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WEEK 38.2005

Friday, the 23rd of September, 2005

Unruly inflation
The head of the Central Bank of Latvia, Ilmars Rimsevics, declared that the speed of inflation growth remains inadmissibly high, and in the end of the current year Latvia would not be able to reduce it to 4-5%. He believes that the government should immediately begin using its inflation combating plan. According to him, one of the main reasons of high inflation is the growth of crediting. Rimsevics invited banks to review their crediting policy.
Telegraf

Thursday, the 22nd of September, 2005

Expenses for labour force grow most swiftly
In the second quarter of 2005 Latvia experienced the highest growth in expenses for labour force in national economy among all the EU member-states, 14.2%. According to Eurostat data, the general index in the EU was 2.6%. The smallest growth was in Germany, 0.8%. Latvia is also a leader in expenses for labour force in industry. This index reached 15.3%, while the average index in the EU is 2.2%.
Dienas Bizness

Wednesday, the 21st of September, 2005

Byelorussians to develop science consumption industry
Recently a forum ‘Innovations=Profit 2005’ took place in Riga. Its aim was to attract attention to the development of science consumption industry in Latvia. In frames of the event the prize for innovations was presented to the team of the pharmaceutical company Grindeks and Latvian Organic Synthesis Institute. It was noted that only 19% of the Latvian companies invest in innovations. During the forum the representatives of Belarus offered to their Latvian colleagues the innovations for prices, which are much lower than in Europe, as well as conducted business negotiations with the potential partners.
Biznes & Baltija

Tuesday, the 20th of September, 2005

Will examine our pockets
It is possible that starting from 2008, all the Latvian inhabitants will have to declare their property and savings. This idea was worked out, because the state budget does not receive hundreds million lats due to the people, who hide their incomes. In 2007 the State Revenue Service will send to tax payers the special forms, in which the information on his or her property is summarized. The persons should examine the information and correct it.
Dienas Bizness

Monday, the 19th of September, 2005

Income tax to reduce from 2007
It is possible that income tax in Latvia could reduce in 2007, according to the Latvian Minister of Finance, Oskars Spurdzins. Initially the Ministry of Finance was planning to reduce it in spring 2006, but has not yet defined, for how much. Now the state structure decided to refuse from this idea for decreasing budget deficit. Reducing the income tax, which is 25% at present, would be a good means for combating the shadow economy.
Biznes & Baltija

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