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Wednesday 22.11.2017 | Name days: Aldis, Alfons, Aldris
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EM calls to support start-up and lifestyle businesses in Latvia

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUTo help create a business ecosystem that would be beneficial to start-up businessmen and small businessmen, Latvia’s Economy Ministry has come up with three solutions. «Our goal is to ensure Latvia becomes a Nr. 1 choice among Baltic States for start-up businesses. And so the ministry offers introducing a minimal fixed payment for each employee and a support programme to attract highly-qualified workers,» – comments Economy Minister Arvils Aseradens.

To resolve complications caused by the large tax burden for rapidly growing companies in early stages of development, this proposal states that the company will pay a fixed monthly fee of EUR 242 for each employee every month. This amount will be diverted for the state social insurance payment. At the same time, the company will not have to pay PIT and corporate income tax. This regime could be applied to a company that produces, develops and sells innovative products or services with high technological value. This regime will be applied in the first five years. One important condition to receive support is venture capital attraction. It is also planned to provide more active state support towards the attraction of highly qualified workers in such companies in order to create economic diving force – innovation. In cases when highly qualified people are not prepared to work for low social insurance, it will be possible to apply for a state support programme, Economy Ministry reports.

To increase in the number of economically active companies in Latvia and reduce the administrative burden at the starting stage of establishing a business, the ministry proposes creating support to start-up businesses – stimulation of gradual growth, establishment of more business-friendly tax rates, simplified tax declaration submission procedure to the State Revenue Service and provide existing micro enterprise tax payers use the established Micro Enterprise Tax regime for at least two more years.

It is expected that the discussion of proposals will continue in the future. Mechanisms discussed by the government and business representatives should come into force in 2018.

Ref: 102.109.109.0911


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