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

The list of ten biggest tax debtors includes two individuals and eight companies.

Electronics wholesaler Tender Neman, which emerged as Latvia's biggest tax debtor in May, remained in first spot with EUR 42.099 in unpaid debts.

Tendem Neman has suspended operations since February 18, 2016. In 2014, Tendem Neman generated EUR 38.86 million in turnover and made EUR 222,164 profit, according to information from Firmas.lv.

M4U company was the second biggest tax debtor at the beginning of June with EUR 32.75 million in unpaid taxes. According to Firmas.lv business database, M4U in 2014 was the second largest company of the electronic sector with a turnover of EUR 33.02 million. The company’s operations were halted last year, its sole owner is Russian citizen Artyom Voropayev.

Individual Jevgenijs Jakovlevs was the third biggest tax debtor, with EUR 19.16 million and AVT Nafta was forth with a EUR 9.376 million tax debt.

Further down the list was individual Vadims Mitrofanovs with a tax debt of EUR 8.973 million, Eco Tyre Baltics with EUR 8.95 million tax debt and Krasainie Lejumi metalworking company with EUR 7.95 million.

Ormus with EUR 7.8 million in unpaid taxes was in eighth place, Baltic Lumber Products was ninth with EUR 5.89 million, and Future Vision was tenth with EUR 5.49 million in unpaid taxes.

At the beginning of June, the tax debts of 32 biggest debtors exceeded EUR 2 million, while 85 debtors’ owed the state more than EUR 1 million each.

Latvia's biggest tax debtors also include such companies, such as Dzintars cosmetics company, Pilsetmaju Instituts Urban Art, as well as a number of well-known businessmen and landlords.