Covid-19, Crisis, Financial Services, Latvia, Markets and Companies

International Internet Magazine. Baltic States news & analytics Saturday, 26.09.2020, 20:33

Latvia: EUR 45.45 mln paid out in downtime benefits so far

BC, Riga, 01.07.2020.Print version
The State Revenue Service (VID) had paid EUR 45,450,618 in downtime benefits by Tuesday afternoon, LETA was told at the Revenue Service.

EUR 43,341,570 have been paid out in 108,371 downtime benefits based on 16,291 companies' applications and EUR 2,109,048 have been paid out at 5,813 applications from self-employed persons.

As the State Revenue Service continues to process applications for downtime pay, the most widespread reason for rejecting some of the applications, accounting for 46 % of cases, is that the companies have been paying less than EUR 200 a month in taxes, 24 % of companies are running tax debts of more than EUR 1,000, in 22 % of cases the companies' turnover reduction has not been steep enough and 5 % of applicants have not filed all the necessary declarations.

As reported, the State Revenue Service (VID) on March 27 started paying out downtime benefits to the employees of companies that have been negatively affected by Covid-19 crisis. In total, EUR 102 mln have been allocated to VID to start the payout of the benefits.

The government has so far earmarked around EUR 4 bn worth of support funding in an effort to mitigate the impact of the Covid-19 crisis.

Search site