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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.

Expert: The Real Estate Market of Latvia is Sick Using medicine terminology, we can say that the Latvian real estate market is currently sick. It will recover only when all transactions will be concluded at fair market value, and those whose expectations are too high, will leave. Such an opinion has Igor Danilevich, the real estate market expert, member of the Latvian Association of Real Estate, Member of the Board of LLC Real Estate Jurmala.
According to him, the market and those who work on it, need to accept this diagnosis, call a spade a spade and endure in order to return with new strength and experience. Read more
Estonia Will Produce its Own Petrol The national energy company Eesti Energia intends to start production of petrol made from oil shale, deposit of which is located in the east of the country. Read more
Transport and Logistics in Latvia Since olden days Latvia was a shipping point for international trade due to its geographical position. Transport corridors are crossing Latvia from east to west and from north to south. Analysis of the statistics shows that the main flow of goods, mostly transit is moving from east to west through Latvian ports, connecting Russia, the CIS and Asia countries not only with West Europe, but with the whole world. Read more
Information and Communication Technologies in Latvia Sector of information and communication technologies (ICT) in Latvia began to develop in 1960`s, when the Institute of Mathematics and Computer Science and the Institute of Electronics and Computer Science were established, which developed the technology for the Soviet lunar program. The first Internet connection was created in Latvia with the support of UNESCO in 1992, after which the use of computers and the Internet was increasing from year to year. Latvia was one of the five countries with the highest average speed of the Internet in the world (8.8 Mbps) in 2012; the Internet is available to 92.5% of the population. Read more
Manufacture of Food Products and Beverages in Latvia 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. Read more
Chemical Industry, Biotechnology and Pharmaceutics in Latvia Latvia has historically formed and strong science base in the field of chemistry. Latvian chemists have made significant contribution to scientific research until the 19th century. Read more
Manufacture of Textile and Clothing in Latvia

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.

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Electronics and Electrical Engineering in Latvia

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.

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Metalworking and Mechanical Engineering The Latvian branch of mechanical engineering and metalworking has come a long way of development and currently is a corner stone of the country`s economy. Many foreign companies think that it is gainfully to cooperate with the Latvian suppliers, place orders or make direct investments in metalworking and mechanical engineering industry of Latvia. Read more
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.

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