Financial Services, Latvia, Legislation, Markets and Companies, Taxation

Tax debts to the central government basic budget stood at EUR 985.304 million and tax debts to local government budgets came to EUR 323.983 million, while overdue social insurance contributions equaled EUR 176.24 million.

Since January 1, when the total debt stood at EUR 1.402 billion, it has grown by 5.8%. Uncollectible debt in the first 11 months of this year increased by 11.94% from EUR 826.97 million in January.

As at December 1, 2015, current debts on which fines for late payment are being calculated made up 72.28% of the total amount or EUR 1.074 billion.

The amount of suspended debts, on which fines for late payment are no longer being calculated, stood at EUR 338.334 million or 22.78% of all debts at the beginning of December, with the majority of these debts accumulated by companies that have been declared insolvent.

Debts deemed collectible were worth EUR 1.064 billion or 71.66% in early December this year, including EUR 138.812 million or 9.34% declared actually collectible and EUR 925.703 million or 62.31% declared actually uncollectible.

There were uncollectible debts worth EUR 9.231 million or 0.62% of the companies under liquidation.

Latvia's top 100 tax debtors owed EUR 245.107 million to the state as at December 1, 2015.

There are two individuals and eight companies among ten largest tax debtors.

Individual Jevgenijs Jakovlevs topped the list of Latvia's biggest tax debtors in early December with EUR 19.16 million in unpaid taxes.

Asiva food wholesaler was the second biggest tax debtor with EUR 9.705 million worth of unpaid taxes. AVT Nafta oil product wholesaler, which owed EUR 8.839 million to the Latvian state, was the third biggest tax debtor in Latvia at the beginning of December.

Further down the list was individual Vadims Mitrofanovs with a tax debt of EUR 8.804 million, Krasainie Lejumi metalworking company with EUR 8.474 million, Bebriko Ltd. metalworking company with EUR 8.182 million, Eco Tyre Baltics with EUR 7.689 million tax debt, Baltic Lumber Products with EUR 5.467 million, Future Vision with EUR 5.129 million, and East-West Transit owing EUR 4.041 to the state.

Tax debt of each of the 100 biggest tax debtors exceeded EUR 1 million.

In early January, Latvia's top 100 tax debtors owed EUR 213.686 million to the state, and this debt has grown by EUR 31.421 million in the first 11 months of this year.

Latvia's biggest tax debtors also include such companies and Dzintars cosmetics company, Nemo Holdings, and Baltic Cosmetic Holding, as well as a number of well-kown businessmen and landlords.