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: Parliament passes mandatory e-invoicing law
November 05, 2024
Latvia’s parliament (Saeima) passed the Law on Amendments to the Accounting Law on 31 October 2024 mandating businesses in the country use mandatory electronic invoicing (e-invoicing) for all B2B transactions from 1 January 2026. Detailed
Read More
Latvia updates list of tax havens, removes Antigua and Barbuda
October 25, 2024
Latvia announced an updated list of low-tax and tax-free jurisdictions in the Official Gazette on 23 October 2024. This list, derived from the latest EU list of non-cooperative jurisdictions, notes the removal of Antigua and Barbuda, effective 1
Read More
France activates MFN clause in tax treaty with Latvia
October 22, 2024
The French tax authority issued a notice on 16 October 2014, regarding the implementation of the most favoured nation (MFN) clause in the 1997 tax treaty with Latvia. This convention, signed in Paris on 14 April 1997, includes a most-favoured
Read More
Latvia approves 2025 Budget draft law: Increase of EUR 583.2 billion projected revenue
October 17, 2024
Latvia’s Cabinet of Ministers approved the draft law on the 2025 State Budget and the budgetary framework for 2025, 2026 and 2027 with various tax amendments on 15 October 2024. The consolidated national budget revenue for 2025 is planned at
Read More
Latvia, Andorra sign income tax treaty
September 25, 2024
Andorra’s government announced that it signed an income and capital tax treaty with Latvia on Saturday, 21 September 2024. Andorra’s Foreign Minister, Imma Tor, and Latvia's Minister for Foreign Affairs, Baiba Braze, signed the agreement in
Read More Latvia considers temporary solidarity tax on credit institutions
September 20, 2024
Latvia's Ministry of Finance announced that it is developing a proposal for a temporary solidarity contribution from credit institutions to support national security on 18 September 2024. Solidarity contributions are planned to apply from 2025 to
Read More