Pēd. atjaunots: 04.07.2024 10:11 (GMT+3)

VSS: Large JSC VSS investment project gains governmental support

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

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