Freeport of Ventspils

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Policy

  • Freeport of Ventspils is balanced port services and industrial center of European significance, whose activities are characterized by quality, efficiency and social responsibility.
  • Freeport of Ventspils Authority's mission is to promote the port community's development, by facilitating Latvia’s participation in international trade, developing the port area, attracting investment projects, contributing to the production and port service development, as well as the creation of new jobs.
  • To maintain and strengthen the existing port positions in liquid and bulk cargo markets.
  • To attract new types of business and services to the port (including container cargo, ro-ro, etc.).
  • To develop production activity in the Freeport industrial areas.

Legal/Law

The work of Freeport of Ventspils is governed by the Law on Ports (1994), Ventspils Freeport Act (1997), as well as the Law on Tax Application in Free Ports and Special Economic Zones (2002).

Law on Ports governs port operations and management procedures. The law also determines the Freeport Authority structure and key responsibilities, vessel traffic management and operational control principles, as well as other port operational issues.

The law provides that the port aquatorium is state-owned and is in the possession of Freeport of Ventspils, while the port territory land area may be part of the state, municipality, legal entity or private property. The overall hydrotechnic structures (piers, flow regulating dams, breakwaters, coast fortifications, fairways, floating navigation and tools) are the property of state or local government. Other port common hydraulic structures can be the property of another private or legal entity. Ventspils Freeport Authority has the right to rent or lease the state or local government-owned land that is in its possession, as well as construct premises (buildings) on this land that are necessary for operation of the port.

Ventspils Freeport Law, in addition to the conditions set out in the Law on Ports, provides procedure for implementing business at the Freeport of Ventspils. The Law defines the Freeport of Ventspils operation principles and management procedures in order to facilitate participation of Latvia in international trade, investment attraction, production and service development, as well as job creation. The Law also gives the right to Ventspils Freeport Authority to enter into contracts with companies, which is a prerequisite for granting license for the further establishment of business in the regime of a free economic zone.

Law on Tax Application in Free Ports and Special Economic Zones determines the procedures for indirect (customs, natural resources, excise, value added) and direct (corporate income, real estate) tax incentives for licensed companies at Freeport of Ventspils.

Governance/Institutional

Board of Directors

  • Represents Ventspils City Council: AIVARS LEMBERGS
  • Represents Ventspils City Council: JĀNIS VĪTOLIŅŠ
  • Represents Ventspils City Council: GUNTIS BLUMBERGS
  • Represents Ventspils City Council: DIDZIS OŠENIEKS
  • Represents Ministry of Economics: GATIS ĀBELE
  • Represents Ministry of Finance: SANDRA BUKANE
  • Represents the Ministry of Transport: DŽINETA INNUSA
  • Represents Ministry of Environmental Protection and Regional: EDIJS VAZNIS


Administration

Igors Udodovs

Deputy Executive Officer of the Freeport of Ventspils, Head of Marketing and Development Department

Direct Phone: (+371) 63602334

Mobile: (+371) 29107398

Fax: (+371) 63621297

E-mail: igors.udodovs@vbp.lv


Incentives

Ventspils Free Port is a special economic zone (SEZ) with considerable tax incentives that promote export and industrial activities as well as strengthen the global competition of EU companies. In accordance with the law Application of Taxes in Free Ports and Special Economic Zones and EU regulations, licensed companies are entitled to apply considerable direct and indirect tax breaks.

In the special economic zone the Corporate Income Tax and Real Estate Tax are reduced by 80% until the company compensates up to 35% (55% for small companies and 45% for medium-size companies) of the investments. It means that during the compensation time the Corporate Income Tax rate is 3% and the Real Estate Tax rate is 0.3%. Reliefs are also available on indirect taxes: Value Added Tax, Excise and Customs Duties.

Customs

References

http://www.portofventspils.lv/en