In response to the Russian embargo on most food products imported from the European Union, Latvia’s Economy Minister, Vjaceslavs Dombrovskis, has proposed a 12-month tax break for businesses impacted by Russian sanctions.
The tax breaks could be applied most easily to corporation tax and to employers’ labor tax payments, and that they could be made conditional on employers not laying off staff. The Economy Minister described the plan as a “short-term measure,” and said that the Government would also help the businesses to find new markets. He also suggested that Latvia could work with other countries most affected by the sanctions to persuade the EU to provide support.
