Posts tagged as shadow economy

Illegal parties break the curfew in Riga

Tuesday, August 11, 2020

Illegal parties thrive in Riga, and so does shadow economy, said the Latvian Association of Bars on Latvian Radio August 11. While COVID-19 restrictions, including the rule that entertainment venues must close at midnight, make some businesses  suffer, others aren’t shy about breaking the law. Clubs and bars tend to be open for up to two at night or longer. By law, only open-air cinemas can do this right now. Many clubs…

Shadow economy barely shrank in 2019

Wednesday, June 10, 2020

The share of the shadow economy in Latvia did not change significantly in 2019, remaining at just under a quarter of the total economy, according to the annual research of the Shadow Economy Index for the Baltic Countries conducted by the Stockholm School of Economics in Rīga. In 2019 the shadow economy accounted for 23.9% of Gross Domestic Product, down just 0.3% on 2018’s figure of 24.2% said Dr. Arnis Sauka of SSE Riga’s Sustainable Business Center…

Latvian FinMin: shadow economy would be curbed more efficiently if wages were not paid in cash

Tuesday, May 22, 2018

Shadow economy would be fought more efficiently if wages were not paid in cash, said Latvian Finance Minister Dana Reizniece-Ozola (Greens/Farmers), commenting on a proposal to restrict purchase of excise goods with cash, informs LETA. MP Imants Paradnieks (National Alliance) has proposed a measure to fight shadow economy – restrict purchases of alcoholic beverages and cigarettes in cash. Paradnieks has asked the Finance Ministry to provide its opinion on the proposal and…