Baltic Business

WEEK 40th 2003

Friday, the 3rd of October, 2003

Good income let to hope - budget deficit to be smaller
The rapid increase in tax revenues in the last months allows thinking that the planed 2.9% budget deficit probably will not be reached this year. According to the Ministry of Finance, in September there have been collected record high revenues in Latvia. The income of the basic state budget amounted LVL 87.3 million. The State Revenue Service (SRS) has managed to exceed the tax revenue plan by 11.5%, thus the financial deficit of the basic state budget has decreased by LVL 40.6 million in the last nine months. Moreover, the special state budgets have surplus of LVL 47.7 million. The most success the SRS has had with collection of the added value tax, and excise tax.

Thursday, the 2nd of October, 2003

Activity grows
In august of 2003, the index of the economical activity in Latvia has increased by 12.9% if compared to August last year. According to the Ministry of Finance, the economical activity was greatly fostered by the growth of the turnover of the retail sales, and the development of the manufacturing industry.
(Kommersant Baltic Daily)

Wednesday, the 1st of October, 2003

Entrepreneurs to have 22 million in their purses
Starting January 1 of 2004, Latvia will have one of the lowest corporate income tax in Europe, which will reach 15% instead of the current 19%. Due to the decision the state budget will loose LVL 22.3 million next year, however, it is believed that the money invested in the development of the business will pay off in several years.
(Biznes & Baltija)

Tuesday, the 30th of September, 2003

Profit of Latvian commercial banks
In the first eight months of 2003, the Latvian commercial banks have earned LVL 45.983 million. In august of 2003, the profit amounted LVL 6.947 million.

Monday, the 29th of September, 2003

In Latvia - stable and rapid development
According to the Ministry of Finance, the development of the Latvian national economy is estimated to be positive for the next four years. In 2004, the GDP could reach 6.1%, whereas until 2008 it will amount 6% annually. This means that each of the inhabitants of Latvia will become by 65% richer on average. The largest growth of GDP in 2004 will be in manufacturing industry, private services, and construction. The private services, which include the trade and financial services as well, are considered to have the most dynamical growth.

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