Reval Hotels
Observer Eesti Oü

WEEK 9.2006

Thursday, the 3rd of March, 2006

Real salary grows by 9.7% during the year
In 2005 the average gross salary in Latvia grew by 16.5% reaching EUR 351 per month, according to the Central Statistical Bureau. The growth of average net salary was even higher, by 17%, to EUR 251.24. During this time consumer prices increased by 6.7%, therefore, the real growth was salaries was 9.7%.

Register goes to war against fictive companies
The Latvian State Notary, Janis Endzins, sharply criticized the Latvian State Revenue Service. He invited its head, Dzintars Jakans, to begin discussing the actions plan regarding combating the fictive companies. There are more than 4,000 fictive enterprises in Latvia. Endzins suggested publishing their names. He added that the head of the State Revenue Service refused to negotiate on this issue several times.
Biznes & Baltija

Wednesday, the 1st of March, 2006

Approve Latvia’s euro introduction plan
The Latvian government approved the national plan for introduction of euro in 2008. Analysts doubt that it would be possible to introduce euro due to the high level of inflation which exceeds the level defined in Maastricht Treaty. Latvia plans to wait for the decision on the preparedness of other EU-states for the introduction of euro. Afterwards the government could make a decision on reviewing the national plan. In order to reduce the expenses connected with the introduction of new currency, Latvia plans to use euro both for cash payments and transfer settlements.

Tuesday, the 28th of February, 2006

Nord/LB forecasts economic recession of Latvia
Specialists from Nord/LB bank forecast economic recession of Latvia in the near future. Among the most serious problems will be deficit of labour force, overheating of real estate market and activity of Chinese producers on export markets. Specialists offer to make immediate steps for raising salaries and increasing labour productivity. In general, according to experts forecasts, the states rich in resources would be the leading countries in economy sphere, among them Russia, Brazil, Australia and others. The Baltic States are advised to invest into technological sphere for increasing their competitiveness on the global market.

Monday, the 27th of February, 2006
The business environment will be improved
Latvian business environment needs serious improvements, and the Ministry of Economy has prepared a plan for improving the Latvian business environment in 2006. The Ministry believes that the main attention should be paid to removing different bureaucratic obstacles. It wants to decrease the frequency of paying the taxes by 50 per cent, and to reduce the number of cases when businessmen should visit State Revenue Service. Among other measures are facilitation of the registration of new food-related enterprises and simplifying some hygiene regulations, including those for country guest houses, as well as changing the Labour law so that people would be encouraged to stay in Latvia instead of finding jobs abroad.
Biznes & Baltija

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