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Latvia Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
1,923,559 (July 2018 est.)GDP (PPP)
$54.02 billion (2017 est.)Economy based on transit services, timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronics industries
GDP growth rate
4.5% (2017 est.)High, though the country is dependent on exports that make more than 50% of GDP; domestic market crippled by declining population and emigration of skilled workers
GDP (PPP) per capita
$27,700 (2017 est.)High but medium within Europe
Local currency
Euro (EUR)Latvia joined the Euro in 2014
Financial stability (Public debt)
36.3% of GDP (2017 est.)Low
Inflation
2.9% (2017 est.)Medium
Language
Latvian (official) 56.3%, Russian 33.8%English is understood in urban areas (32/100)
Corruption perception index (Source: Transparency International)
41/180Medium level of corruption but high within Europe
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
21%Reduced rates of 12% and 5% apply on certain goods (generally basic products like medicaments and food)
Corporate Tax
20%The taxable base should be divided by a coefficient of 0.8, therefore the effective CIT rate is 25%. However, all undistributed corporate profits are exempt (taxation of corporate profits is postponed until those profits are distributed as dividends or deemed to be distributed).
Duties
0% to 20%Customs duty is levied on goods imported into Latvia, depending on their type and origin.
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