Source Accordance
Source KPMG
Business can defer tax payments on request.
The Government also decided to facilitate refunds to businesses by requiring the State Revenue Service to reimburse the approved value added tax (VAT) amount to all taxpayers within 30 days of the VAT filing deadline, without accruing tax until the end of the tax year, with effect from 1st April 2020.
Accordingly, it is also planned to return the amount of confirmed VAT currently accrued until the end of 2020, in accordance with the VAT returns already submitted for January and February 2020. A revision of the rate of VAT over payment is possible in 2021 if justified reasons are identified.
Latest Posts in "Latvia"
- Latvia Defines E-Invoicing Channels and Mandatory SRS Reporting Rules
- Latvia to Cut VAT on Books, Media, and Essential Foods from January 2026
- Excise Duty Law: Significant Increases and New Regulations for Alcoholic Beverages, Tobacco, and Soft Drinks
- Latvia Amends VAT Law: Reduced Rates for Books, Media, and Food Effective January 2026
- Latvia publishes Cabinet Regulation on e-invoicing and e-reporting
