ELKO Grupa
Reference to the ELKO Grupa comment published in Dienas Bizness on September 18, 2009 about the government potential initiative to introduce a special tax for household appliances, including computer equipmen
ELKO Grupa / 21.09.2009 Dissemination of a Adhoc News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- With reference to Dienas Bizness questions, Director of ELKO Grupa JSC Janis Casno comments that knowing that presently the state is critically requiring funds to reduce the budget deficit, ELKO Grupa JSC opinion about the government potential initiative to introduce a special tax for household appliances, including computer equipment, is negative for main three factors: 1. Latvia is small and unprotected market, which can be significantly affected by the tax policy and the resulting impact of neighbor countries, especially Lithuania and Estonia. 2. Even already now some tax administration costs in Latvia are inadequately high comparing to the tax revenues, and we foresee that this will be the regular tax, which introduction and administration will be disproportionately expensive for both, the state and enterprises. 3. It is essential to take into account that the computer, unlike other household appliances, is usually not a household commodity, but an investment in individual (meantime also in social) education and development, as well as an asset for business growth. If currently the state cannot provide any support for the social and business development, then government should not prevent it with such unconsidered initiatives like additional special tax for development instrument at least. News Source: NASDAQ OMX 21.09.2009 Financial News transmitted by DGAP --------------------------------------------------------------------------- Language: English Company: ELKO Grupa Latvia Phone: Fax: E-mail: Internet: ISIN: LV0000800589 WKN: End of News DGAP News-Service ---------------------------------------------------------------------------
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