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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.

Air transport

Aircraft is the most profitable transport for transporting goods to Russia. Aircraft can carry up to 50 kilograms of goods for personal use, and their value should not exceed 10,000 euros. On 

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Long weekend ahead of November

This year, National Unity Day falls on Monday.

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Ministry of Economic Development plans to increase deflator coefficients for 2020

The project is undergoing public discussion.

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Federal Tax Service approved a new form of calculation of insurance premiums

An order was issued by the tax department with a new RSV form, the procedure for filling it out, and the electronic submission format

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World Paramusic Festival 2018.

Dear Friends, we are sharing with you our strongest positive emotions associated with
10th anniversary World Paramusic Festival ..

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 In July, in Russia, they became obligatory for using online cash registers. In this regard, it is necessary to take into account a number of changes related to settlements between organizations and IPs, the reception of personal and non-personal payments from individuals, requisites of the check and its correction, trade through vending machines, advances and loans. About these and other changes that occurred on July 3, read in our review.

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Crypto currency

Today's article, we begin a series of materials on the crit. This new and modern economic concept is widely heard by everyone, but hardly many people understand and will be able to explain the essence of the crypto-currency. It's time to clarify this topic for ourselves ... We, modern and inquisitive people, have a lot of questions on this subject that we would like to find out for ourselves: blockade, bitcoin, the basic characteristics of the crypto-currency market, the history of the emergence of this market, other representatives of the crypt, industry.

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Changes in a form 2-NDFL for the 2017th year.

After the termination of the 2017th year taxpayers as however it usually also happens, have faced innovations which concern fresh changes in a form of filling and submission of annual declarations.

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New rules of filling documents On May 25th, 2017, the Resolution No. 625 of the Government of the Russian Federation has approved changes in annexes No. 1 and 2 to the Resolution of the government of the Russian Federation of December 26, 2011 No. 1137. "About forms and rules of filling (maintaining) the documents applied at calculations for a value added tax". Read more
How Latvian Choose Housing There are national characteristics of holidays, business, hunting, shopping and others. It turns out that there are national characteristics of property purchasing to the residents of Latvia. Before the New Year's Eve, they were summarized by the DNB bank's employees, whose daily work is connected with the assessment and the provision of mortgage loans. Read more
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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Accounting and Annual Financial Statements in Latvia The company accounts should clearly reflect the deals and financial results of the enterprise business in accordance with applicable law, as well as provide a true and clear view of its financial condition. Read more
Major Taxes and Tax Rates in the Republic of Latvia If you plan to do business in Latvia, we offer you to acquaint with major taxes and tax rates, which must be paid in this country. Read more
Trade and Customs The external borders between Latvia and other countries of the EU were cancelled after Latvia joined the European Union in 2004; thus guaranteed the free movement of goods within the common market. Customs formalities are abolished between the member states of the EU; it means that customs procedures are not applied while delivering goods from one country of the EU to another one. Read more
Micro-enterprises in Latvia

We already wrote about the forms of business that exist in the Republic of Latvia. Also, you can use the possibility of preferential taxation and register your activity as a micro-enterprise.

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Forms of Entrepreneurial Activities in Latvia There are 4 forms of entrepreneurial activity in the Republic of Latvia: an individual merchant or IM (IK); Limited Liability Company – LLC (SIA); Joint-Stock Company - JSC (A/S) and a Branch Office / Representation. All forms are registered in Commercial register. Read more
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