B2B Peppol structured e-invoicing in fight to combat VAT fraud The update to the Accounting Law to introduce mandatory structured e-invoices on B2B transactions by resident businesses has been promulgated on 12 November 2024. There will be two phases for resident businesses only: Jan 2025:
Prime Minister won’t follow other Baltic states with VAT increase to fund military Latvia’s Prime Minister, Evika Silina, has quashed speculation by here Finance Minister of a 1% VAT increase to 22%. But further tax rises will have to be found as security spend rises
Increase in Intrastat Arrivals threshold from 1 January 2024 Latvia has raised its Intrastat reporting thresholds for 2024 as follows Arrivals: increased to €350,000 per annum from €330,000 Dispatches: unchanged at €200,000 per annum Read more in our Latvia VAT guide. Check EU intrastat thresholds
2024 increase from €40,000 to €50,000 for annual VAT registration threshold In the Latvian draft Budget, a proposed hike in the VAT registration threshold is set to rise from €40,000 to €50,000 per annum. This will only apply to resident businesses. Non-resident businesses, where they
Parliament reviews VAT rate cuts on food and domestic energy till Dec 2025 The Latvian Ministry of Economics is considering a two-year cut in the Value Added Tax rate on basic foodstuffs from 21% to 5%. This would cover meat, diary and bread. An extension
Inflation exceeds 21% in July (19% in June), highest in 20 years The Latvian Ministry of Economics is considering a two-year cut in the Value Added Tax rate on basic foodstuffs from 21% to 5%. This would cover meat, diary and bread. An extension to
Spiralling global electricity and gas prices force another European country to introduce VAT subsidy The Baltic state of Latvia is considering reassigning domestic electricity supplies from the standard VAT rate to 5% for 2023. The bill is now with Parliament. Any cut would include gas
Latvia enacts EU reduced VAT agreement on e-books and news 1 January 2022 The Baltic state of Latvia’s Parliament has agreed to cut the Value Added Tax rate on income from electronic books, newspapers and journals to 5% from the rate of 21%. This harmonises
COVID-19 VAT cut to help tourism The Baltic state of Latvia is considering a bill in Parliament to reduce the Value Added Tax rate on hotel accommodation and catering from 21% to 5%. This would be in effect until 31 December 2022. The bill reflects
