bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Monday 26.09.2016 | Name days: Kurts, Knuts, Gundars
LatviaLatvia

EM calls to support start-up and lifestyle businesses in Latvia

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

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


Leave a reply

Week in Lithuania. Street plaque in Yiddish, Hebrew languages unveiled in Vilnius

A street sign in Yiddish and Hebrew languages was unveiled on Žydų gatvė in the heart of the historic Jewish quarter in Vilnius on Tuesday, September 20.

Economic Diary of Latvia. About strong women in power

This week, members of the Saeima unexpectedly declined amendments that provided for the merging of finance and customs police of the State Revenue Service. After hearing out deputies, Finance Minister Dana Reizniece-Ozola decided not to give up.

Ten million euros to be allocated to assist with elder people employment

Central Finance and Contracting Agency has sent a proposal to the State Employment Agency to apply for European Social Fund financing to realize measures to maintain and improve elder people employment.

Latvia and China sign cooperation memorandum to develop aviation industry

Latvian Transport Minister Uldis Augulis and Administrator of Civil Aviation Agency of China Feng Zhenglin signed a cooperation memorandum on Friday, 23 September. This cooperation memorandum is meant to assist with the development of the aviation industry.

Number of counterfeit products confiscated by EU authorities continued to grow in 2015

According to the latest data published on Friday, 23 September, by the European Commission, EU customs authorities confiscated five million euros worth of more counterfeit products in 2015 than they did the year before.

Businessmen urge professionals to apply for SRS director general’s post

Latvian Chamber for Commerce and Industry invites professionals who fit requirements put up by the State Chancellery to take part in the personnel selection process for the post of director general of the State Revenue Service.

Dogo producer submits additions to court to launch case for slander

Tukuma Straume, manufacturer of Dogo dog food, has submitted documents to Riga City Vidzeme District Court to launch legal action against 17 private and legal persons for spreading untrue, partial and distorted information about the aforementioned product.

Meet «average candidate» for near Lithuanian parliamentary election

It‘s a race that has coalesced many of Lithuania’s heavy-hitters, political wannabes and simply better-life seekers for the same goal – clinching the coveted seat at Parliament.

Estonian presidential nominees feel need for stronger link with Russian community

Days before the decisive vote on the next Estonian President, most candidates have stressed the need for increased communication with the country's Russian-speaking population to establish a stronger link.

119 domestic pigs are put down in Gulbene due to ASF

African swine fever has been recorded in Gulbene municipality’s Ranka parish. Because of it, authorities had to put down 119 domestic pigs.

Burgh Group and Vitol to acquire shares of Richards Bay Coal Terminal

A consortium comprising Burgh Group Holdings and Vitol has agreed to acquire Optimum Coal Terminal Pty Ltd from the Tegeta Group for an undisclosed sum, subject to the relevant regulatory approvals and other conditions precedent.

Quarter of Latvia’s small and medium-sized companies struggle with financial difficulties

Only half of more than 60,000 companies in Latvia have a stable financial situation. 26% of small and medium-sized companies are currently struggling financially. In the next twelve months, they are expected to experience major financial difficulties, according to data from the Credit Information Bureau.

YouTube to encourage users to «snitch» on inappropriate content

Popular video sharing site YouTube has this week announced a scheme to offer rewards to users reporting on videos and comments, which they think are inappropriate to YouTube content guidelines.

Belgian police take 13 immigrants to France by accident

Two Belgian policemen have been handcuffed and questioned in northern France by their French counterparts after being caught with 13 illegal migrants banned from staying in Belgium.

Transit industry: this is the golden moment to decide the future of Latvia’s national economy

Although Latvian Association of Ports CEO Karlis Leiskalns praises the work of Riga Freeport, where he works as well, advisor to Latvia’s Foreign Affairs Minister Sandra Sondore and president of Baltic Association – Transit and Logistics Inga Antane emphasize the importance of all three of Latvia’s biggest ports for the growth of Latvia’s national Economy.

Coalition parties will not form a shared candidate list for elections in Riga

Parties of the ruling coalition – Unity, National Alliance and Union of Greens and Farmers – decided on Thursday, 22 September, to cooperate before and after municipal elections in Riga. They will not, however, form shared candidate lists.

Eesti Energia considers building another plant, if oil price rises

Estonian energy company Eesti Energia (Enefit) has this week spoken of plans to build another oil shale refinery plant in case the price of crude oil surpasses USD 60 (EUR 53) per barrel.

Poroshenko: Russia lies even more than Soviet leaders

President Petro Poroshenko of Ukraine has directed sharp criticism toward Russian foreign policies in Europe during his September 21 speech at the UN General Assembly.

Criminal liability will be applied for serving in foreign army or police force

To reduce possible security risks in relation to military service in third countries, Latvian citizens and non-citizens will be prohibited from serving in foreign armies, police and security institutions. Breach of this prohibition will carry criminal liability with a sentence of up to four years in prison.

Proposal to merge SRS Finance Police and Customs Police is declined

Finance Minister Dana Reizniece-Ozola intends to look for ways to ensure the merging of State Revenue Service’s Finance Police and Customs Police.

Saeima proposes reviewing options to secure free lunches in kindergartens

On Thursday, 22 September, the Saeima decided to ask Cross-Sectoral Coordination Centre’s cooperation platform Demographic Affairs centre to review the option of securing free catering in kindergartens.

Tougher abortion legislation pushed for in Poland

The Polish parliament is this week reviewing proposals backed by Poland’s Catholic Church to make the country’s abortion law even tougher.

Saeima to approve next year’s budget on 23 November

Latvia’s parliament plans to approve the final draft of the country’s budget for 2017 on 23 November, as agreed upon by members of Saeima’s Budget-Finance Committee on Wednesday, 21 September.

EU plan on lifting roaming charges altered

The European Commission this week has announced changes to the European Union’s plan to lift roaming surcharges to people, who use their mobile phones in another member state.

Criminal liability for service abroad and other decisions viewed by Saeima

To reduce possible security risks associated with service abroad, the Saeima on 22 September will conceptually decide on a prohibition for Latvian citizens and non-citizens to serve in armies, police and security institutions in third countries. This is provided by amendments to the National Security Law and Criminal Law.

Newest comments