08.09.2005, Valmieras stikla šķiedra, RIG

JSC Valmieras stikla šķiedra                        Sep 08, 2005



Large JSC VSS investment project gains governmental support



In the course of its session of September 6, the Latvian Cabinet 

of Ministers reviewed the investment project of JSC Valmieras stikla 

šķiedra about LVL 24.3 million and decided to support it.



Provided that to the promotion by the Latvian government  the support 

of the European Commission is added, the JSC will be ensured a corporate 

income tax reflief about 40% of the total investment sum according to 

the conditions of paragraph 17.1 of the law “On Corporate Income Tax” 

and regulations No.410/Sep 25 2001 of the Cabinet of Ministers. 



The real CIT relief amounts to 5.9 million lats. JSC Valmieras stikla 

šķiedra might totally use up this relief in the course of ten years, 

whereas for year 10, a CIT about LVL 360,000 will be paid to the national 

budget.



As announced before, JSC Valmieras stikla šķiedra is planning to build 

a new glass fibre production plant that will double the company’s present 

glass fibre production amount. The new plant is to be built within two 

years. Currently, the necessary preparatory work is carried out, while 

the construction work might begin at the end of september/beginning of 

october this year, as soon as the building permission is issued.







JSC Valmieras stikla šķiedra

Assistant to the Board

Lauma Kugrena

Phone +371 4202222

      +371 6441429

Fax   +371 4281216

laumak@vss.lv