Tax debts in Latvia total EUR 1.077 billion in early November

RIGA - At the beginning of November 2022, tax debts in Latvia totaled EUR 1.077 billion, which is a decrease of 0.8 percent against October and an increase of 3.1 percent against the beginning of the year, according to the information released by the State Revenue Service (VID).

This total includes current and suspended debts as well as debts with extended payment deadlines.

Tax debts to the central government basic budget stood at EUR 562.145 million, down 0.8 percent month-on-month, tax debts to local government budgets came to EUR 305.214 million, down 1.6 percent, while overdue social security contributions equaled EUR 209.559 million, up 0.3 percent.

As at November 1, 2022, current debts on which fines for late payment are being calculated made up 57.2 percent of the total amount or EUR 615.689 million.

Debts worth EUR 2.154 million were recognized to be uncollectible, with the majority of these debts accumulated by companies that have been declared insolvent.

In early October, the total tax debt in Latvia stood at EUR 1.086 billion and at the beginning of 2022 at EUR 1.044 billion.