News: Creation of working places will be supported up to 12 000 LVL each
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The Latvian Investment and Development Agency, in cooperation with the European Social Fund, has announced a call to support job creation. Expected funds are expected to reach LVL 12,000 for each job created, capped at LVL 1.5 million for a project.
The Call for Activity is scheduled to start on November 1st, 2012 and will last until March 23rd, 2013. The activity aims to create new jobs. Applicants can be companies registered in Latvia that plan to create at least 50 full-time jobs and plan to maintain these jobs for at least three to five years after the project realization. The compensated expenses are: monthly salary up to LVL 500 net, expenses for training new employees and value added tax (VAT) of these expenses. The maximum financial resources available cover 50% of expenditure on salaries and general training and 25% of expenditure on special training. The bidding starts on November 1st and runs until March 28th, 2013. The project can be started immediately after approval and there is no need to wait for the closing date of the bidding process.
Currently, the tax rates in Latvia are as follows: income tax 25%; State social contribution 24.09%; Corporate income tax is 15%, VAT is 21% and others. The system of company registration is simplified and does not contain significant obstacles for foreigners.