Saeima okays tax deferrals for sanction-hit firms

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Companies suffering from Russia’s countervailing food imports embargo against the EU would be allowed to defer or split their tax payments for up to five years, according to a packet of bills passed in final reading by Saeima at its regular Thursday plenary.

The deferrals outlined in amendments to the Law on Taxes and Duties and the Law on the State Revenue Service will apply to those firms whose exports to Russia comprise more than 10% of their total sales. It will also be available to merchants in related sectors whose service contracts or turnover are adversely affected.

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