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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 Government will make Tax Discount to the Poultry Plant Kekava in the Amount of 3.7 Million for Investments The government is planning to give a discount of Enterprise Income Tax (EIT) to the largest Latvian producer of poultry Putnu fabrika Kekava in the amount of 3.69 million euro in connection with investments made by the company in the modernization accordingly to the agenda of the government meeting on October 13. Read more
The Ministry of Economics is going to Establish Order in the Funeral Industry In Latvia, there is no law that would regulate the work of undertaker`s offices. The Ministry of Economics has decided to establish order in the industry - various agencies should prepare their proposals by the end of the year. Read more
Estonia, Sweden, Latvia and Finland will be Engaged in Joint Export of Medical Technologies The Tallinn Industrial Park Tehnopol opens the project of development of business in the field of medical technologies CH Health Access, in the framework of which companies from Estonia, Finland, Sweden and Latvia will jointly bring out medical technologies to new markets, based on common experience. Read more
The Use of Tax for Micro-Enterprises Will be Banned in 37 Industries The government decided today that tax for micro-enterprises will not be applied in 37 industries. Read more
“Latraps” Invested in the Facilities of Primary Processing of Grain Cooperative society of agricultural services Latraps invested about 5 million euro in the facilities of primary processing of grain, informed BNS CEO of Latraps Edgar Ruzha. Read more
The Latvian Pig-Breeders Have Lost 8.1 Million Euro The damage caused by African swine fever (ASF) to the Latvian pig-breeders has reached 8.1 million euro, reported a representative of the Ministry of Agriculture Kaspars Funts to BNS. Read more
45.800 Micro-enterprises are Registered in Latvia 45.815 micro-enterprise taxpayers were registered in early September according to the State Revenue Service (SRS). Read more
Central Market Will Cooperate with the SRS The State Revenue Service (SRS) and Riga municipal enterprise “Riga Central Market” agreed to cooperate in order to reduce the number of illegal displays on the market, informed in the Department of Public Relations of the State Revenue Service to BNS. Read more
SEB Banka Actively Financed Agriculture The slowing pace of development of the Latvian economics is making businessmen looking for ways to optimize their costs and be very cautious with new investments. In the first half a year SEB bank issued 208 million euro in loans, 87% of whom were given to entrepreneurs. However, in general SEB banka is ready to allocate up to 750 million euro this year for crediting of enterprises and individuals. Read more
The Volume of Latvian Export and Import is the Lowest One in the Baltic States The volume of export and import of Latvia was the lowest among the Baltic States in the first five months of 2015, but the highest deficit of balance of foreign trade was in Lithuania, reported the Central Statistical Bureau. Read more
Čili Pica Suffers Losses Turnover of the company Čilija Pizza, operating a network of fast-food restaurants Čili Pica, amounted to 7.82 million euro in 2014, which is 12.3% less than in 2013, losses have increased for several times and reached 466.8 thousand euro, as presented by a financial report of the company in the database Lursoft. Read more
Latvian Cheese Producers Have Launched Export to the West The crisis in the industry and record low purchase prices for milk have not prevented the Latvian cheese producers to find new markets instead of the Russian ones and start production of new products, says the News Service of TV5 channel. Read more
Latvian Pasazieru Vilciens Plans to purchase New Electric Trains Latvian carrier of passengers by rail Pasazieru Vilciens (PV) is planning to begin a new procedure of procurement of electric trains in the near future, which can be delivered at the end of next year at best, said the board chairman of PV Andris Lubāns (Andris Lubāns) in an interview to the Latvian TV broadcast “Morning Panorama” on Wednesday. Read more
Luxury Housing Prices in Jurmala Dropped Significantly in This Season This season, luxury housing rent in Jurmala costs a half times cheaper than last year, shows a market overview prepared by the company “Balsts”. Read more
Expert: Smart Technologies Come into the Restaurant Business Latvian restaurants have to become more flexible and open to different technologies that can help them improve the quality of service and competitiveness, says the expert on restaurant business Elena Kashina. Read more
„Laima” Will Invest 700.000 Euro in the Production The largest manufacturer of sweets in Latvia “Laima” plans to invest 700.000 euro in the improvement of working conditions and production processes at the factory located on Miera Street in Riga, as it was reported by representatives of the enterprise to BNS. Read more
Foreigners Put Their Business to Latvia 491 companies in Latvia are registered for native of Estonia. Increasingly, businessmen of this Baltic country decide to move to Latvia due to more flexible tax system of our country. However, Estonians are not the only as reported by the program “Tonight” of LTV7. Read more
Losses of Latvian Fishermen Amount to 100-200 Million Euro Because of a Ban on Export to Russia Losses of the Latvian fishermen amount to 100-200 million euro as a result of Russia's decision to ban the import of canned fish from Latvia, said the Minister of Agriculture Janis Duklavs on Wednesday in an interview to the broadcast of the television channel LNT “900 Seconds”. Read more
Russia Bans Import of Fishery Products from Latvia and Estonia Russia bans import of fishery products from Estonia and Latvia. TASS is reporting about it referring to the press-secretary of Rosselkhoznadzor Julia Trofimova. Such a statement was made by her after consultations of authorities with the veterinary services of the Baltic States. Read more
Latvenergo Will Issue Seven-Year Bonds for 50 Million Euro The energy company “Latvenergo” will release seven-year bonds foe the amount of 50 million euro on June 10, says the report of the company Exchange Nasdaq Riga. Read more
Transfer of Share Capital to the Euro can be Made Automatically by the Sole Ltd. The Saeima of Latvia approved amendments to the Commercial Law in the second and final reading, providing the automatic transfer of share capital belonging to one owner of a limited liability company (Ltd.) to the euro. Read more
Experts: the Shadow Economy in Latvia is Almost Twice the Rate of Lithuania and Estonia The volume of the shadow economy in Latvia, unfortunately, does not decrease, its share amounted to about 24% of GDP last year, almost twice exceeding the rates of Lithuania and Estonia, said Director of the Centre for Sustainable Business Arnis Sauka on Wednesday in an interview to the program “900 Seconds” of a television channel LNT. Read more
The Number of Passengers Served by the Port of Riga Decreased by 40.3% The Port of Riga served 133.035 passengers in the first four months of 2015, as it is for 40.3% less than in the same period of 2014, according to information of the port. Read more
Survey. The Main Criteria for the Latvians When Choosing a Profession The most important criterion when choosing from several job offers to residents of Latvia is the amount of the salary, showed a recent study of “DNB Latvian Barometer”, told the Head of PR unit of DNB Banka Teika Lapsa. Read more
Latvian Residence Permit is Losing Popularity The first months of 2015 showed a sharp decline in demand for Latvian residence permit. At the same time sales of houses and apartments had decreased, but economists predict a decline in real estate prices. Read more
The Most Demanded Professions in Latvia Drivers, cooks and sewers are most in lack in the labor market of Latvia, said the Director of the State Employment Agency (NVA) Inese Kalvāne on Thursday in an interview to the Latvian TV “Morning Panorama”. Read more
“Liepājas naftas tranzīts” Changed Its Name Latvian railway freight forwarder Liepajas naftas tranzits (LNT), 50% of shares of the capital were acquired by a subsidiary of logistics “Russian Railways” (RZD) - “RZD Logistics”, changed its name to Euro Rail Cargo according to information of a database Lursoft. Read more
The Most Desirable Employers of Latvia The most desirable employer was the company of energy supply “Latvenergo” in 2014 in Latvia, as showed the research conducted by the recruitment company “WorkingDay Latvia”. Read more
Liepkalni Builds Confectionery Production An Estonian company OÜ Pärnamäed owned by the Latvians demolished an old motel in the village of Reiu near Parnu, a new bakery will be built at this place, employing 60 people, informs the newspaper Pärnu Postimees. Read more
“Bank M2M Europe”: the Year has Started Well for the Banks Serving International Customers This year has started well for the Latvian banks focused on serving international customers, said a Chairman of the Board of “Bank M2M Europe” Robert Idelsons to the agency BNS. Read more
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