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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.

The Turnover of the Fishing Industry will Drop by at Least 50% The drop in the fishing industry's turnover in Latvia will be not less than 50% this year – such a forecast was expressed by the Chairman of the Board of the Latvian fish processing plant Brīvais Vilnis Arnold Babris to the BNS Agency. Read more
The Latvian Lido Plans to Open 100 Restaurants in Germany in Five Years Latvian catering company Lido plans to open 100 restaurants in Germany in five tears, said to journalists its representatives on Tuesday. Read more
The Advertising Market in the Baltic States Increased by 3% in 2015 Last year, the advertising market in the Baltic States increased by 3.1% - up to 270.9 million euro, according to the data of market analysis conducted by marketing research and media monitoring companies TNS in Lithuania, Latvia and Estonia. Read more
20.9 Million Euro will be Allocated to Increase the International Competitiveness of Latvia in the Field of Tourism Starting from Monday, the Investment and Development Agency of Latvia (LIAA) begins to conclude the contracts to provide support in the framework of the project “Promoting of the International Competitiveness of Latvia in the Field of Tourism”. Read more
Microsoft Invented the “Infinite USB Flash Drive” The Microsoft Corporation found a way to create a data storage device that can store a virtually unlimited amount of information for any long period, reports The Next Web. Read more
46.3 Million Euro from the Swiss Cooperation Program was Invested in the Latvian Economics 46.3 million euro from the Swiss Cooperation Program was invested in the Latvian economics, according to the Ministry of Finance. Read more
German Investors Expect to Increase the Turnover in Latvia This Year This year, German investors expect to increase the turnover in Latvia and every second company working in the country with German capital expects growth in export, according to a survey of the German-Baltic Chamber of Commerce in Lithuania, Latvia and Estonia Read more
A Number of Events for the Development of Economic Cooperation between Latvia and Belarus will be Held This Year This year, a number of events for the development of economic cooperation between Latvia and Belarus will be held, as reported in the Ministry of Economics. Read more
„Statoil”: the SRS Becomes More Friendly to Entrepreneurs The company “Statoil Fuel&Retail Latvia” positively evaluates the work of the State Revenue Service (SRS), because there are several fields, in which the SRS became much friendly to entrepreneurs, said the Executive Director of “Statoil Fuel&Retail Latvia” Gunta Jekabsone. Read more
The Companies from Lithuania and Estonia Lead in the List of the Largest Companies of the Baltic States The retail companies dominate in Latvia in the list of 500 largest companies, industrial companies in Lithuania have no equal competitors, but Estonians are strong with shipping companies growing at the expense of the Latvian side, according to a study conducted by the Lithuanian business newspaper Verslo zinios together with the Latvian Dienas bizness and Estonian one Aripaev. Read more
The Court Found the Latvian Bank “Trasta komercbanka” to be Liquidated The Riga Vidzeme District Court decided to admit the JSC “Trasta komercbanka” to be liquidated on Monday. Read more
Statoil: Estonians More Often Buy Fuel in Latvia According to Statoil, the Estonians more often buy fuel in Latvia due to the difference in the prices. Read more
Housing Affordability has Increased in the Capitals of the Three Baltic States Housing affordability of dwelling has increased in the capitals of the three Baltic States in the IV quarter of 2015 according to the last Housing Affordability Index prepared by Swedbank. Read more
Latvia is Planning to Sign an Agreement on Accession to the OECD in Early June Progress achieved up to date gives hope that Latvia will soon finalize the technical negotiations with the Organisation for Economic Co-operation and Development (OECD). Read more
Overproduction of Wheat is Expected in the World this Year The global market has faced overproduction of wheat against the backdrop of growth in production over the last 5 years, as well as high carry-over stocks of grain products in the current season. Read more
The Latvians are Buying More Expensive Products with the Increase of Purchasing Power The Latvians buy more expensive foodstuff, which has a positive effect on the increase of the turnover of food trade with the increase of purchasing power of the population, as said the Agricultural Market Promotion Center's (AMPC) chief, Inguna Gulbe in an interview to the business information portal Baltic Business Service of BNS Agency. Read more
Riga City Council and Swedbank will Support Novice Entrepreneurs in the Framework of the Grant Programme Take-Off Riga City Council and Swedbank will sign an agreement on the implementation of the grant programme Atspēriens (Take-Off) for the fifteenth time in a row in the first half of 2016 in order to promote the development of small and medium entrepreneurships in the capital. Read more
Birthday of the Bar “Barschevsky & Partners” We are really glad to wish many happy returns of the day to our colleagues – the Bar “Barschevsky & Partners”! Read more
Former Vice-President of Latvenergo was Fined for Nearly 50000 Euro Riga District Court, considering one of the cases of bribery of officials of Latvenergo, sentenced the former vice-president of the company Aigars Melko and the head of Energy Consulting Andrey Livanovich to fines, but the technical director of production of Latvenergo Gunars Tsvetkovs was acquitted. Read more
Decrease in Oil Prices Contributed to the Profit of Lithuanian Companies Lithuanian companies engaged in non-financial activities received 3.31 billion euro of pre-tax profit in the first nine months of this year, while the profit was 2.79 billion euro in 2014, but in the pre-crisis year of 2007 – 3.13 billion euro according to the Department of Statistics. Read more
The Biggest Tax Debtors Owe Latvia Over 245 Million Euro
100 biggest tax debtors have owed Latvia a total of 245.107.000 euro at the beginning of December 2015 - 1% less than at the beginning of November, according to the State Revenue Service (SRS). Read more
“Rigas udens” Will Auction Property Located on Murjanu Street The company “Rigas udens” will auction property located in Riga, on 70 Murjanu Street on January 21, as reported by "The Latvian Herald". Read more
“Nordea Bank” Raised its Forecast of the GDP Growth in Latvia for 2015 up to 2.4% Nordea Bank raised its forecast for growth of gross domestic product (GDP) in Latvia for 2015 from 2.2% to 2.4%, according to the latest economic review prepared by experts of the bank. Read more
Another Fast Food Giant “Pizza Hut” Will Start its Work in Latvia Opening of another fast food giant “Pizza Hut” is planned in Latvia in the first quarter of next year, reported a representative of the company Vitaly Zhiauga. Read more
Baltic Logistic Solutions Will Establish Logistic Centre in Each of the Baltic States The logistic company Baltic Logistic Solutions (BLS), which is the part of the Sanitex Group, expanded the warehouse complex in Riga this year, planning to complete construction of its own warehouse in Estonia next year, because if you want to compete in this segment, it is important to take care of your own infrastructure, investing in quality a lot, the business paper Verslo žinios reported on Monday about the plans of BLS. Read more
Latvia's Export Remained at Last Year's Level Latvia is the only state among the EU countries, which export remained at last year's level in January-September according to data released on Friday by the EU statistics department Eurostat. Read more
The Share Residents in Equity Capital of Latvian Banks Has Reduced The share of residents in paid-up capital of Latvian banks decreased by 5.4 percentage points in the first nine months of 2015 - to 14.1% of the total share capital of banks, was reported to the agency BNS in the Financial and Capital Market Commission. Read more
Latvia takes the 40th Place in the Index of Welfare Estonia takes the 31st, Latvia – the 40th, Lithuania – the 41st place out of 142 countries in the world in the traditional Index of Welfare. Read more
Forecast. Soon the Latvian Economics will be the Fastest Growing in the Baltic States The Latvian economics will be the fastest growing in the Baltic States in the next two years - such a forecast is provided in the latest economic review “Eastern European Outlook”, prepared by SEB bank. Read more
The Fish Processors Resumed the Work, Dramatically Reducing Capacity Most of the Latvian fish processing enterprises resumed work, but dramatically reduced production capacity, as reported by the Ministry of Agriculture. Read more
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