The Latvian 2017 budget has introduced a range of changes to the VAT, which take effect from the 1st of January 2017. Refunds claim concerning over-payment in the monthly basis reduced from EUR 11, 328.97 to EUR 5, 000. The option for bi-annual VAT returns for small businesses has been abolished. Monthly returns must be filed for the first six months for newly registered persons. A full input VAT deduction is not permitted for the supply of luxury cars and the related expenses.
Related Posts
Latvia revises domestic list of tax-free or low-tax jurisdictions
March 05, 2024
On 28 February 2024, the Latvia Ministry of Finance released the updated domestic list of tax-free or low-tax jurisdictions. The renewed list went into effect on 1 March 2024. In the updated list, Latvia removed Belize, Bahamas, Seychelles, Turks
Read More Latvia approves draft law to partially enact pillar 2 global minimum tax
January 31, 2024
On 30 January 2024, the Latvian Cabinet of Ministers passed a draft legislation, Law on Ensuring a Global Minimum Tax Level for Large Enterprise Groups, for the partial implementation of the Pillar 2 global minimum tax (GloBE) rules in accordance
Read More Latvia finalizes implementation of DAC7
December 20, 2023
On 6 December 2023, Latvia issued the Law of 6 December 2023 on Amendments to the Law on Taxes and Fees (Duties). The law allows for enforcing the joint audit rules of Council Directive (EU) 2021/514 concerning the exchange of income information
Read More
Latvia: Parliament passes 2024 budget
December 20, 2023
On 9 December 2023, Latvia's Ministry of Finance of Latvia announced that the parliament approved the 2024 state budget and 19 accompanying laws. The key amendments include: Amendments to the personal income tax The Personal Income Tax
Read More Latvia announces to implement pillar two minimum tax rules partially
December 18, 2023
Latvia's Ministry of Finance announced it had finalized a draft legislation for partially implementing the Pillar 2 global minimum tax (GloBE) rules as per Council Directive (EU) 2022/2523 of 14 December 2022. The partial implementation
Read More OECD: Peer Review Report on Tax Transparency and EOI in Latvia
November 15, 2023
On 8 November 2023 the OECD’s Global Forum published the second-round peer review report on Latvia’s implementation of the standard on transparency and exchange of information (EOI). Latvia’s implementation of the EOIR standard was given an
Read More