International Internet Magazine. Baltic States news & analytics
Wednesday, 29.06.2016, 21:06
Although the economy of Latvia has been on a path of recovery for the past few years, the latest economic growth data actually show that economic growth is beginning to slow down. In the first quarter of 2016, GDP has increased by just 0.1% compared to the first quarter of 2015. Large companies still owe the country 1.4 billion euros in taxes.
Keyword tags: Analytics, Financial Services, Latvia, Legislation, Shadow economy, Taxation
The Council for the Fight against the Shadow Economy at its meeting on June 10th adopted the plan for curbing shadow economy, Latvian Prime Minister Maris Kucinskis (Greens/Farmers) told the press after the Council meeting, cites LETA.
Unreported pay or the so called envelope wages make up 36.3% of all wages paid in the Latvian construction sector, which is significantly higher than Latvia's average figure of 17.9%, according to a study on shadow economy in construction conducted by the Latvian Partnership of Building Contractors, Business against Shadow Economy (BASE) NGO, and the Stockholm School of Economics in Riga (SSE Riga), cites LETA.
The Estonian state in 2015 lost taxes worth about 157.5 million euros in 2015 as a result of undeclared cash-in-hand wages, which is 41% more than in 2014, results of a study conducted by the Institute of Economic Research show, cites LETA/BNS.
The Latvian government and the construction industry signed a memorandum today, pledging mutual trust and cooperation in fighting shadow economy, informs LETA.
Society and the government both share the responsibility for the shadow economy, believes Latvian president Raimonds Vejonis, informs LETA.
The Foreign Investors' Council in Latvia presented the report on Shadow economy in Latvia from the investor’s viewpoint that will take place on Thursday, 26 May, from 10:00 to 12:00 in Radisson Blu Hotel Latvija.