Latvia announces plans for mandatory B2B e-invoicing to combat shadow economy

• Latvia’s Ministry of Finance has announced plans for mandatory B2B e-invoicing
• The plan aims to curb the shadow economy and promote stable economic development
• The implementation of a Continuous Transaction Controls (CTC) regime is a key component of the initiative
• The CTC regime will involve the use of a technical solution for transmitting structured electronic invoices
• Real-time reporting mechanisms will also be implemented to enhance tax compliance and VAT collection
• The CTC plans are still in their initial stages.

Source: sovos.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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