Financial Services, Latvia, Legislation, Taxation

Tax debts to the central government basic budget stood at EUR 473.832 million, a decrease of 2.5% from the beginning of October, and tax debts to local government budgets came to EUR 285.576 million, a drop of 1.9%, while overdue social security contributions equaled EUR 190.321 million, down 3.7% month-on-month.

As at November 1, current tax debts on which fines for late payment are being calculated made up 52.7% of the total amount, or EUR 500.433 million.

Uncollectable debts of the companies under liquidation stood at EUR 476,310.

Debts deemed collectible were worth EUR 499.957 million in early November this year, including EUR 156.869 million declared actually collectible, and EUR 343.088 million declared actually uncollectable. Out of the actually uncollectable debts, the debtors owing EUR 341.659 million do not have any money or property, while in cases of debts worth EUR 1.429 million 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 198.307 million, which is four% less than a month before.

The amount of suspended debts, on which fines for late payment are no longer being calculated, stood at EUR 250.989 million at the beginning of November, with the majority of these debts accumulated by companies that have been declared insolvent.