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
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.