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The informative report “On the allocation of funds for large and important events” has been developed to inform the Cabinet of Ministers about the allocation of funds for large and important events, including sporting events, in the coming years and to provide criteria and methods for assessing impacts on the national economy, including an assessment of the projected increase in tax revenues.
The Ministry of Economy indicates that a large and important event, within the meaning of the information report, is a major nationally significant event for a wide target audience, which attracts a significant number of visitors, including from abroad, and has a positive economic impact and tax revenue and increases the visibility of the country.
The informative report states that it is necessary to recognize the organization of the WRC stage in Latvia in 2024 as a fiscally neutral event and to instruct the Ministry of Economy to prepare and submit to the Cabinet of Ministers for consideration a draft regulation to increase funding for 2024 in the amount of 1.883 million euros to co-finance the state budget for the organization of the event.
It is also necessary to recognize the organization of “EuroBasket 2025” in Latvia as a fiscally neutral event and to instruct the Minister of Economy and Economic Affairs to submit to the Cabinet of Ministers a draft regulation on increasing appropriations for 2024 in the amount of 2.02 million euros and the necessary ones Funding in 2025 amounting to 4.97 million euros co-financing from the state budget for the organization of the event.
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