Reval Hotels
Pietari Express
 Observer Latvija SIA

WEEK 11.2006

Friday, the 17th of March, 2006

Authorities facilitate life of small companies
The Latvian government will examine the amendments to the law on annual enterprises’ reports which stipulate the facilitation of work of small enterprises. According to the amendments, more small companies would get rid of the necessity to submit the annual reports on their work to the Register of Enterprises. The number of companies able to compile brief calculation of earnings and losses will increase, too.
Biznes & Baltija

Wednesday, the 15th of March, 2006

Put in a word for poor businessman
The Latvian government developed a plan to facilitate the work of Latvian and foreign entrepreneurs. The number of necessary payments to the State Revenue Service will be reduced. The system of tax penalties should be made more effective so that the punishment would correspond to the violation. It is planned to reduce the administrative obstacles in food products circulation sphere, to facilitate the work of small rural hotels, the process of concluding real estate deals and receiving visas and work permits.

Tuesday, the 14th of March, 2006

Latvian banks earn 32.5 million lats
In January-February of the current year the profit of Latvian banks reached LVL 32.5 million, which is by 26.5% more compared to the same period of the previous year. In 2005 the provisional profit of Latvian banks constituted LVL 193.6 million; it was approximately by 70% more than in 2004.

Monday, the 13th of March, 2006
Last year there was the largest GNP growth in Latvia’s history
In 2005, Latvian economy enjoyed the largest growth of GNP since Latvia has regained its independence; it had grown by 10.2 per cent, thus placing Latvia ahead of all the other EU countries and among the fastest growing countries in the world. GNP per person increased even more; it had grown by 10.8 per cent. It can be explained by the gradually decreasing amount of the inhabitants of Latvia. GNP has grown thanks to retail trade (by 17.4 per cent), transportation and communications (16.2 per cent), construction (15.5 per cent), and manufacturing (6.3 per cent). Experts believe that manufacturing will strengthen its position. They also point out that some of the rapidly developing segments were involved in shadow economy, and the growth could be explained by their legalisation.

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