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WEEK 17th. 2004

Friday, the 23rd of April, 2004

One step to Euro-funds
The Minister of Economy, Juris LUJANS, said that the Latvian Investments and Development Agency will be ready to work with the finances from EU funds only in June. It is the only institution where the businessmen can submit their projects for receiving money from EU. Until 2007 four private businessmen support programmes will be available to the Agency. Their total sum is LVL 95.9 million. The Minister of Finance, Oskars Spurdzins, forecasted that in the end of 2004 Latvia will receive from EU more money than it should pay itself into EU budget. Among all the regions of Latvia Riga and Ventspils are prepared better for acquisition of the structural funds, according to him.
Kommersant Baltic Daily

Thursday, the 22nd of April, 2004

Greet large taxpayers
10 largest taxpayers in Latvia in 2003 were Kurzemes Degviela, Latvija Statoil, Lattelekom, Latvenergo, Latvijas Dzelzcels, Latvijas Balzams, Latvijas Mobilais Telefons, Latvijas Gaze, LUKoil Baltija R and VEXoil. Together they paid into Latvia's budget LVL 285.92 million or 15.7% of all the taxes. State Revenue Service has organized a festive event in their honour, where the officials greeted the largest taxpayers. Latvijas Mobilais Telefons was the leader in paying the corporate income tax, Latvijas gaze was the leader in paying value added tax, and Kurzemes Degviela in paying excise tax.
Dienas Bizness

Wednesday, the 21st of April, 2004

Production became by 5.7% more expensive
During the first 3 months of 2004 producer's prices increased by 2.9%. In comparison with March 2003, the increase is 5.7%. In January-March the prices especially grew in the sectors of electricity, gas and hot water handling facilities (by 10.6%). In wood industry the producer's prices increased by 7.5%, while in furniture industry by 7.4%. Food products and drinks production became by 5.5% more expensive.

Certificate for transportations
From May 1 the businessmen, who perform passengers or cargo transportations will have to receive a special certificate. This is the requirement of EU. The certificate will be needed also for transportations with personal purposes in order to avoid the situation when the commercial transportations are claimed as the personal ones.
Kommersant Baltic Daily

Tuesday, the 20th of April, 2004

State debt plays the currency rates fluctuations
In the first quarter of 2004 the inner debt of Latvia had decreased by LVL 8 million (EUR 11.9 million) - to LVL 411.628 million (EUR 615.288 million). The total state debt had reduced by LVL 3.43 million (EUR 5.12 million) to LVL 842.849 million (EUR 1,259 million). The State Treasury explains that it happened due to the currency rates fluctuations. The incomes were LVL 547.7 million (EUR 818.6 million) while the expenses LVL 513.3 million (EUR 767.2 million).

Ministry of Economy divides help from Brussels
The Latvian government approved a plan for support of small and medium enterprises for the period until 2006. It will require LVL 153 million (EUR 228 million); the EU can allocate LVL 107 million (EUR 159 million). There are also plans to reanimate the organization Latvijas Eksportkredits (Latvian Export Credits). It will be called Import-Export Deals Insurance Instrument. The organization will provide guarantees for export and import operations. It will start functioning in 2005; this project will require LVL 120 thousand (EUR 179 thousand).
Monday, the 19th of April, 2004

Total non-preparedness
Latvian Investments Agency together with the consultants of the auditing company Ernst&Young and some associations have worked out new criteria for enterprises, which plan to candidate for the finances from EU structural funds. The share of the own capital in the assets of the company should not exceed one quarter (earlier it was one third). Liquidity coefficient should not exceed one. The company also has to have positive flow of money from its basic activities.
Kommersant Baltic Daily

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