Published: 2020-11-02 08:49:37 CET
Sakret Holdings
Announcement from First North

Note on the financial support instruments granted by the Lithuanian state to overcome the Covid-19 crisis in UAB "Sakret LT"

The Company hereby informs about the measures implemented by its Lithuanian subsidiary UAB “Sakret LT” and the state aid instruments used to mitigate the negative consequences of the crisis caused by Covid-19.

Based on the Lithuanian government order No. 207 and order no. 222, UAB “Sakret LT” is included in the list of companies whose activities are restricted by the quarantine measures imposed in Lithuania. Such companies qualify for state support in the field of tax payment, namely, until 31 December 2020, tax payment is made within the limits of their possibilities, an exemption from late payment is determined, as well as the tax recovery process is not initiated. 

Within the scope of the above-mentioned state aid instrument, UAB “Sakret LT” has partly deferred tax payments.

On April 7, 2020, the Seimas of the Republic of Lithuania has supported the amendments to the Labor Law, providing for the possibility for companies to receive state compensation for the payment of wages to reduce the negative impact of Covid-19. UAB “Sakret LT” has applied for the payment of such compensation, which is further paid in a six-month period (UAB “Sakret LT” in the period from 1 July 2020).

At the same time, it should be emphasized that the impact of the Covid-19 crisis to date, the total share of deferred tax payments and compensation for the payment of wages received in relation to the total costs of Sakret Group companies should be assessed as significant.

         Andris Vanags

         Chairman of the Council
         +371 67803650