Ministry of Finance of The Republic of Latvia

Official website

Ministry of Finance is the leading state administration institution in the field of finances. It develops financial policy, coordinates and organizes its implementation, as well as performs other functions stated in the external regulatory enactments.
Ministry is directly subordinated to the Minister.
Since November 3, 2010 Minister of Finance is Mr. Andris Vilks
Address:
Smilsu Street 1,
Riga, LV-1919
Working hours:
08:30 - 12:30;
13:00 - 17:00

Ministry

• Develops and implements the following policies:
  • state budget and finance management policy;
  • customs policy;
  • tax and duties system policy;
  • state and local governments procurements policy;
  • state aid control policy;
  • internal audit policy;
  • policy of remuneration for public sector employees;
  • policies in accountancy fields.
• Ensures observance of common principles in budget administration;
• Provides methodological assistance regarding budget preparation and implementation issues;
• At the state budget planning stage:
  • prepares the state budget sections on subsidies and earmarked grants for local governments;
  • evaluates correspondence of the approved budgets to the regulatory requirements;
  • analyses performance indicators of local governments;
  • performs calculations regarding equalisation of local government finances;
  • prepares draft protocol of agreements and disputes between the Cabinet of Ministers and Latvian Association of Local and Regional Governments.
• Provides control numbers regarding State Investment Program total state budget investment amount and agrees them with the Ministry of Economics, evaluates financially economical justification of these projects, as well as monitors utilization of state budget resources during the implementation of the projects;
• Develops long-term, short-term and medium-term macroeconomic development scenarios and provides fiscal policy justification for the state budget forecasts;
• Reviews, adds and specifies customs tariff objects, arranges and updates the Harmonized Commodity Description and Coding System, Latvian Combined Nomenclature and TARIC Classificatory;
• Develops, implements, coordinates, maintains and updates unified accounting system of remunerations for employees of institutions financed from the state budget;
• Coordinates attraction of foreign financial assistance resources and monitors their utilization;
• Administers EU structural funds and Cohesion fund.