Emitents | Olainfarm, AS (213800WCG52W62ENOP27) |
Veids | Finanšu pārskati |
Valoda | EN |
Statuss | Publicēts |
Versija | |
Datums | 2013-05-08 08:55:30 |
Versijas komentārs | |
Teksts |
Olaine, May 7, 2013
OlainFarm to Receive
Corporate Income Tax Exemption for 5.21 Million
Lats.
AS “OlainFarm” will be
given corporate income tax exemption for approved long term
investments made within the project “Introduction of new products
and improved exporting capacity”. This decision was made on the
meeting of Cabinet of Ministers held on May 7, and was based on
assessment done by the Ministry of Economy about impact such
exemption would have on national economy and local
competition. It is planned that the total tax exemption could
be as high as 5.21 million lats.
“We are glad
about such decision our government has made to provide this tax
exemption to AS “OlainFarm”. It is a very significant support
for us to introduce new products and further develop our sales
markets,” says
Salvis Lapins, Member of the Board of AS
“OlainFarm”.
The project
“Introduction of new products and improved exporting capacity”
provides that “AS „OlainFarm” will introduce several new products
and will significantly adjust several production processes and
increase production efficiency. In total, within this project AS
„OlainFarm” will invest 22.95 million lats over the course of five
years. Tax exemption will be applicable upon completion of
the project.
Part of the
investments that AS “OlainFarm” will make within this project (5.29
million lats) will be merged with co-funding of European Regional
Development Fund approved by Latvian Investment and Development
Agency as part of “High Added Value Investments
".
As regulations
of both support programmes allow combining tax exemptions with
funding approved as part of other programmes and with the
respective eligible costs, investmets worth 5.29 million lats
supported by LIDA and ERDF are also included in the support
programme adopted by the Cabinet.
Since intensity
of the support in LIDA’s project approved for AS "OlainFarm" is 35%
of totas eligible costs and since company qualifies as big
commercial company, a tax exemption of 15% will be applied for
investments made from project approved by LIDA, while the rate of
25% is applicable to other investments worth 17.65 million lats.
A/s OlainFarm is one of the
biggest pharmaceutical companies in Latvia with 40 years of
experience in production of medication and chemical and
pharmaceutical products. A basic principle of company's operations
is to produce reliable and effective top quality products for
Latvia and the rest of the world. Products made by the Group are
being exported to more than 30 countries of the world, including
the Baltics, Russia, other CIS, Europe, Asia, North America and
Australia.
Information prepared by:
e-mail:
Salvis.Lapins@OlainFarm.lv
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