Financial Services, Latvia, Taxation

International Internet Magazine. Baltic States news & analytics Wednesday, 08.07.2020, 10:04

Total tax debt in Latvia at EUR 871 mln in early February

BC, Riga, 21.02.2020.Print version
At the beginning of February, tax debts in Latvia totaled EUR 871.036 mln, up 0.7% m-o-m, according to the State Revenue Service.

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 466.306 mln, or 0.8% more than in early January, and tax debts to local government budgets came to EUR 274.345 mln, an increase of 1.3%, while overdue social security contributions equaled EUR 130.384 mln, down 0.9% m-o-m.


As at February 1, current tax debts on which fines for late payment are being calculated made up 62.3 % of the total amount, or EUR 542.532 mln.


Uncollectable debts of the companies under liquidation stood at EUR 243,500.

Debts deemed collectible were worth EUR 542.288 mln in early February this year, including EUR 171.142 mln declared actually collectible, and EUR 371.146 mln declared actually uncollectable. Out of the actually uncollectable debts, the debtors owing EUR 369.782 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 February 1, the deadline for payment of the debt had been extended for tax debts totaling EUR 42.326 mln.


The amount of suspended debts, on which fines for late payment are no longer being calculated, stood at EUR 286.178 mln at the beginning of February, with the majority of these debts accumulated by companies that have been declared insolvent.

In February 2019, the total tax debt in Latvia stood at EUR 865.037 mln.

 






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