Latvia’s banking association, Finance Latvia Association (FNA), opposes a proposed windfall tax on local banks, LETA reports. The association argued that the tax was “disproportionate, short-sighted, and nontransparent.” FNA warned that the tax would have negative long-term consequences, hampering Latvia’s growth, competitiveness, and attractiveness for private investment. The tax would oblige the financial sector to…
The Latvian government may impose a new surplus profit tax on individual banks as of 2025, Economy Minister Viktors Valainis has announced, LSM reports. The tax could be levied for two years. Valainis argued that the tax would incentivise banks to increase their lending significantly. Banks that increased their volume of lending could then be…
The number of new businesses registered in Latvia totalled 8,772 in 2023, according to data from enterprise database Lursoft, LETA reports. Meanwhile, the number of businesses liquidated amounted 7,844 in 2023, which was the lowest number since 2015. In the previous seven years, the number of liquidated enterprises exceeded the number of new businesses. Over…