Support for Entrepreneurs
Last update 11.11.2020
Support from the State Revenue Service
- Applying by 30 December, 2020, entrepreneurs affected by the crisis will be able to receive an extension of the deadline for the payment of taxes or a division of the taxes into several payment periods for a period of up to three years. The taxpayer must submit a substantiated application regarding the necessity to divide the payment or to extend its deadline within 15 days after the deadline of the payment. No arrears will be calculated for this overdue tax payment, while information about the company will not be included in the database of tax debtors administered by the SRS.
- The cancellation of 2020 advance payments of personal income tax has remained in force. Moreover, donors retain the favourable opportunities to make donations in 2020 to help overcome and prevent the consequences of COVID-19 without being subjected to corporate income tax.
- Until the end of 2020, the SRS will continue to ensure the refunding of the approved overpaid value added tax (VAT) amount in a shorter term than provided by the current VAT law. As a result, businesses will have more financial resources available for overcoming the consequences caused by the COVID-19 crisis.
- In 2020, 2021, 2022, and 2023, the SRS will not exclude participants from the In-Depth Cooperation Programme or reduce the programme level for those participants of the In-Depth Cooperation Programme that have been affected by the financial consequences of the spread of Covid-19. At the same time, the participants of the programme will need to provide evidence that the objective circumstances have arisen as a result of the spread of Covid-19.
- Remote selling of alcoholic beverages continues.
!Please note that as of 10 June, 2020, the use of undenatured ethyl alcohol in the production of disinfectants is prohibited.
Detailed information on the criteria for potential support beneficiaries, the granting conditions, and the receiving procedure is available on the website of the State Revenue Service.
In case of any questions or uncertainties, please call the SRS consultation number 67120000 or ask a question in writing under the SRS EDS section “Correspondence with the SRS”. Personalised consultations may be received when calling 67120000, as long as the person accesses his/her SRS EDS account during the call and relays the code that is shown there.
Support from the ALTUM Finance Institution
Entrepreneurs can apply to the ALTUM finance institution for:
- Working Capital Loan
- Loan Holidays Guarantee
- Export support
- Investment fund
- Guarantees to large companies
Find out more about these support mechanisms by calling +371 26655309.
Support for business rent payments
State and municipal capital companies temporarily exempt entrepreneurs in the sectors affected by the Covid-19 crisis from their rent payments or decide on a reduction of the rent amount.
Entrepreneurs must contact the local authorities to find out about the possibility of receiving rent reductions.
More information: Support for Entrepreneurs
Bank support for entrepreneurs
To mitigate the effects of the crisis, banks have developed various solutions for determining bank loan holidays, deferring capital payments, and temporarily postponing other liabilities. If you are a borrower, you can agree with your credit institution on changes in your payment schedule.
To ensure the security of both customers and employees of the banking sector, a large part of banking services is available remotely.
The list of banks and their contact information is available on the website of the Financial and Capital Market Commission.
Support from the Investment and Development Agency in Latvia
- Support for tourism companies to overcome the effects of the Covid-19 crisis
Support programme for tourism companies to overcome the effects of the crisis caused by the Covid-19 virus and to promote employment. Companies in the tourism sector that meet the criteria stated in the regulations will be able to receive support in the amount of 30% of the mandatory state social insurance contributions made in 2019. The maximum support for one company or group of companies may reach up to 800 thousand euros. Applications for receiving support must be submitted by 30 September 2020
- Support for export companies to overcome the effects of the Covid-19 crisis
Support programme for export companies to overcome the effects of the crisis caused by the Covid-19 virus and to promote employment. Export companies that meet the criteria stated in the regulations will be able to receive support in the amount of 25% of the mandatory state social insurance contributions made in 2019. The maximum support for one company or group of companies may reach up to 800 thousand euros. Applications for receiving support must be submitted by 30 September 2020
- Exceptions for non-compliance with 14-day self-isolation requirements for performance of work duties
The requirement of 14-days’ self-isolation need not apply to foreigners at the time and place of performance of their work duties, the arrival of whom in Latvia is required for the fulfilment of liabilities of Latvian merchants.
Telephone: +371 68803505