Covid-19, Crisis, Financial Services, Latvia, Markets and Companies
International Internet Magazine. Baltic States news & analytics
Thursday, 28.03.2024, 22:31
Latvia: EUR 45.45 mln paid out in downtime benefits so far
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.
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