Latgale Special Economic Zone
In accordance with the regulatory policy the status and the tax reliefs of the Latgale Special Economic Zone (LSEZ) can be granted to enterprises that are registered and operate in the Latgale region. Management of Latgale SEZ is centralized through the Latgale planning region.
Unlike in other special economic zones, the size and location of the territory that can be granted the status of LSEZ in each of the municipalities of the Latgale planning region is not predefined.
Tax relief: 80% relief for company income tax and up to 100% relief for property tax.
The total amount of tax relief: maximum allowed support intensity from the investments:
60% of the investment costs in tax relief – when the company conforms to category of small or micro company;
50% of the investment costs in tax relief – when the company conforms to category of medium company;
40% of the investment costs in tax relief – when the company conforms to category of large company.
Accepted investment:
Long-term tangible investments – buildings, constructions, equipment and machinery;
Long-term intangible investments – costs of acquisition of patents and technology;
The assets purchased must be new, except if the company conforms to the status of small or medium-sized capital company.
Latgale Planning Region
Latgale Planning Region (LPR) is a derived public person that has been established in accordance with the Regional Development Law and its activity has been financed from the state principal budget. Latgale Planning Region has been founded in August 2006 with the aim to ensure the planning and co-ordination of regional development, and co-operation between local government and other state administrative institutions.
Latgale Entrepreneurship Centre
A department called Latgale Entrepreneurship Centre (LEC) is working to create a consultation network and to provide a coordinated support for business development.
Activities of the called Latgale Entrepreneurship Centre:
- Consultations on the availability of European structural funds, filling in the application forms;
- Consultations on the use of e-services and trainings for the effective use of www.latvia.lv portal;
- “bureaucracy guide” – consultations on the service of various institutions;
- Consultations on the most suitable industrial zones for the potential investors and entrepreneurs;
- Organization of motivation events and trainings, coordination of events between Latvian Rural Advisory and Training Centre, Investment and Development Agency of Latvia, Latvian Chamber of Commerce and Industry, Employers’ Confederation of Latvia, and other organizations;
- Organization of exchange of experience trips, trade mission and visits of groups of entrepreneurs, familiarization with examples of success in entrepreneurship, creation of contacts.
In order to ensure the availability of services in the entire Latgale region, LEC has specialists in Rezekne, Preili, Daugavpils, Livani, Ludza and Kraslava.
Representation of Latgale in Riga
In summer 2014 a Representation of Latgale was opened in Riga within the project “Implementation of regional policy actions in Latvia and elaboration of regional development measures” of the Norwegian Financial Mechanism programme Capacity-Building and Institutional Cooperation between Latvian and Norwegian Public Institutions, Local and Regional Authorities.
The Representation of Latgale in Riga was created with the aim to facilitate the flow of investments to Latgale and to popularize the resources available in the region, including the manufactured products and the tourism sites.
In the Representation of Latgale in Riga:
- The topical investment projects are presented;
- Information is presented about the resources available and products manufactured in the region;
- Information about the industrial zones is presented to potential investors and entrepreneurs;
- Products of Latgalian entrepreneurs and craftsmen are presented;
- Premises are provided for communication of entrepreneurs from Latgale with investors and cooperation partners;
- Considering the importance of tourism in regional development beyond the development centers of national and regional significance, the tourism opportunities in Latgale are presented.
