Covid-19, Crisis, Latvia, Markets and Companies, Taxation
International Internet Magazine. Baltic States news & analytics
Friday, 17.05.2024, 12:08
Covid-19 Latvia: Economics Ministry suggests cutting VAT rate for catering and accommodation sectors to 5% sex shop
Among the possible support measures, implementing a balanced voucher system for tourism services provided by tour operators and agencies will be assessed. The Economics Ministry is also planning to introduce support measures for the development of local tourism in order to support local tourism companies during the upcoming tourism season and to increase local demand, including an information campaign promoting local tourism.
Also will be considered support for the development of business tourism, and support will be provided for companies that helped organize repatriation flights.
The crisis caused by the Covid-19 virus has now caused an almost 100 percent drop in turnover in all tourism sectors, causing losses to travel agents and operators, as well as the accommodation and catering sectors. This has directly affected more than 3,000 small and medium-sized enterprises, and more than 25,000 employees, emphasized the Economics Ministry.
According to data compiled by the Economics Ministry, the industry has suffered losses of about EUR 110 mln - tour operators and agencies have lost EUR 33 mln, accommodation sector - EUR 21 mln, and catering sector - EUR 56 mln.
According to Vitenbergs, tourism companies must be eligible to all the support instruments the government has approved to date. "It is clear that the sector's exit from the crisis will require additional support measures that will provide much more direct support for companies in these sectors, whose operations have in fact been halted by the measures introduced to contain the Covid-19 virus," said the minister.
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