Latvian state allocates EUR 19.2 million to support tourism industry

Latvian state allocates EUR 19.2 million to support tourism industry

Latvian state plans to subsidize wages of employees of the tourism industry by allocating EUR 19.2 million for this, as provided by Economy Ministry’s proposal supported by the government on Tuesday, 14 April.

The government supported the ministry’s proposed rules for allocation of support for tourism industry workers affected by COVID-19. These rules outline the order and the amount of support provided to companies of this sector impacted by COVID-19.

The available budget funding for this goal is EUR 19.2 million. Support will be provided in the form of grants.

Support will be equal to 30% of a specific company’s state social insurance contributions paid in 2019 but no larger than EUR 800 000 per group of persons.

Tourism and accommodation industry’s companies are also eligible for support as long as their income from economic operations during COVID-19 crisis in one month between April and June have declined 30% when compared to the same period of 2019.

Support will be available to companies that do not have tax debts that exceed EUR 1 000, except for tax payments applied with payment term extension or have an agreement on voluntary payment of taxes.

It will be possible to apply for support by 30 September 2020 by sending applications to Investment and Development Agency of Latvia (LIAA), either electronically with approved secure electronic signature or using portal.

LIAA will monitor the use of this funding.If LIAA finds a company has not used its allocated funding, performers of economic operations will have to pay back the unused funding amount in double to LIAA.    

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