Latvijas balzams: we are convinced that governmen

Intars Geidāns, Chairman of the Board of Latvijas balzams, does not see grounds for concern regarding the granting of a corporate income tax rebate on implementation of a large-scale investment project in accordance with the Law on Claims of the "Latvijas balzams", which was postponed this week in the government.

"We understand that this is an important decision and politicians need time to get acquainted with this impressive investment project and financial calculations in detail. We have submitted all the documents necessary for making such a request. At the same time, I can assure you that we are ready to explain to deputies every aspect of the project and we are convinced 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”- undelines The head of the Board.

In the unaudited financial report for the six months of 2017, we have indicated that the company has started a project for modernization and reconstruction of large industrial premises with the purpose of merging the existing two production units under one roof. 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.

At the same time, we would like to remind that "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 ac-cepted there will be additional 6.4 million euros paid in taxes during 10 years.

AS "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 JSC Latvijas balzams by direct export.

         For more information please contact:          Dana Hasana          Head of Communications, Amber Beverage Group and JSC Latvijas balzams          dana.hasana@lb.lv, +371 263 55895          www.lb.lv