Canneries plead for breathing space to fend off bankruptcy

By the end of July, the Latvian State Revenue Service (VID) has received applications from eight fish canneries seeking tax holidays as they struggle to cope with a Russian ban on imports of fish products from Latvia, the BNS newswire reported Wednesday evening.

The Latvian government has approved 18 fish industry companies as eligible to the tax holidays but only eight companies had submitted their applications to VID by the end of July.

The requests submitted so far concern the total tax amount of €600,600 euros which the fish canneries want to pay in installments.

"All applications are being reviewed,” the tax authority said.

The Latvian government on July 14 approved a list of 18 fish industry companies in Latvia that are eligible to tax holidays because their business has seriously suffered from the Russian ban on imports of fish products from Latvia and Estonia.

According to VID information, 19 tax payers in Latvia have been exporting fish and sea products to Russia.

The Russian food safety authority, Rosselkhoznadzor, banned import of fish and fish products from Latvia and Estonia on June 4. The ban has dealt a heavy blow to Latvian fish canneries.

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Economy
Economy