Analytics, Financial Services, Latvia, Markets and Companies, Shadow economy, Taxation

International Internet Magazine. Baltic States news & analytics Saturday, 16.11.2024, 06:03

As part of battle with shadow economy in Latvia perks to be offered to legally operating enterprises

Nina Kolyako, BC, Riga, 10.06.2010.Print version
Significant perks will be offered to legally operating enterprises as part of the battle with the shadow economy, as outlined by a package of measures planned by the Finance Ministry. As reporters were told today by Finance Ministry State Secretary Martins Bicevskis, a new principle will be introduced of making the legal economy the more lucrative option.

For example, a new "white list" will be compiled, with companies on the list being granted priority for state procurements, as well as being entrusted with a lower level of state supervision. Companies which can prove that they operate legally will be eligible for inclusion on the list, writes LETA.

 

Further measures include a one-off cancellation of fines for companies who pay their basic tax debt at a set time. Fines will also be suspended for companies who restructure tax debt payments. Companies will also be given an opportunity to legalize undeclared assets by paying a special tax.

 

Another direction in the battle in the shadow economy will be the strengthening of supervisory authorities through the allocation of addition rights, information and funding, as well as the optimization of current functions.

 

It is planned that a package of more than 60 measures will be submitted for examination at a meeting of state secretaries on June 17.





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