Shadow economy

International Internet Magazine. Baltic States news & analytics Wednesday, 29.06.2016, 21:06

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A rift in the Latvian budget: large tax debtors

A rift in the Latvian budget: large tax debtors

17.06.2016

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



Plan for curbing shadow economy in Latvia approved

Plan for curbing shadow economy in Latvia approved

11.06.2016

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.

36.3% wages in Latvian construction sector go unreported

36.3% wages in Latvian construction sector go unreported

09.06.2016

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.


Estonia loses EUR 157.5 mln in taxes due to envelope wages in 2015

Estonia loses EUR 157.5 mln in taxes due to envelope wages in 2015

02.06.2016

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.

Latvian government, construction industry pledge cooperation in combating shadow economy

Latvian government, construction industry pledge cooperation in combating shadow economy

31.05.2016

The Latvian government and the construction industry signed a memorandum today, pledging mutual trust and cooperation in fighting shadow economy, informs LETA.

27.05.2016

Latvian president: society and government both share responsibility for shadow economy

Society and the government both share the responsibility for the shadow economy, believes Latvian president Raimonds Vejonis, informs LETA.

26.05.2016

FICIL report on shadow economy in Latvia: investor’s viewpoint

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.

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