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Since July, the SZV-TD report must be submitted in a new form

The FIU has adjusted the form and procedure for filling out information on labor activity.


Fines 2021: what homeowners will have to pay for

Since January 1, 2021, several laws have come into force that will change the lives of apartment and house owners. For violation of the new norms, Russians will face sanctions, penalties, fines and even criminal punishment.


Executive holidays extended

Federal Law of July 20, 2020 N 215-FZ establishes the specifics of the compulsory execution of judicial acts, acts of other bodies and officials, as well as the return of overdue debts during the spread of a new coronavirus infection.

Since July, the SZV-TD report must be submitted in a new form

The FIU has adjusted the form and procedure for filling out information on labor activity.

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Fines 2021: what homeowners will have to pay for

Since January 1, 2021, several laws have come into force that will change the lives of apartment and house owners. For violation of the new norms, Russians will face sanctions, penalties, fines and even criminal punishment.

Read more
The key rate has been kept at 4.25% per annum. Key rate remains at 4.25% per annum

The Bank of Russia Board of Directors left the key rate at 4.25% per annum. This value was established in July 2020.

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Since December 23, the minimum amount of arrears of natural persons possible for collection through the court has been increased to 10,000 rubles

On December 23, 2020, amendments to p. 1, 2 tbsp. 48 of the Tax Code of the Russian Federation, according to which the tax authority (customs authority) can apply to the court to collect arrears at the expense of the property of an individual who is not an individual entrepreneur, provided that the total amount of taxes, fees, insurance premiums, penalties, fines unpaid by him on the basis of requirements exceeds 10,000 rubles (not 3,000 rubles, as it was before).

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Having submitted an application for the transition to an electronic work book, one cannot re-require the maintenance of a paper work book.

According to Part 5 of Art. 2 of the Federal Law of December 16, 2019 N 439-FZ, an employee who has submitted a written application for the employer to continue keeping a work book in accordance with Article 66 of the Labor Code of the Russian Federation has the right to subsequently submit to the employer a written application for the employer to provide him with information on labor activity in accordance with Article 66.1 of the Labor Code of the Russian Federation.

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Executive holidays extended

Federal Law of July 20, 2020 N 215-FZ establishes the specifics of the compulsory execution of judicial acts, acts of other bodies and officials, as well as the return of overdue debts during the spread of a new coronavirus infection.

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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.

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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.

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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.

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New measures to support small and medium-sized businesses in Moscow became known

The city authorities have adopted another package of measures to support business in connection with the spread of coronavirus and the introduction of high alert.

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The President proposed additional measures to support business, citizens and medical staff

During a meeting with regional leaders to combat the spread of coronavirus in Russia, the president proposed a number of new measures.

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Ministry of Economic Development approved deflator coefficient for UTII for 2020

The indicator for UTII will be 2.009, which is 4.9% more compared to the current value (now it is 1.915).

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In 2021, entrepreneurs may pay premiums of almost 11%

Now in the Tax Code of the Russian Federation the sizes of fixed insurance premiums for individual entrepreneurs are established until 2020 inclusively.

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Information on the average number of employees will be included in the calculation of contributions

A bill has been submitted to the State Duma, which proposes to adjust the procedure for submitting information on the average number of employees. 

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The list of objects from which organizations pay cadastral value tax will be changed

On January 1, 2020, an amendment to the Tax Code of the Russian Federation will come into force, which will adjust the list of objects taxed on property tax of organizations at cadastral value.

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Five new super service prototypes introduced

Prototypes of super services appeared on the government services portal

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Palm oil, fruits and berries: VAT rates will change from October 1

A law has been published in which there are two amendments

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Shelf of accounting documentation they want to clarify

Rosarchive prepared a draft amendment for the list of model management archival documents. Now there is a public discussion.

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MPs adopt amendments stabilizing fuel prices

Thanks to the amendments, gasoline, diesel and kerosene prices will be less exposed to pressure from world oil prices.

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Deputies adopted amendments to simplify work with online cash registers in third reading CCP outside the place of settlement

They will expand the list of cases when it will be possible to use an online cash desk located outside the place of settlements.

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Ministry of Finance has adjusted the forms of accounting companies

The order was registered with the Ministry of Justice on May 20. The amendments are related to amendments to PBU 18/02 and the Law on Accounting, according to which from 2020 the Federal Tax Service will form and maintain a special accounting base.

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Bank of Russia maintains key rate at 7.75% per annum

The board of directors of the regulator decided not to raise the rate.

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Ministry of Labor has prepared a schedule for transferring the weekend in 2020

The holiday project is currently undergoing public discussion.

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Ulyanovsk project. Wind power is the future today.

With the help of our partner, the Fairvind RUS Company in the Ulyanovsk Region, the installation of the second wind farm - 14 wind generators with a total capacity of 50 MW has been completed. We are very pleased that our modest contribution is present in solving this difficult, modern and environmentally friendly task.

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The Ministry of Finance wants to introduce tough penalties for non-submission of accounting to the tax Read more
Companies want to be allowed to pay between themselves with electronic money Read more
You can pay taxes for third parties on the website of the Federal Tax Service Read more
When an employer pays for the delay in issuing a work record: the practice is still ambiguous Read more
Deputies voted in the third reading for raising the minimum wage Read more
Ministry of Labor finalized projects on electronic workbooks Read more
The government wants to increase the marginal base for contributions for 2019 Read more
Tax officials plan to update the transport tax declaration Read more
We begin to plan holidays for 2019 Read more
The form on which you want to notify about the exemption from VAT, they want to update Read more
The Ministry of Finance has allowed to indicate in the tickets already VAT at a rate of 20 percent Read more
FTS is planning to update the VAT return Read more
CTC innovations were made: purchases for cash, advances, loans, checks, corrections. Read more
Form 2-NDFL plan to change. Read more
The Ministry of Finance announced the tax plans for the next three years. Read more
Increased tax on cars pay, even if its description in the list of expensive cars and the traffic police is different. Read more
Buffet for employees: whether to pay contributions and personal income tax. Read more
The government began to work on a phased increase in the retirement age. Read more
The government proposes to raise the VAT rate to 20%. Read more
The State Duma was offered to significantly increase the duty for issuing a new generation of passports Read more
The Central Bank of Russia did not change the key rate Read more
Since May 14, the control over currency transactions will be strengthened Read more
The Ministry of Labor explained how to transfer an employee to another position during a childcare leave Read more
From June 1 on the site of the tax service it will be possible to find additional information about the companies Read more
Labor and May: recall how much work and rest in connection with the upcoming holidays Read more
Property tax: The Ministry of Industry suggested what equipment is related to movable property Read more
The employee changed his passport after the deposit of 2-NDFL - you can give him a certificate with new data Read more
UTII for the I quarter: consider the new size of the coefficient K1 Read more
With a monthly premium, personal income tax is paid in the same way as with a salary Read more
Rostrud launched the first social network in Russia for business contacts Read more
Transfer of an employee between separate subdivisions: how to pay personal income tax and file accounts. Read more
A fine may not exist if the legal entity has received a demand for an explanation of the declaration. Read more
Tax specialists have corrected 2-NDFL, ruled her fillings and a format Read more
The president has introduced in the State Duma the bill of minimum wage rate increase to a living wage since May 1. Read more
Since February the sizes of children's grants have exchanged. Read more
Increase in the deflator coefficients for UTII and trade fees for 2018 Read more
Charging contributions to the sickness benefit, which the FSS did not take Read more
Will there be a privilege on movable property for all legal entities in 2018? Read more
The updated invoice form is mandatory for all legal entities in all cases Read more
Exemption from the payment of personal income tax amounts of material assistance at the birth of a child Read more
Indexing of the child benefit from 01.02.2018 Read more
Ministry of Finance: can VAT be applied if the building is put into operation after transition from USN to OCH? Read more
The minimum wage is raised to the subsistence level Read more
The Ministry of Finance again confirmed that the journal of the cashier-operator can not be kept Uniform primary forms for accounting trading operations using CCPs are not required. Read more
The central bank lowered the key rate. Read more
The Federal Tax Service is planning to update the form of the income tax declaration and the rules for filling it The European Commission has published a new list of carriers who are prohibited from flying to Europe. This year, 181 airlines from 16 countries were included in the list. This is reported on the website of the European Commission. Read more
More Than 5 000 New Cars are Sold in Latvia This Year The growth in sales of new cars in the four months of this year in Latvia was the fourth smallest in the EU, in Lithuania - one of the largest in the EU, according to the European Automobile Manufacturers' Association (ACEA), as reported by LETA. Read more
Russians will Open a Chocolate Factory in Jelgava In September, a chocolate factory LLC “Chocolette Confectionary” may start its work in Jelgava, as the LETA Agency was informed by the enterprise. Read more
In 2017, the Ministry of Finance is Planning a Large-Scale War against Shadow Economy In 2017, at least 20 actions will be implemented provided by the plan for combating shadow economy, said the Minister of Finance Dana Reizniece-Ozola. Read more
Summary of the Year: Small Business Got Lost in the Maze of Micro-Enterprise Tax The last year and a half the issue of micro-enterprise tax (MET) was like a hot potato - which hand take, be sure to be burned, writes “NRA”. Read more
Swedish IKEA is Considering the Possibility of Opening a Store in Latvia The world's largest furniture trader - the Swedish company IKEA is still considering the possibility of opening stores in Estonia and Latvia. Read more
Free Conversations: LMT Cancels Roaming Charges across Europe Starting from November 1, the company Latvijas Mobilais Telefons (LMT) cancels all restrictions on calls across Europe. Read more
The Competition Council will Verify the Transaction on Merging of DNB and Nordea Banks The Competition Council (CC) received the news about the transaction, in the result of which the company Indy AB will get a decisive influence in the banks of DNB and Nordea in the Baltic States. Read more
Businessmen Believe that Latvia should Consider Importation of Guest Workers The country needs to think about the guest workers as solving the problem of labour shortages, said today businessmen at a press conference of SEB Bank according to survey results of financial directors of large companies. Read more
By 2020, the Harbours of Latvia may Lose All Cargos from Russia All Russian cargos, which are currently handled at the harbours of the Baltic States, must be reoriented to the Russian harbours by 2020. Read more
Latvia is Trying to Find Replacement for Russian Oil Latvia wishes to become a member of the transport project “New Silk Road”, taking into account the decision of the Russian company Transneft to stop the export of oil through the Baltic ports by 2018 Read more
Most Latvian Employers Lack of Skilled Employees Latvian employers have serious problems with the availability of labour force - 70% of them constantly, frequently or quite often do not have enough skilled employees, and 85% cannot find the employees who would be rated as “good” ones by the company, according to a survey conducted by the Employers' Confederation of Latvia (LDDK). Read more
The Food and Veterinary Service Found Old Sweets Delivered to the Largest Stores of Latvia The Food and Veterinary Service (FVS) found out that a large-scale overlabeling of food products with expired expiry date is carried out at the warehouse of the company Triom in Jelgava. The Service discovered almost ten tons of various sweets - candies, chocolate, cookies with expired expiry date. Read more
Import of Cigarettes in Latvia Increased for a Quarter within Seven Months Latvia for the first seven months of this year imported 2.835 billion cigarettes, which is for 25% more than in the same period of 2015, according to the data of the Office of Excisable Goods of the State Revenue Service. Read more
Reducing the Number of Banks Has Been Explained by the Limited Growth Opportunities Since 2008, quite a lot of banks left the market of Latvia, but due to the limited economic potential these trends will continue in the coming years, said President of the Association of Latvian Commercial Banks Martins Bichevskis in an interview to the Latvian Radio. Read more
Dairy Farmers and Pig Breeders will be Able to Change the Type of Activity without Sanctions The appropriate changes in regulations are made and mandatory deadlines of supervising the implementation of projects co-financed by the EU are reduced in order to facilitate complicated procedure when dairy farmers and pig breeders want to reorient to other agricultural activities because of the crisis. Read more
In Italy, the Branch of the Latvian Bank “PrivatBank” is Closed The Central Bank of Italy said today that it has begun to take actions to close the Latvian branch of the credit institution “PrivatBank” on its territory, since this financial institution has violated regulations governing the prevention of money laundering, said the agency Reuters. Read more
Differentiated Tariffs for Electricity: Who will Pay More? Today new tariffs for distribution service component of electricity come into force, making payments for the consumed electricity, which provide the introduction of a fixed monthly fee to all electricity consumers. Low-income users will be compensated the increase of electricity bills. Read more
Latvians are more likely to be refunded the overpayment of taxes In the first half of the year, the amounts of personal income tax (PIT) have grown by 60.8%, refunded to the people by the State Revenue Service, said Acting General Director of the State Revenue Service Dace Peleka at today`s press conference. Read more
"Coface": Global Business Risks Reached the Highest Possible Level The international credit risk insurance company “Coface” raised its estimate of Latvia to A4 in the rating of business environment of countries. Despite the fact that the rating has improved for a number of European countries as well, the overall level of risk in the world reached a record high level. Evaluation of business environment of the world's largest economies - the US and China - has deteriorated. Read more
The Shopping Mall “Domina Shopping” Changed its Owner EfTEN Kinnisvarafond II Real Estate Fund bought the shopping mall Domina Shopping in Riga from the company KanAm Grund Group for 74.5 million euro, have informed BNS its representatives. Read more
It is unprofitable to Build Apartments of Economy Class in Latvia People in Latvia want to buy residential property, but they usually choose apartments of economy class, the final price of which is so minimized that this cannot not to affect the quality of construction. It is unprofitable to build apartments of economy class in Latvia in small amounts, said the owner of the real estate company “Vestabalt” Aldis Plaudis in an interview with LETA. Read more
Economist: Due to the Exit of the UK from the EU Woodworking Industry in Latvia Will Suffer the Most Although the direct impact of the exit of the UK from the EU on Latvian export will not be huge, because export to this country is 5% of the total volume, the effects may be felt by particular industry - woodworking, for which the United Kingdom is an important market, said to the LETA agency an economist of Swedbank Martins Kazaks. Read more
The SRS Discovered Fraud with Customs Duties for Hookah Tobacco Customs officers of the State Revenue Service (SRS) found fraud with customs duties while importing of the hookah tobacco cargo from Lithuania, have informed the Department of Public Relations of the SRS to BNS. Read more
Affordability of Residential Property has Improved in the Capitals of the Three Baltic States According to the Swedbank index that determines the affordability of residential property, in the first quarter of this year this index in Tallinn in comparison with the previous year has improved the fourth quarter in a row. The net salary of the inhabitants of the capital of Estonia in the first quarter grew by 8.5% in the annual comparison and is much higher than the growth of apartment prices. Read more
Starting from June 1 Banks will Verify the Customers with Respect to Political Importance Starting from June 1 banks and other institutions that provide financial services will find out, whether the customer is a politically important person or not in Latvia, a member of such person's family or closely related to him before starting relationships with new customers. Read more
ABLV Bank Was Fined for 3.17 Million Euro The Financial and Capital Market Commission (FCMC) has fined the second largest bank in terms of assets in Latvia - ABLV Bank for 3.17 million euro for violations found by the Commission during the inspection Read more
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
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
“Hill and Knowlton Strategies” Ceases its Activity in the Baltic States Enterprises of the agency group of public relations “Hill and Knowlton Strategies” ceases it activity in the Baltic States, their obligations in Latvia are transferred to the newly established company Mezgaile, Malina un Austrins (MM&A), informed BNS the representatives of MM&A. Read more
The Government Will Raise the Question of the Sale of State Shares of LMT and Lattelecom The Latvian government is planning to consider the resumption of the working group of three ministers to assess the possibility of selling the state-owned shares of the capital of telecommunications companies Latvijas Mobilais telefons (LMT) and Lattelecom on March 10. Read more
Export of the Latvian Enterprises of Mechanical Engineering and Metalworking Decreased by 19% In 2014, the Latvian enterprises of mechanical engineering and metalworking exported products for 766.414.000 euro - 19% less than in 2013, was reported by Association of Mechanical Engineering and Metalworking Industries of Latvia to the agency BNS. Read more
Real Estate Agents: the Demand for Expensive Private Houses Felt Sharply Last year, the average transaction amount of a single-family private house in the vicinity of Riga was for 13.7% less than in 2013, according to real estate company Arco Real Estate. Read more
"Turkmenistan Airlines” Starts Operating Flights from Riga The Turkmen national airline Turkmenistan Airlines will start transporting passengers from the Riga International Airport, told Head of Communication at Riga International Airport Sarmīte Rinmane to BNS. Read more
Last Year "Ventspils nafta terminals" Increased Transhipment of Oil Products by 10% A subsidiary of the holding company “Ventspils nafta” – “Ventspils nafta termināls” transhipped 10.58 million tons of oil products in 2014, which is for 10% more than in 2013, evidenced by its message to Exchange “Nasdaq Riga” Read more
The Company “DK Daugava” Completely Stopped Work because of Russian Sanctions

The company's work for the production of dairy and bakery products “DK Daugava”, Ltd. completely stopped its work because of the Russian sanctions.

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Veshnyakov: Trade Turnover between Latvia and Russia Has Grown by about 20% Last Year Despite the sanctions, the trade turnover between Latvia and Russia has grown by about 20% last year, said a Russian ambassador in Latvia Alexander Veshnyakov in an interview to the business information portal Baltic Business Service of the BNS Agency. Read more
The Sudden Swiss Franc Movement or “Black Thursday” The consequences of the decision of the Swiss National Bank, taken on January 15 led to the insolvency of major companies providing brokerage services - Alpari, FXCM, ExcelMarkets. Read more
A plant “Liepajas Metalurgs” will resume production in February A metallurgical enterprise “KVV Liepajas Metalurgs” (KVV), taking over the assets of an insolvent Latvian company Liepajas metalurgs, plans to resume its production in the first half of February, told a member of the board of KVV Igor Kovalenko to journalists on Monday. Read more
Deflation in the euro area Prices in the euro area decreased by 0.2% for the period from December, 2013 to December, 2014. Deflation will keep in January as well. This is due to the fall in oil prices, which led to lower production costs of basic goods. Read more
20 Important Changes in the Laws of Latvia, Which Will Come Into Force from the New Year's Here is a list of significant changes in the laws that come into force on January 1, 2015, reminds the press-service of the Saeima. Read more
Laima Will Invest 3 Million Euro in the Production of New Chocolates The largest Latvian manufacturer of sweets Laima plans to purchase new equipment for the production of chocolates for more than 3 million euro, informed the chairman of the group of NP Foods Roland Gulbis to BNS. Read more
“DNB banka” Allocated the Loan in the Amount of 17.5 Million Euro to “Latvijas Dzelzceļš” “DNB banka” allocated the loan in the amount of 17.5 million euro to the Latvian railway company “Latvijas Dzelzceļš” (LDz), informed BNS the head of public relations department of the bank Teika Lapsa. Read more
Milkmen of the Baltic States May Receive Additional Support from the EC in the 2015 Milkmen of the Baltic States may receive additional support due to the losses for the response of Russian embargo next year, reported a Deputy Chairman of “Zemnieku Saeima” Maira Dzelzkaleya on Thursday to BNS after a meeting with the Commissioner for Agriculture and Rural Development of the EU Phil Hogan. Read more
The Minimum Hourly Wage Rate Will Increase to 2.166 euro in the Coming Year The minimum hourly wage rate will increase from 1.933 to 2.166 euro next year in Latvia, told a head of the Communication Department of Ministry of Welfare Marika Kupce to BNS. Read more
Lithuanian Manufacturers of Household Chemical Goods Take Interest in Latvian Market Alytus companies producing household chemical goods Koslita and Alytaus chemija prefer local buyers, who provide most of the revenue, but the most attractive export market for them is Latvia - there they export more and more of Lithuanian car cosmetics and household cleaning products. Read more
Fazer Opens a New Production in Latvia Construction of a new bakery of Finnish food group Fazer began in Ogre. Opening is scheduled for September of the next year, 40 new workplaces will be created in Ogre. Most interesting is that a part of the production lines of the company Fazer in Tallinn is moved in this Latvian town, but the Estonian production will be closed in April 2015, work will lose about 95 people. All of this is almost a mirror reflection of the situation in “Aldaris”. Read more
The Latvian Government Decided to Increase a Minimum Wage to 360 Euro in 2015 On Monday, the Latvian government at an extraordinary meeting decided to increase the minimum wage by 40 euro from January 1, 2015 - from the current 320 to 360 euro per month, reported to BNS in the Ministry of Finance. Read more
Norwegians Propose to Build a Liquefied Natural Gas Terminal in Latvia The Norwegian company BW Maritime intends to build a marine terminal for liquefied natural gas (LNG terminal) in Latvia. The main condition is the ability to connect a gas pipeline of the future LNG terminal with the underground gas storage in Inchukalns. Read more
Sanctions and Consequences: Latvian Railways is Preparing Lay-Offs Systemically important sector of the economy of Latgale - railway - got into a difficult situation. Because of the war of sanctions, inspired by the European Union, falling of turnover is continued on the railway. Companies engaged with maintenance of cargo and repair of rolling stock incur losses. The next plan is the beginning of employee lay-offs. Read more
Expert: prices for housing in Latvia will fall, but it will be more difficult to buy it Lending market in Latvia is very risky, banks do not have the right to vote, so they are voting with their feet, commenting on the situation with the amendments to the Law on Insolvency and the introduction of the principle of “the keys on the table”, said a consultant of the Association of Commercial Banks of Latvia Casimir Shlyakota for radio Baltcom. Read more
TOP 10 of the Most Successful Foreign Investors in Latvia Edition VIP Lounge in collaboration with Lursoft published a ranking of successful foreign businessmen, foreign owners of the Latvian companies. In total, a foreign dozen earned 80 million euro per year in Latvia. We offer to look closer at them. Read more
Samsung introduced a smartphone with a curved display As BBC reports, the South Korean company Samsung Electronics introduced a smartphone with a curved display Galaxy Note Edge at the exhibition in Berlin. Read more
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