Financial Services, Latvia, Taxation

International Internet Magazine. Baltic States news & analytics Thursday, 28.03.2024, 10:28

Total tax debt in Latvia at 1.133 bln euros in early October 2018

BC, Riga, 19.10.2018.Print version
At the beginning of October 2018, tax debts in Latvia totaled 1.133 bln euros, up 0.3% month-on-month, informs LETA referring to the information released by the State Revenue Service of Latvia.

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 677.098 mln euros, or 0.6% more than in early September 2018, and tax debts to local government budgets came to 301.019 mln euros which was a drop by 0.7%, while overdue social security contributions equaled 154.592 mln euros, down 0.4% month-on-month.


As at October 1, 2018, current tax debts on which fines for late payment are being calculated made up 66.2% of the total amount, or 750.465 mln euros.


Uncollectable debts of the companies under liquidation stood at 1.824 mln euros.


Debts deemed collectible were worth 748.641 mln euros in early October 2018, including 172.975 mln euros declared actually collectible, and 575.666 mln euros declared actually uncollectable. Out of the actually uncollectable debts, the debtors owing 574.709 mln euros do not have any money or property, while in cases of debts worth 956,700 euros the statute of limitation has set in.


As at October 1, 2018, the deadline for payment of the debt had been extended for tax debts totaling 96.348 mln euros.


The amount of suspended debts, on which fines for late payment are no longer being calculated, stood at 285.896 mln euros at the beginning of October 2018, with the majority of these debts accumulated by companies that have been declared insolvent.


In early September 2018, the total tax debt in Latvia stood at 1.13 bln euros.

 






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