Yesterday at the meeting of the National Alliance and the Ministry of Economics, the Chairman of the board of "Latvijas balzams" Intars Geidans replied to the questions raised by politicians regarding the tax deduction provided in the Law on Corporate Income Tax in case of large-scale investments. There were matters discussed about the nature of the planned investment project, the type of investment and the benefits for Latvian economy at the end of the investment project.

 "This is an important decision to be decided by the government. Therefore, we appreciate the opportunity to meet with the politicians in person to speak about our intentions in expanding and modernizing the historical "Latvijas balzams" plant. We have said previously that the completion of the project will result in increasing the company's competitiveness and increasing efficiency among the regional producers. The total cost of the investment project is planned at 23 million euros. Such meetings, where we can explain the nature of the project directly, are a part of the process, and we understand that the government may need additional time to get acquainted with the project in detail. We are certain that the government understands the importance of developing one production and providing high export volumes to one of the largest taxpayers and employers in Latvia and that a positive decision will be adopted at the next government meetings," says I.Geidans.

 JSC "Latvijas balzams" is one of the largest employers and taxpayers in the country – every year company contributes about 50 million euros to the state budget via the taxes paid and in case project will be accepted there will be additional 6.4 million euros paid in taxes during 10 years. JSC "Latvijas balzams" is the leading alcoholic beverage producer in the Baltic States, which produces more than 100 different brands of beverages. Our products are sold in more than 170 export markets through the SPI Group, as well as in more than 42 markets by direct export of JSC “Latvijas balzams”.

For more information please contact:

Inga Latkovska, consultant

Inga.latkovska@lead.lv

Tel. 29455254