Budget, Financial Services, Latvia, Taxation

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 10:00

Total tax debt in Latvia at EUR 1.13 bn in early September

BC, Riga, 26.09.2018.Print version
At the beginning of September this year, tax debts in Latvia totaled EUR 1.13 bn, down 6.7% m-o-m, according to the information released by the State Revenue Service write LETA.

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 672.715 mln, or 9.6% less than in early August 2017, and tax debts to local government budgets came to EUR 303.012 mln which was a drop by 0.7%, while overdue social security contributions equaled EUR 153.928 mln, down 4.4% m-o-m.


As at September 1, 2018, current tax debts on which fines for late payment are being calculated made up 65.8 % of the total amount, or EUR 743.635 mln.


Uncollectable debts of the companies under liquidation stood at EUR 1.838 mln.


Debts deemed collectible were worth EUR 741.797 mln in early September this year, including EUR 167.835 mln declared actually collectible, and EUR 573.963 mln declared actually uncollectable. Out of the actually uncollectable debts, the debtors owing EUR 573.044 mln do not have any money or property, while in cases of debts worth EUR 918,400 the statute of limitation has set in.


As at September 1, 2018, the deadline for payment of the debt had been extended for tax debts totaling EUR 100.167 mln.


The amount of suspended debts, on which fines for late payment are no longer being calculated, stood at EUR 285.852 mln at the beginning of September this year, with the majority of these debts accumulated by companies that have been declared insolvent.


In early August 2018, the total tax debt in Latvia stood at EUR 1.211 bn.

 






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