Where is the Ministry of Finance located?
The Ministry of Finance is located in Riga, Smilsu Street 1
Phone number of the Ministry is 67095405
E-mail address of the Ministry is info@fm.gov.lv
What does the Ministry of Finance do?
The Ministry of Finance takes care of a number of important sectors.
- Each year the Ministry drafts a state budget.
It is the country’s purse. We take care of this money to ensure that citizens have access to education and health care, to keep the country defended and to be able to pay wages to police officers and firefighters. There are also other important sectors maintained by the state.
- In Latvia, there are various taxes. The Ministry of Finance supervises them and drafts laws when improvements are needed.
We need taxes to have money in the state budget or purse. Taxes are paid by enterprises and citizens.
- Latvia is in the European Union. The aim of the European Union is to improve the level of life of its citizens.
Therefore, the European Union provides financial support or money to the Member States in the most difficult situation. The money comes from the European Union funds.
Employees of the Ministry of Finance work so that Latvia could receive money from these funds. The Ministry of Finance also takes care to ensure that the money goes where it is needed the most. This money helps our country to become better and more beautiful.
When the money is allocated to sectors, other ministries are responsible for its successful utilization. The Ministry of Finance supervises it.
The minister manages the work of the Ministry of Finance.
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Since 2022, the Minister of Finance is Arvils Ašeradens. |
Other institutions help the Ministry of Finance to do its work and implement laws and regulations.
- The Treasury is the holder of the country’s purse. The Treasury monitors money inflows and spending. The Treasury pays allowances, pensions and makes other payments.
- The Central Finance and Contracting Agency helps enterprises and institutions to receive money from European Union funds, as well as monitors appropriate use of this money.
- The State Revenue Service takes care of money inflows in the country’s purse or budget, ensures that people act honestly and pay taxes.
- The Lotteries and Gambling Supervision Inspection takes care to ensure that gambling and lotteries are organized correctly and in compliance with Latvian laws and regulations so that others can safely and without risks participate therein.
- The Procurement Monitoring Bureau takes care to ensure that entrepreneurs have equal possibilities to participate in procurements. Institutions announce a procurement when they need to buy a good or service. It is important to spend the country’s money in an honest and effective manner. Therefore, the Procurement Monitoring Bureau controls it.