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Description of Policy Rules for 2018
Description of policy rules for 2018 THE OECD TAX-BENEFIT MODEL FOR LATVIA Description of policy rules for 2018 OECD team: Olga Rastrigina (lead author), Marion Bachelet, James Browne, Herwig Immervoll, Dirk Neumann, Daniele Pacifico. National team: Leading / reference person: Lija Luste, Central Statistical Bureau of Latvia, e-mail: [email protected] Contributors: Ministry of Welfare, contact e-mail: [email protected]; experts: Solveiga Siliņa, e-mail: [email protected]; Gundars Ignats, e-mail: [email protected] Ministry of Finance, contact e-mail: [email protected], experts: Viktorija Jureviča, e-mail: [email protected] Ministry of Education and Science contact e-mail: [email protected], expert: Jeļena Muhina, e-mail: [email protected] http://www.oecd.org/els/benefits-and-wages.htm │ 3 Table of contents Preface 4 The OECD tax-benefit model for Latvia: Policy rules in 2018 5 1. Reference wages 5 2. Unemployment benefits 5 2.1. Unemployment benefit (Bezdarbnieka pabalsts) 5 3. Social assistance and housing benefits 7 3.1. Guaranteed minimum income benefit (Pabalsts garantētā minimālā ienākumu līmeņa nodrošināšanai) 7 3.2. Housing benefit (Dzīvokļa pabalsts) 10 4. Family benefits 12 4.1. Family state benefit (Ģimenes valsts pabalsts) 12 4.2. Maintenance Guarantee Fund (Uzturlīdzekļu garantiju fonds) 12 4.3. Childcare benefit (Bērna kopšanas pabalsts) 13 5. Childcare for pre-school children 14 5.1. Gross childcare fees 14 5.2. Fee discounts and free provision 15 5.3. Child-care benefits for formal centre-based care 16 5.4. Child care allowance for children not using child care centers 16 5.5. -
Causes of Financial Crisis: the Case of Latvia
ISSN 1392-1258. EKONOMIKA 2010 Vol. 89(2) CAUses OF FInancIAL CRISIS: THE Case OF LatVIA Violeta Klyvienė*, Lars Tranberg Rasmussen Danske Bank, Lithuania Abstract. In this paper, we review how Latvia developed during the boom period and discuss the key structural features of the Latvian economy. We show that a combination of monetary and fiscal expansion contributed to a greater vulnerability to external shocks. We also show that the GDP growth was largely driven by capital deepening, while productivity gains played a significantly smaller role. As a result, one of the most important explanations for the exceptionally deep recession in Latvia should be distortions in the non-traded sectors of the economy. Finally, we give a brief analysis on policy measures that have been taken to correct the distortions and possible pros and cons of an external devaluation. Key words: financial integration, external vulnerability, unit labour cost, cyclically adjusted budget, non-tra- ded sector, internal devaluation, external devaluation Intoduction Since the start of the new millennium, the Baltic region has enjoyed one of the high- est growth rates in the world. The key reasons included a housing investment boom fuelled by large capital inflows and cheap credits due to a very loose monetary regime and pro-cyclical fiscal policy. Further, the growth was certainly also driven by economic catching-up and financial deepening effects after obtaining EU membership in 2004. However, even upon adjusting for these effects, there seems little doubt that external imbalances, credit growth rates, inflation and property prices reached unsustainable levels in the final years of the boom period, leading Latvia into a financial turbulence. -
Taxes on Renewable Natural Capital (Water; Timber)
Financing Solutions for Sustainable Development (/) Home (/content/sdfinance/en/home.html) Solutions (/content/sdfinance/en/home/solutions.html) Taxes on renewable natural capital (water; timber) Any fee, charge or tax charged on the extraction and/or use of renewable natural capital (e.g. timber or water). Following the polluterpays principle, these levies help to internalize the true cost of ecosystem degradation by increasing the price of the natural capital “consumed”. Key words: Charge; fee; tax; renewable natural resources; water; timber; forests; How does it work? Natural capital (/content/sdfinance/en/home/glossary.html) is the sum of the world’s stocks of natural assets that include geology, soil, air, water and all living things. This stock is made of renewable (e.g. water, plants and animals) and nonrenewable (e.g. minerals) resources from which people derive many different benefits or flows. These flows provide value to business and society, a value that can be monetized and taxed for different purposes. Natural capital (/content/sdfinance/en/home/glossary.html) therefore represents a store of value and is no different from other forms of capital that are in some way taxed, such as financial and human capital. Properly designed income and consumption taxes should uniformly tax different forms of capital. However, fiscal systems have in reality allowed (if not incentivized) severe depletion of natural resources due to public sector and market failures (/content/sdfinance/en/home/glossary.html). The objective of tax reforms on natural capital (/content/sdfinance/en/home/glossary.html) is therefore to provide incentives to consume natural resources and benefit from ecosystem services sustainably, while taxing undue rents. -
Market Practice Guide for Securities Settlement
MARKET PRACTICE GUIDE FOR SECURITIES SETTLEMENT 2012 TABLE OF CONTENTS 1. Introduction ............................................................................................................... 4 1.1. The purpose of the market practice guide ........................................................................... 4 2. Market practice for securities settlement in Estonia ............................................................ 5 2.1. Clearing and settlement organization ................................................................................ 5 2.2. Applicable laws, rules and regulations ............................................................................... 5 2.3. Operating hours and public holidays ................................................................................. 5 2.4. Clearing agents .......................................................................................................... 6 2.5. Clearing and settlement of NASDAQ OMX Tallinn trades ........................................................ 6 2.5.1 Settlement cycle .................................................................................................................... 6 2.5.2. Trading and settlement currency ................................................................................................ 6 2.5.3. Generation of TSE trade information for settlement .......................................................................... 6 2.5.4. Trade enrichments ................................................................................................................ -
Latvian Maritime Academy Research Institute Lithuanian Maritime Academy
ESTONIAN MARITIME ACADEMY OF TALLINN UNIVERSITY OF TECHNOLOGY LATVIAN MARITIME ACADEMY RESEARCH INSTITUTE LITHUANIAN MARITIME ACADEMY JOURNAL OF MARITIME TRANSPORT AND ENGINEERING Volume 5, No 2 ISSN 2255-758X 2016 EDITORIAL BOARD: Editor-in-Chief Prof. Dr. sc. ing. Jānis Bērziņš Latvian Maritime Academy (Latvia) Members Assoc. prof. Ph. D. Taner Albayrak, Piri Reis University (Turkey) Prof. Ph. D. Anatoli Alop, Estonian Maritime Academy of TUT (Estonia) Prof. Dr. sc. ing. Rüdiger Böhlhoff, Hochschule Emden/Leer (Germany) Prof. Dr. sc. ing. Aleksandrs Gasparjans, Latvian Maritime Academy (Latvia) MBA Maurice Jansen, STC-Group, Shipping and Transport College (Netherlands) Ph. D. Heiki Lindpere, Tallinn University (Estonia) Prof. Dr. sc. ing. Viktoras Senčila, Lithuanian Maritime Academy (Lithuania) Prof. Dr. habil. sc. ing. Zahid Ziyadkhan Sharifov, Azerbaijan State Marine Academy (Azerbaijan) Prof. Dr. habil. sc. ing. Wiesław Tarełko, Gdynia Maritime University (Poland) Prof. Dr. habil. sc. Alexander Yalovenko, Admiral Makarov State Maritime Academy (Russia) Host organizations: Estonian Maritime Academy of TUT Latvian Maritime Academy Lithuanian Maritime Academy EDITORIAL CORRESPONDENCE Latvian Maritime Academy Research Institute www.latja.lv 12 k-1 Flotes Street, Riga, LV-1016, Latvia Phone: (+371) 67161111; fax (+371) 67830138 E-mail: [email protected] Each article submitted to the journal is subject to double blind-peer review. Copyright © Latvian Maritime Academy, 2016 2 CONTENTS In Memoriam Jānis Bērziņš (24.12.1938. – 16.12.2016.) ............................................................ 4 Amir Soltan Aliyev, Fuad Akram Mirzayev THE EFFECT OF HYDROMETEOROLOGICAL CONDITIONS ON THE SHIPS SAILING IN THE ABSHERON AREA OF THE CASPIAN SEA ................................................................. 5 Sandra Breiha, Uģis Šaicāns LATVIAN TAX POLICY IN RELATION TO THE MARITIME EMPLOYED PERSONS ............... -
Latvia As Holding Company Location Latvia Has Already Been Selected
Latvia as Holding company location Latvia has already been selected by a number of multinationals groups as a location for their shared service centres (finance, IT, back-office functions) due to certain non- tax attributes (location in EU, available English speaking labour), and mainly due to the fact that it is considered as being far-less expensive location if compared with more developed economies. To create Latvia’s recognition as a location for Holding Companies, Latvian parliament has passed substantial amendments into corporate tax legislation aiming to compete with other commonly known Holding Companies jurisdictions in Europe. Latvian Holding Company regime applies fully as from 2014. It is simple, with low compliance costs, easy to manage and does not require complex planning. This article will summarize the key tax and non-tax attributes that Latvia can provide and which are important when considering potential locations for a Holding Company. 1. General Holding Company (HC) is usually defined as a company that owns shares in other company or companies. HCs are often used by multinational groups to centralise the management function, to improve the treasury management (e.g. via cash pooling and allocation of profits) or to hold important assets (e.g. trademarks, licenses, and similar property). HC can also be a key component to increase a company’s tax efficiency and, in fact, usually the tax benefits are considered as a decisive factor for creating a HC. Thus the investor’s decision is usually based on the set of tax and other -
Latvian Business Guide
Latvian Business Guide THE ENHANCED BUSINESS ENVIRONMENT IN LATVIA Latvia has experienced strong and continuous growth for a decade, with real GDP growth rates exceeding the average growth rate in the EU by far. Since 2004, Latvia’s GDP has increased by an average of 10.4% annually, and last year growth reached a record high of 11.9%. Swift but sustainable growth is helping us to quickly catch up with the most developed countries in Europe economically. Foreign direct investment has been a major driving force behind our economic development. The volume of foreign direct investment in Latvia has doubled every 4 to 5 years. About 85% of these investments have been from EU countries. Foreign investment has helped create the most dynamic financial sector in the Baltic Sea Region, a growing high-tech sector, and a promising logistics cluster. Latvia is gradually changing its profile from an exporter of raw materials, such as timber and base metals, to one that provides a diverse range of export products, including many with high added value. Important factors that draw investment to Latvia include our country’s strategic location and cost advantages in the knowledge-intensive and added value sectors. For Eastern investors, Latvia is a perfect springboard to the EU market in the West. For Western investors, Latvia provides the perfect platform for business in the rapidly growing Russian and CIS markets to the East. Latvia has an advanced transit infrastructure with three large, ice-free ports and a well-deve- loped railway network that is fully integrated with Russia’s and suitable for high-capacity cargo transfers. -
Business Guide Estonia
Business Guide Estonia Danske Bank Mazanti-Andersen, Korsø Jensen & Partnere in cooperation with Sorainen PricewaterhouseCoopers 2nd Edition Preface “Business Guide Estonia” is intended as a preliminary exploration of the questions that typically arise when a company wishes to enter the Estonian market. This guide has been edited in cooperation between Mazanti-Andersen, Korsø Jensen & Partnere/Sorainen, PricewaterhouseCoopers and Danske Bank/CaRisMa Consulting. The guide is not intended to cover all issues arising in relation to activities in Estonia. However, we hope that it will provide an overview of typical issues. Independent professional advisory services of a legal, fiscal, financial or marketing nature are indispensable and usually a good investment. PricewaterhouseCoopers and Mazanti-Andersen, Korsø Jensen & Partnere/Sorainen and Danske Bank/CaRisMa Consulting cannot be held liable for any misinterpretation of the information presented in this guide. The guide will be featured on the following Web sites, which will be updated regularly: www.danskebank.com, www.mazanti.dk, www.pwc.com. September 2008 Danske Bank Danske Bank is the largest bank in Denmark and a leading player in the Scandinavian financial markets. The Danske Bank Group – which includes Danske Bank, Realkredit Danmark, Danica Pension and a number of subsidiaries – offers a wide range of financial services, including insurance, mortgage finance, asset management, brokerage, real estate and leasing services. In Denmark, Norway, Sweden, Finland, Northern Ireland, the Republic of Ireland, Estonia, Latvia and Lithuania, the Group serves 5 million retail customers and a significant part of the corporate, public and institutional sectors. It also has a large number of international corporate clients, particularly in the northern European markets. -
Republic of Latvia, Acting Through the Treasury €400,000,000 5.50 Per Cent
Level: 8 – From: 8 – Monday, March 3, 2008 – 6:53 pm – mac5 – 3875 Intro : 3875 Intro OFFERING CIRCULAR REPUBLIC OF LATVIA, ACTING THROUGH THE TREASURY €400,000,000 5.50 PER CENT. NOTES DUE 2018 The issue price of the €400,000,000 5.50 per cent. Notes due 2018 (the “Notes”) of the Republic of Latvia, acting through the Treasury, (“Latvia” or the “Republic”) is 99.774 per cent. of their principal amount. Unless previously redeemed or cancelled, the Notes will be redeemed at their principal amount on 5 March 2018. See “Terms and Conditions of the Notes – Redemption and Purchase”. The Notes will bear interest from and including 5 March 2008 at the rate of 5.50 per cent. per annum payable annually in arrear on 5 March each year, commencing on 5 March 2009. Payments on the Notes will be made in euro without deduction for or on account of any Latvian withholding taxes and the Republic will pay additional amounts if any such taxes are imposed, as described under “Terms and Conditions of the Notes – Taxation”. Application has been made to list the Notes on the regulated market of the Luxembourg Stock Exchange pursuant to the rules and regulations of the Luxembourg Stock Exchange. The Notes have not been, and will not be, registered under the United States Securities Act of 1933 (as amended) (the “Securities Act”) in accordance with Regulation S under the Securities Act (“Regulation S”), and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. -
Peculiarities of Labour Income Taxation in the Baltic States 1
2013, Vol. 1, No. 4 Peculiarities of Labour Income Taxation in the Baltic States 1 Ilona Skačkauskienė A B S T R A C T Objective : The main objective of the paper is to analyse the peculiarities of the taxation of labour income in the Baltic States (Lithuania, Latvia and Estonia). Research Design & Methods : The influence of the basic tax elements on the evaluation of the level of labour income taxation was investigated. The comparative and logical analysis of statistical data and literature was performed and synthesis methods were applied. During the research, Latvia and Estonia, the countries closely related to Lithuania, have been compared. Findings: The labour income taxation (with personal income tax, social security and compulsory health insurance) in Lithuania is the lowest when compared with labour income taxation in Latvia and Estonia. Implications & Recommendations: The results of the research have shown that the comparison of the basic tax indicators, such as non-taxable minimum income and standard rates, only partially describe the national level of the labour income taxation. A more accurate description of the tax level could be provided only after applying ratios and evaluating such factors as tax base and tax exemptions. Contribution & Value Added: The paper delivers new empirical evidence on labour income taxation in different countries. Article type: research paper Keywords: labour income; taxation; contribution; tax; indicators JEL codes: H24, H71 Published by Centre for Strategic and International Entrepreneurship – Krakow, Poland Suggested citation: Skačkauskienė, I. (2013). Peculiarities of Labour Income Taxation in the Baltic States. Entrepreneurial Business and Economics Review, 1(4), 57-69. -
Conceptualizing the Possible Implementation of Food Taxes in Developed Economies
AD ALTA JOURNAL OF INTERDISCIPLINARY RESEARCH CONCEPTUALIZING THE POSSIBLE IMPLEMENTATION OF FOOD TAXES IN DEVELOPED ECONOMIES: CASE OF LATVIA aMARA PETERSONE, bKARLIS KETNERS, cILZE ABOLINA including behavioural issues and develop proposals for the future development in Latvia. The conventional quantitative and a Riga Technical University, Latvia qualitative data analysis methods of economic data, as well as b BA School for Business and Finance, Latvia inductive and deductive research methods were used. Proposals cVISA “Pauls Stradins Clinical University Hospital”, Scientific for the possible food tax system as part of health financing Institute, Latvia model had resulted from the study. email: [email protected], [email protected], 2 Tax policy general considerations and countries’ [email protected] experience This work has been supported by the European Regional Development Fund within Over the last few decades there has been a growing international the Activity 1.1.1.2 “Post-doctoral Research Aid” of the Specific Aid Objective 1.1.1 “To increase the research and innovative capacity of scientific institutions of Latvia trend towards development of taxation of unhealthy products and and the ability to attract external financing, investing in human resources and research devoted to this policy. Taxes on unhealthy products or infrastructure” of the Operational Programme “Growth and Employment” “sins” such as alcohol, tobacco, certain foods and beverages are (No.1.1.1.2/VIAA/2/18/330). widely used. Historically, the primary objective of these taxes has been fiscal revenues to be generated, but nowadays policy and research interest in the ability of such measures to raise the cost of manufacturing, distributing and consuming of these products is increasing. -
No More Bankers' Hours
haleys hand NUMBER 4 – SEPTEMBER 2009 THE MAGAZINE FOR THE 22,822 EMPLOYEES OF THE DANSKE BANK GROUP DANSKE [email protected] No more bankers’ hours magazine Sweden’s new product fi ts magazinecustomer lifestyles – and magazine magazine gives staff fl exible workdays Page 8-11 How (and why) to read our H1 report Page 14 Are we good enough at serving our own employees? Page 4 magazine Part-time football trainer, part-time Danske manager Page 6 Watch videosOnline at Danske Magazine 36229_DMag_NR4-2009_UK.indd 1 8/24/09 1:45 PM EDITOR RESPONSIBLE UNDER DANISH PRESS LAW MARIA HJORTH EDITOR KAY XANDER MELLISH/KAYM/45687 3912 GROUP COMMUNICATIONS DELIVERY POST AND INTERNAL DISTRIBUTION MAIL R3986 AND TELEPHONE (+45) 43 39 27 21 ORDERING NUMBER 7550 ISSN 1396-5034 LAYOUT GROUP DESIGN COVER PHOTO PETTER MAGNUSSON The banking business has changed, too Contents When I started my career, there vices. Those with more complex was only one way to be a retail needs may prefer, and be willing to customer at a bank. You would go pay for, the more in-depth advice to a branch during banking hours, we provide in a face-to-face setting. in my branch 9:30-12:30 and then 2pm-4pm, and either make transac- We are re-segmenting on the tions with a cashier or sit across corporate side as well, where the the desk from an adviser, discus- smallest businesses have proven to sing a loan. All customers were be very satisfi ed with centralised handled the same way, and banks phone services staffed with spe- never approached customers.