Financial Services, Latvia, Markets and Companies, Taxation

Taking into consideration that several major Latvian companies are yet to hand in their 2012 reports, the average profit per company may increase yet, notes Lursoft.

According to digitized reports by the first 34,443 companies, the average turnover per company was LVL 161,718 last year, which is slightly less than in 2011 when the average turnover was LVL 190,420 as of April 26. Give that most companies are yet to hand in their reports, the figure may change substantially.

After the crisis years of 2009 and 2010, when many companies in Latvia were operating with losses, 2011 and 2012 were profitable for business, informs Lursoft.

Just like in 2011, the provisional data for 2012 show that companies counted profit both before and after tax. Even if the largest part of reports is yet to be received from companies, the first batch shows that last year companies continued to recover from the crisis, says Lursoft.

Lursoft reminds that companies must submit their annual reports no later than a month after approval of their annual report and not later than four months after the end of the accounting year. Companies that meet at lest two of the following criteria: balance value in excess of LVL 1 million, net turnover exceeding LVL 2.45 million, and a staff of over 250, as well as corporations' parent companies must submit their annual reports no later than seven months after the end of the accounting year.