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7. Payments to the State Budget | 8 Step Guide
7. Information on payments made by businesses to the state budget
This includes information on the total amount of taxes paid by taxpayers (businesses) to the State Revenue Service in the previous years, including the total amount of personal income tax and mandatory state social insurance contributions, as well as the average number of employed persons. Unpaid tax debts can indicate potential financial instability and can lead to suspension and termination of business activities. An unreasonably low number of employees or inadequate contributions to social tax and income tax relative to the actual scale of business operations could potentially signal involvement in the shadow economy.
Information can be obtained at https://www.vid.gov.lv/lv/nodoklu-maksataju-komersantu-taksacijas-gada-samaksato-vid-administreto-nodoklu-kopsummas (available only in Latvian*)
8 Steps for Trusting a New Business Partner from Latvia | Cross Border Deals
By obtaining publicly available information in this manner a company can make better-informed decisions and avoid potential risks. Checking registrations, evaluating financial stability, and even doing a quick online search can infuse further confidence in the transaction’s and business partner’s integrity and suitability. Switching to English on websites of state institutions might limit access to the same comprehensive databases available in Latvian, resulting in less information and poorer functionality.
What to do in case of uncertainties?
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