilled and well-educated professionals of this field.

The development of agriculture in Latvia has also contributed the development of enterprises engaged in processing of products. Almost all daily necessary products are made in Latvia. Food industry uses the local, as well as imported from other countries agricultural raw materials. The food industry enterprises are located throughout the country.

Statistics

The food industry is the largest manufacturing industry in Latvia. The industry has created about 22% of value added of the manufacturing industry in 2011. The make quantity reached 1.6 billion euro in 2011. About ¾ of all products manufactured in the industry were sold on the local market, the rest were for export. Unit weight of export of the manufactured products was 27% in 2011.

More than 780 companies and private traders were employed in the industry in 2011 and 22% of all those were employed in the industry.

The main export markets of the food industry are Lithuania and Estonia. Hard cheese, butter, milk and powdered milk, canned fish, fruit and berry half-finished products, pickles, variety of grains, meat products, confectionery, alcoholic and soft drinks made in Latvia are popular in Europe. Fruit and berry half-finished products are exported and used in the further production of yoghurts, ice-cream and confectionery. Latvian products are in great demand in the CIS countries as well: Riga sprats, dairy products, canned meat and vegetables are especially well-known for its excellent quality. Latvian products are also sold in the United Arab Emirates, South Africa, United States, Israel and other countries.

Business Opportunities

In recent years, the sector of production of foodstuff of Latvia has been significantly changed: modernized production, which corresponds to European standards now, the requirements of which are strictly observed. Latvian infrastructure provides fast, high-quality and cost effective delivery of products manufactured here to other countries. It was one of the prerequisites for the location of multinational companies here, which want to master not only the Latvian market, but the markets of nearby states as well.

Strict quality standards observed in the production provide that foodstuff made in Latvia find more and more lovers abroad. At the same time, the Latvian products are highly appreciated by buyers in new markets, such as Scandinavia, the United Arab Emirates and others. Latvian producers are able to respond flexibly to the needs of consumers, providing the necessary changes in taste of the products, its packaging, design. Made in Latvia means high quality, tasty and healthy.

State Politics

The sector of production of foodstuff of Latvia has been significantly improved, aided by the support of the state, providing more easy access to the latest technology, proper veterinary care and better auxiliary activity to rural producers. The Latvian government has taken the lead in order to ensure safety and activity control by implementing the state „Program of Quality Control and Food Safety”. The Ministry of Health and the Latvian Food Centre adopt information for local conditions related EU legislation in the field of food and bring it to the attention of the Latvian organizations, which implement them. There is a system, common to all EU countries, where the company is responsible for its own internal HACCP. Many exporters have already decided to work accordingly to the system of ISO 9001-2000. Some of them went ahead and took even higher standards, as required by foreign customers.


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