Financial Services, Latvia, Taxation

This total includes current and suspended debts as well as debts with extended payment deadlines.

Tax debts to the central government basic budget stood at EUR 885.034 mln, up 0.37% from early October, and tax debts to local government budgets came to EUR 319.873 mln which was a 0.4% drop, while overdue social security contributions equaled EUR 164.872 mln, down 0.9%.

As at November 1, 2016, current tax debts on which fines for late payment are being calculated made up 72.01% of the total amount, or EUR 986.382 bln.

Uncollectable debts of the companies under liquidation stood at EUR 9.991 mln.

Debts deemed collectible were worth EUR 976.39 bln in early November this year, including EUR 132.56 mln declared actually collectible, and EUR 843.83 mln declared actually uncollectable. Out of the actually uncollectable debts, the debtors owing EUR 829.532 mln do not have any money or property, while in cases of debts worth EUR 14.298 mln the statute of limitation has set in.

As at November 1, 2016, the deadline for payment of the debt had been extended for tax debts totaling EUR 63.249 mln.

The amount of suspended debts, on which fines for late payment are no longer being calculated, stood at EUR 320.149 mln at the beginning of November, with the majority of these debts accumulated by companies that have been declared insolvent.

In early October 2016, the total tax debt in Latvia stood at EUR 1.369 bln.