News

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Karins promises to expand support to businesses during Covid-19 crisis

25 March 2020

Yesterday's government decision on downtime benefits for businesses are just the start, and options for expanding support measures will be evaluated, said Prime Minister Krisjanis Karins (New Unity) on Latvian Television this morning. Initially, support is being targeted at about 40 sectors, but the prime minister promised that the government will not stop just at these 40 sectors, and this is just the beginning, which will be followed by more specific support criteria and possible expansion of the list of sectors.... Read more

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Government Approved Support Mechanisms Available to Businesses in Latvia

25 March 2020

Starting today, companies in Latvia that have been negatively affected by the measures to fight the spread of COVID-19 can apply for the government-approved support mechanisms through the state-owned development finance institution ALTUM. The support measures include guarantees for credit holidays and working capital loans. Applications are accepted starting today, March 25. Visit: https://www.altum.lv/lv/... Read more

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Plan and Prepare for a Post-Crisis Breakthrough together with the Kaizen Institute

25 March 2020

The current pandemic is first and foremost a human tragedy, but it also carries significant implications for our local and the global economy. Kaizen Institute has prepared a series of risk management and strategic planning tools and resources to curtail the impact and post-crisis recovery period for businesses and companies experiencing the economic impacts of this pandemic.... Read more

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Government support aimed at mitigating economic impact of Covid-19 pandemic exceeds EUR 2 billion

20 March 2020

Latvia's government support aimed at mitigating the economic impact from the Covid-19 pandemic has exceeded EUR 2 billion, Finance Minister Janis Reirs (New Unity) told journalists Thursday. According to the minister's estimates, the government support, which was initially planned at EUR 1 billion has now surpassed EUR 2 billion already. The proposal to support the businesses idled by the coronavirus outbreak by financing employees' wages will cost between EUR 60 million and EUR 200 million, if it is decided to expand the number of sectors eligible for the support. ... Read more

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FICIL Affirms the Need for State Aid to Companies Affected by Covid-19

20 March 2020

The Foreign Investors' Council in Latvia Latvia's Government's efforts to limit the spread of Covid-19 has issued a statement expressing gratitute for the governments efforts to mitigate the spread of the virus, while affirming the need for state aid to companies that have been affected by the crisis.... Read more

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Special Offer from the Clarion Collection Hotel

19 March 2020

If you or your business needs a temporary office space or a place to stay during self-isolation or quarantine, read the message by the General Manager of the Clarion Collection Hotel Valdemārs by Nordic Choice about their offer to the NCCL member community.... Read more

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Support Available to Entrepreneurs in the Form of both Tax Solutions and Financial Mechanisms

18 March 2020

On Tuesday, March 17, Latvia's Cabinet of Ministers (CoM) resolved that for the prevention of consequences caused by COVID-19 in the social and entrepreneurial field it is necessary to act in four directions. The Ministry of Welfare is preparing proposals on how, during the COVID-19 pandemic, to provide in a solidary manner a fixed-term State aid to employers for the purposes of the payment of sick-leave certificates, performing this from the special budget funds. At the same time, tax solutions are also planned, as well as support to entrepreneurial activity in the form of financial mechanisms.... Read more

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Companies to be entitled to tax holidays for up to three years

17 March 2020

In order to ensure support to businesses in Latvia, it is planned to provide tax holidays for a period of up to three years, said Latvia's Finance Minister Janis Reirs after the meeting of the work group, discussing support to businesses in dealing with economic consequences from the outbreak of Covid-19. ... Read more

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Government of Latvia preparing idling regulation to provide financial support to businesses

17 March 2020

The government of Latvia is currently at work on a idling regulation that could be used to provide financial assistance to those businesses whose operations are seriously suffering from the Covid-19 crisis, Prime Minister Krisjanis Karins told journalists following a coalition cooperation meeting on Monday. The regulation would serve as a government support instrument, helping affected businesses to survive the Covid-19 crisis.... Read more