Today, The Ministry of Finance of the Republic of Latvia and the World Bank signed the Latvia Tax Policy and Equity Reimbursable Service Agreement (RAS) that aims to review the current tax system in Latvia through a lens of efficiency, competitiveness, revenue mobilization and equity.
Following successful approval of the Twinning Light project, experts of the European Union (EU) Funds Audit Authority (AA) have been granted the right to train specialists of the Croatian Audit Authority. During the period of six months Latvian experts will transfer to Croatian colleagues their knowledge about sound EU funds financial management in the new programming period 2014-2020.
For the Latvian economy, the year 2015 has been a complicated but overall successful year. Despite unfavourable external conditions, the economic growth increased up to 2.7 % (in the first three quarters of the year); while in previous year the gross domestic product (GDP) grew by 2.4%. In 2015, Latvian exporters overcame successfully the sanctions imposed by Russia and dealt with the decreasing demand in the neighbouring country, which experienced a recession. Although exports to Russia in the first nine months of the year decreased by 24.4%, Latvia is the only Baltic country, which has managed to increase the total amount of exports. In the nine months, it grew by 2%.