bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Tuesday 23.01.2018 | Name days: Strauta, Grieta
LatviaLatvia

Latvia receives historically highest score in latest Doing Business rating

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUIn the latest Doing Business 2017 study of the World Bank, Latvia is put on the 14th spot among 190 participating countries. This is historically the highest accomplishment for Latvia and an improvement over last year’s result. In terms of business-friendly environment, Latvia is on the 6th place among EU member states.

The World Bank especially mentioned multiple of Latvia’s realised reforms. In regards to the electricity connectivity index (from 65th to 42nd spot), the World Bank welcomed the system in which businessmen can pay for electricity connectivity with a delayed payment. In terms of the construction index (from 30th to 23rd spot), the World Bank mentioned reforms associated with improvements to construction monitoring activities. In the credit rating index (from 19th to 7th) – the coverage of private credit bureaus has grown from 30% to 63.2%. Progress was made thanks to the introduction of the Credit Bureau Law, which secures conditions for effective accessibility of credit information. In the tax payment index (from 27th to 15th spot), businessmen found improvements of the electronic declaration system introduced by the State Revenue System useful for accounting and declaring capital income and taxes associated with wages. In addition, improvements also helped reduce the time necessary to pay taxes from 193 hours to 168 hours a year, as BNN was informed by Economy Ministry.

According to Doing Business, Latvia has experienced improvements in most fields: business start-up (+5 spots), construction permit issue (+7 spots), establishment of electrical connection (+23 spots), credit registry (+12 spots), protection of rights of investors (+7 spots), tax payment (+12 spots) and execution of legal commitments (+2 spots).

Latvia’s position remains unchanged in regards to real estate registration. Latvia’s index has declined in the field of cross-border trading (-3 spots) and addressing matters of insolvency (-1 spot).

«I am happy that we have achieved the goal listed in the National Development Plan to reach 17th spot in Doing Business rating earlier than initially planned. Significant progress proves we have put up the right priorities and that we have to work even harder to continue improving our business environment. A high place in the rating means Latvia is a serious player and one of the strongest ones among EU member states. Latvia is even ahead of Germany, Austria and Czech Republic,» – said Economy Minister Arvils Aseradens.

«I can confirm that Economy Ministry will continue its work to improve the business environment and provide an attractive business environment for local and foreign investors,» – Aseradens added.

To make sure Latvia’s business environment is competitive on an international level, the ministry believes multiple other reforms are necessary. In the ministry’s opinion, state administration should apply a ‘consult first’ approach for establishment of quality communication and cooperation between supervisory institutions and businessmen, as well as create a clear and unambiguous information environment.

According to the minister, it is vital to finish work on the introduction of a simplified tax regime for small businesses but also continue work on the creation of a unified account for all tax payments, which could make things easier with tax and debt payments in the future. The main priority for insolvency matters is creating a system that would help identify topical problems in this field. But to ensure that, it is first necessary to reach an agreement on the indexes that would help better analyse the situation.

Ref: 102.109.109.5991


Leave a reply

Minister: foreigners find Latvia’s business environment more and more attractive

«Measures were performed last year to improve the business environment and make it more attractive for local and foreign investors, as well as significantly ease everyday work for them,» said Latvian Economy Minister Arvils Ašeradens.

Number of students in Latvia declined 35% in the past decade

The number of students accounted for 81.6 thousand in the academic year 2017/2018, indicating a decline of 1.6 % over the year. During the past decade, due to the population decline, the number of students has reduced by 43.8 thousand or 35 %.

National Alliance member: small countries cannot afford legal and corruption scandals

«Every resident living in a democratic country finds it difficult to follow political processes and what political interests each party has. More often than not the loudest and more expressive politicians do not have any wisdom to share or a state development plan to offer and fit Latvia’s interests. If the time comes when we conclude that we do not like a newly-elected Saeima...

Italy's leading party drops euro referendum plan

The anti-establishment 5-Star Movement, leading opinion polls ahead of a March 4 election, has presented a 20-point program which makes no mention of a referendum on Italy’s membership of the euro zone.

Latvia shares experience in civil rights reforms with Uzbekistan

Uzbekistan is one of Latvia’s priority countries for development of cooperation. Considering Uzbekistan’s launched reforms for state administration, Latvia is ready to continue offering support and sharing experience, says Foreign Ministry’s special assignment ambassador Igors Apokins.

Estonian state rail cargo company worked with million-euro losses in 2017

Estonian state-owned rail cargo carrier EVR Cargo concluded the year 2017 with net losses of 1.2 million euros, but managed to earn a million euros in from October to December 2017.

Alcohol industry to adopt social responsibility symbols on labels

More than 60% of all labels of wine and other strong alcoholic beverages purchasable in Latvia will be added with a special social responsibility symbols, reminding residents of responsible consumption of alcohol, BNN was informed by Latvian Alcohol Industry Association (LAIA).

ManaBalss.lv initiative «On saving Agenskalns market» submitted to Riga City Council

An initiative started by Anda Baidekalna «On saving Agenskalns market» has been submitted to Riga City Council for review. More than 2,000 people signed in favour of this initiative on ManaBalss.lv portal. Now Riga City Council will have to decide on approval of this initiative and develop a plan for development of Agenskalns market to preserve its functionality.

Estonian construction price rise influenced most by higher labour costs

Estonian construction price index grew by 1.5% in 2017 aligned with the average of 2016, Estonian statisticians calculated.

Latvian Economy Ministry proposes self-regulatory measures for postal sector

The problem with postal items lacking addresses can be resolved using self-regulatory measures in the postal industry, as mentioned in Economy Ministry’s prepared report on new measures and proposal for mechanisms to help make the work performed by the postal sector more efficient.

Venice tourists stunned over 1 100-euro restaurant bill

The leadership of the picturesque Italian town of Venice has pledged to ensure justice after four Japanese tourists complained of having been handed a 1,100-euro bill for steaks, water, service and a plate of fried fish.

Ratification of Istanbul Convention falls through in Latvia

Unity is the only one of the coalition parties in Latvia that has expressed support for the ratification of Istanbul Convention so far, politicians say.

Spain sees Puigdemont's trip to Denmark as provoking his own arrest

A judge of the Spanish Supreme Court has blamed Catalonia's former President Carles Puigdemont of seeking to provoke his own arrest by visiting Denmark from his country of exile, Belgium, as the politician faces charges carrying a possible prison sentence of up to 30 years.

Latvenergo: Latvia is the largest energy exporter in Baltic States

Latvia continues exporting electrical energy produced in the country – as of Monday, 22 January, it was 832 MW. Especially intensive energy production is recorded for Daugava’s hydro-electric power plants and Riga’s CHP plants. The largest import volume is registered for Lithuania, to which the amount of exported energy equals the amount consumed in Latvia, Latvenergo explains.

LALRG secretary general: we have to reduce gap in quality of life for EU citizens

Ever since Latvia joined the European Union, its population has declined 14%. The most significant decline was caused by the departure of residents of working age to other EU member states. Because of that, the population in eastern regions of Latvia has declined 23%.

Czechs up for close race in this week's presidential run-off

As the Czech Republic nears the second round of its presidential election this weekend, sociologists estimate that the pro-Western academic Jiří Drahoš enjoys a somewhat larger support than the incumbent Miloš Zeman, who easily won the first round.

Producer price level in Latvia’s industry up 3.1%

Compared to December 2016, the level of producer prices in Latvian industry rose by 3.1 % in December 2017. Prices of products sold on the domestic market rose by 3.0 %, while prices of exported products went up by 3.3 %. Prices of products exported to euro area countries grew by 3.8 %, whereas prices of products exported to non-euro area countries rose by 2.9 %.

MEP: an even greater UGF dominance would slow down Latvia’s development

If the Union of Greens and Farmers (UGF) gains an even greater presence in the upcoming Saeima elections, Latvia’s continued development would suffer, said member of the European Parliament Artis Pabriks in an interview to 900 seconds programme of LNT.

Tax reform challenge in January: labour tax recalculation

2018 commenced for Latvia with a historical tax reform and conceptual changes, significantly affecting everyday work performed by businessmen, employers and accountants. One of the changes financial specialists have to remember when calculating wages for January is the one for personal income tax, which also includes changes for state social insurance fees and solidarity tax, BNN was told by accounting experts.

Total tax debts in Latvia reach 1.217 billion euros at beginning of 2018

At the beginning of the year, total tax debts in Latvia, including existing debts, halted debts and debts with extended repayment debts, reached EUR 1.217 billion, which is 3% less when compared with the previous month, as reported by the State Revenue Service.

Estonia emphasises animal welfare as demand for animal food products grows

Although the demand for food products from animals is increasing, attention should be paid both animal welfare and sustainability in agriculture, Estonia's Minister for Rural Affairs Tarmo Tamm has stated.

Latvia hopes to recover its status as a country free of swine fever

There is hope that Latvia may yet recover its status of a country free of swine fever, says Food and Veterinary Service’s (FVS) Animal Infections Monitoring Department lead expert Mārtiņš Seržants.

Estonia prepares to inform population of actions in case of emergency or war

Estonia is preparing a brochure on how its population should act in case of major crisis or war.

De Facto: international lawsuit against Latvia is associated with infamous Winergy case

Norvik Bank’s lawsuit against Latvian state in the international court of arbitration in Washington is associated with Winergy wind park business, as reported by De Facto programme of LTV. The bank has yet to announce the amount of money it wishes to enforce from the state

German Social Democrats vote to U-turn on coalition talks with Merkel's conservatives

In Germany, where four months after its federal parliamentary elections there is still no government, the Social Democrats have voted to enter coalition talks with the conservatives led by German Chancellor Angela Merkel.

Would you be ready to boycott something in your life?

View Results

Loading ... Loading ...

Polls Archive



Category feed: Feed: