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Ozols: VAT raise – not a significant threat to businessmen

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Baltic news, News from Latvia, BNN-NEWS.COM, Andris Ozols

The IDAL Director Andris Ozols

By increasing the value added tax (VAT), the largest impact is redirected to social sectors, while it almost does not affect the entrepreneurs operating in the export sector, the Investment and Development Agency of Latvia (IDAL) Director Andris Ozols indicates to LNT broadcast 900 sekundes.

Foreign investors are not interested so much in one specific tax, but rather in the overall picture – in the amount of salaries, in the rate of migration, notes the IDAL Director.

He specifies that foreign investors are most interested in the strategic sectors, and companies where immediate changes are seen after putting in investments, are the most attractive to them. Namely, for instance, communications companies instead of forestry sector enterprises. Such companies as airBaltic and Lattelecom are also appealing.

The neighbouring countries show the biggest interest, including the Scandinavian countries, Germany and Russia.

Ozols considers that Latvia has to do its «homework», protests and whining will not improve the economic situation.

As regards the credit ratings, to his mind, although banks’ representatives often mention these rates; however, in terms of more moderate projects, the influence of credit ratings is insignificant or unimportant at all. Therefore, often the role of credit ratings is over-exaggerated.

In the view of the importance of business forums and new project funding, Ozols acknowledges that there are not many excellent projects; moreover, mediocre and poor projects have difficulties in attracting investments.

Ozols admits that if companies are more honest, project development could get greater support. There is such type of business sector representatives as consultants who service other businesspersons. These «cunning» entrepreneurs redirect from projects about10 million lats; however, taking into account the total budget of more than 300 million lats – it is not much.


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