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Sunday 23.07.2017 | Name days: Magda, Magone, Mērija
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Economic Diary of Latvia. Fish, VAT and property tax

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RURussia’s ban on seafood imports from Latvia and Estonia has in Latvia resulted in a considerable loss of jobs. In June, 583 former workers of the seafood processing industry were registered as being unemployed, over the firsts days of June – another 429.

The total damages for the industry, which exported more than 50% its produce to Russia, have been estimated at about 100 million euros.

To help the industry, the Saeima passed this week amendments to the Law on Taxes and Duties setting forth, specifically for companies working in the industry, the option of a prolonged period for paying taxes of up to five years.

The Ministry of Foreign Affairs, however, is working actively to increase the volume of seafood exports to other markets, including those in North America.

Currently, the following seafood producers are exporting their products to the U.S. and Canada – Brīvais vilnis, Gamma-A, Karavela, Unda, Futurus Food, Sabiedrība IMS, Diolla, BTV, Baltreids, Roņu 6 and Salas zivis. 11 companies have been allowed to export their produce to China.

Initiative of a reduced VAT rate for heating

The Saeima Budget and Finance (Taxation) Committee reviewed this week a civic proposal submitted by more than 10,000 Latvians at the online petition site manabalss.lv to reduce the VAT rate on heating from 12% to 5%.

The Parliamentary Secretary of the Ministry of Finance Arvils Ašerādens stated that reducing the VAT rate on heating is not the best way to support low-income population. The current options of social protection should be used instead.

Motivation to register

Riga City Council passed this week a decision to alter rates of the property tax from January 1 2016.

The rate will be increased on dwellings without registered residents, untidy lots of land and sites of unwarranted construction, whereas families with children and dwellings with registered residents will see their rates reduced.

Land in the Riga administrative territory will have a 1.5% property tax rate instead of 1%. A 1.5% rate will apply to dwellings with no registered residents. Families with a one child will see their property rate reduced by 50%, families with two children – up to 70%.

Ref: 111.111.111.2576


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  1. Reduced VAT rate for heating says:

    VERY good initiative!
    Since we pay the same no matter how little or much heat we use, heating is a basic expense we all have to pay. The least the government can do is not to tax it.
    Highly taxed electricity, on the contrary, I can live with. If I turn off lights when not at home, use energy saving lights, etc I pay less. It’s fair, it’s good for me, good for society, and how it should be.

    Thumb up 0 Thumb down 0

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