In 2025, the TOP 10 companies collectively paid EUR 1.45 billion into Latvia’s state budget, representing a 6% increase compared to 2024, when total payments amounted to EUR 1.37 billion.
The majority of these contributions were made by companies operating in fuel retail and wholesale, tobacco product distribution, financial services, and the energy sector. The TOP 10 list is dominated by companies whose tax payments are significantly influenced by excise duty and VAT.
Largest taxpayers in 2025
| Name | Total payments to the State Budget in 2025, EUR | Staff in 2025 | Personal income tax in 2025, EUR | State social insurance mandatory contributions in 2025, EUR |
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| Sabiedrība ar ierobežotu atbildību "NESTE LATVIJA" | 209 183 290 | 57 | 398 310 | 764 270 |
| SIA "Circle K Latvia" | 196 043 330 | 800 | 2 013 660 | 4 741 020 |
| SIA "ORLEN Latvija" | 187 979 570 | 9 | 112 490 | 181 010 |
| SIA "Baltic Sales Network" | 162 916 250 | 12 | 41 700 | 92 510 |
| SIA "PHILIP MORRIS LATVIA" | 143 115 850 | 30 | 591 720 | 656 790 |
| "Swedbank" AS | 134 655 560 | 1 333 | 19 019 890 | 12 784 460 |
| SIA "Pirmas" | 129 725 800 | 65 | 256 600 | 510 650 |
| Akciju sabiedrība "VIRŠI-A" | 117 757 940 | 874 | 2 027 410 | 5 123 120 |
| Akciju sabiedrība "Latvenergo" | 86 146 120 | 1 461 | 10 453 200 | 19 294 750 |
| AS "SEB banka" | 83 404 290 | 936 | 11 149 520 | 11 221 410 |
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Sabiedrība ar ierobežotu atbildību "NESTE LATVIJA"
The largest taxpayer in 2025 was NESTE LATVIJA, which paid EUR 209 million into the state budget, representing a 1.4% increase compared to the previous year. The company operates in motor fuel retail trade. Therefore, a substantial share of its payments consists of excise duty and VAT.
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SIA "Circle K Latvia”
In 2025, Circle K Latvia paid EUR 196 million into the state budget, which was 1.5% more than in the previous year. Unlike NESTE LATVIJA, the company employed more than 800 people, meaning that labour taxes accounted for a significantly larger share of its total payments.
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SIA "ORLEN Latvija"
Fuel and energy wholesale company ORLEN Latvija paid EUR 188 million into the State Budget. The company employed only nine people, while the majority of its payments consisted of excise duty and VAT, which is characteristic of the fuel wholesale industry.
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SIA "Baltic Sales Network"
Tobacco products wholesaler Baltic Sales Network paid EUR 163 million into the state budget in 2025, representing a 4.2% increase compared to the previous year. The company’s operations are significantly affected by excise duty, which constitutes the largest share of its total payments to the budget.
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SIA "PHILIP MORRIS LATVIA"
PHILIP MORRIS LATVIA paid EUR 143 million into the state budget, maintaining one of the leading positions among taxpayers in Latvia. In addition to tobacco product distribution in Latvia, the company also performs logistics functions across the Baltic region.
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"Swedbank" AS
Among financial sector companies, the largest taxpayer was Swedbank AS, which paid nearly EUR 135 million into the state budget. The company recorded the fastest growth among the TOP 10 companies, with total payments increasing by 76% during the year.
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SIA "Pirmas"
Fuel wholesale company Pirmas paid EUR 129.7 million into the state budget in 2025, which was 8% more than in the previous year. The company also operates in logistics and fuel storage services.
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Akciju sabiedrība "VIRŠI-A"
Latvian-owned company VIRŠI-A paid EUR 117.8 million into the state budget, recording one of the fastest growth rates among fuel retailers, with a year-on-year increase of 16.4%. The company employed 874 people in 2025.
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Akciju sabiedrība "Latvenergo"
Energy company Latvenergo paid EUR 86.1 million into the state budget in 2025. Unlike fuel retailers, a significant share of the company’s payments consisted of labour taxes, as the company employed more than 1 400 people.
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AS "SEB banka"
SEB banka paid EUR 83.4 million into the state budget, which was almost 50% more than in 2024. The bank employed 936 people in 2025.
Excise duty has a significant impact on payments made by TOP companies
The list of the TOP 10 largest taxpayers in 2025 demonstrates that a substantial share of state budget revenue is generated by companies involved in the circulation of fuel, tobacco products, and energy resources. At the same time, labour taxes play a larger role in the financial and energy sectors, influenced by employee numbers and salary levels.
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