- Latvia’s Ministry of Finance has introduced updates to e-invoicing regulations to curb the shadow economy and promote economic development
- Mandatory e-invoicing will be implemented in two phases, starting with B2G transactions in 2025 and expanding to B2B transactions in 2026
- Continuous Transaction Controls (CTC) regime for B2B transactions will enhance VAT compliance and require structured electronic invoices
- Decentralized CTC regime allows flexibility in invoice transmission methods, such as e-address TA solution or PEPPOL network
- Businesses must comply with technical requirements, such as using Peppol BIS format for e-invoicing by 2025 and archiving invoices for specified periods
- To prepare for the transition, businesses should update accounting systems, train staff, and ensure compliance with new regulations.
Source: rtcsuite.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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