Financial Services, Good for Business, Latvia, Markets and Companies, Taxation

This year there was no award for the country's biggest tax payer but the awards were distributed to the largest tax payers in every planning region in Latvia in three categories - small, medium-sized and large companies. Awards were also handed to the largest tax payers among public and municipal companies, to the biggest payer of labor taxes, the biggest exporter (to third countries) and the debut of the year 2016.

The State Revenue Service said that Circle K Latvia fuel retailer, which received the award as the biggest tax payer in 2016 among large companies in Riga and the Riga planning region, also was the largest tax payer in the country by the amount paid in taxes last year. In the Riga region, Neste Latvija and Belam-Riga received the awards as the largest tax payers among medium-sized and small companies respectively.

The state-owned electricity utility Latvenergo got the title of the largest tax payer in 2016 among public and municipal companies, and IT company Mikrotikls won the title as the biggest exporter in 2016.

Maxima Latvija retail chain was declared the largest payer of labor taxes in 2016, and Lattransbuve was awarded as the debut of the year 2016.

"By honestly paying taxes, we help ourselves and our country - we provide education to our children and pensions to our parents, we make our neighborhood tidy and attractive," Finance Minister Dana Reizniece-Ozola  said during the award ceremony.

The Director General of the State Revenue Service, Ilze Cirule, said that the large tax payers had jointly contributed more than 90% of all business taxes in the country or about EUR 6.6 bln and the amount tended to grow.

"But every business, including small enterprises, matters to the state, because also small enterprises can grow into sustainable businesses in the long term, providing rich soil for new, creative ideas and giving jobs to people in our country," she said.

The awards to the biggest tax payers in Latvia were distributed for the 20th year in a row.