Financial Services, Latvia, Taxation

International Internet Magazine. Baltic States news & analytics Saturday, 04.07.2020, 08:45

Latvia: Total tax debt in Latvia at EUR 885.9 mln in early November

BC, Riga, 22.11.2019.Print version
At the beginning of November, tax debts in Latvia totaled EUR 885.946 mln, down 0.9% m-o-m, according to the State Revenue Service writes 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 481.144 mln, or 1% less than in early October, and tax debts to local government budgets came to EUR 273.764 mln, a drop by 0.2%, while overdue social security contributions equaled EUR 131.039 mln, down 2.3% m-o-m.

As at November 1, current tax debts on which fines for late payment are being calculated made up 61.5% of the total amount, or EUR 544.6 mln.

Uncollectable debts of the companies under liquidation stood at EUR 259,800

Debts deemed collectible were worth EUR 544.34 mln in early October this year, including EUR 163.722 mln declared actually collectible, and EUR 380.618 mln declared actually uncollectable. Out of the actually uncollectable debts, the debtors owing EUR 379.254 mln do not have any money or property, while in cases of debts worth EUR 1.364 mln the statute of limitation has set in.

As at November 1, the deadline for payment of the debt had been extended for tax debts totaling EUR 54.185 mln.

The amount of suspended debts, on which fines for late payment are no longer being calculated, stood at EUR 287.161 mln at the beginning of November, with the majority of these debts accumulated by companies that have been declared insolvent.

In early October, the total tax debt in Latvia stood at EUR 894.407 mln

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