Financial Services, Latvia, Markets and Companies, Taxation

International Internet Magazine. Baltic States news & analytics Tuesday, 26.01.2021, 18:22

Total tax debt in Latvia at EUR 954.5 mln in early May

BC, Riga, 22.05.2020.Print version
At the beginning of May 2020, tax debts in Latvia totaled EUR 954.542 million, an increase of 7.5% month-on-month, writes LETA, according to the State Revenue Service.

This total includes current and suspended debts as well as debts with extended payment deadlines. Overdue social security contributions grew at the steepest rate over the past month.

Tax debts to the central government basic budget stood at EUR 507.547 million, an increase of 8.1% from the end of April, and tax debts to local government budgets came to EUR 276.712 million, a rise of 1.7%, while overdue social security contributions equaled EUR 179.283 million, up 16.1% month-on-month.

As at May 1, current tax debts on which fines for late payment are being calculated made up 58.3% of the total amount, or EUR 556.743 million.

Uncollectable debts of the companies under liquidation stood at EUR 291,340.

Debts deemed collectible were worth EUR 556.452 million in early May this year, including EUR 183.123 million declared actually collectible, and EUR 373.329 million declared actually uncollectable. Out of the actually uncollectable debts, the debtors owing EUR 371.464 million do not have any money or property, while in cases of debts worth EUR 1.865 million the statute of limitation has set in.

As at May 1, the deadline for payment of the debt had been extended for tax debts totaling EUR 130.706 million, which is 2.2 times more than a month before.

The amount of suspended debts, on which fines for late payment are no longer being calculated, stood at EUR 265.092 million at the beginning of May, with the majority of these debts accumulated by companies that have been declared insolvent.

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