- Latvian Ministry of Finance released a draft bill to amend the VAT Law
- Measures include cross-border VAT exemptions for SMEs in intra-EU supplies up to 100,000 euros annually
- VAT registration threshold to be based on calendar year instead of previous 12 months
- SMEs must register and pay VAT if they exceed threshold in 2024
- Transitional period for VAT payers exceeding threshold
- Harmonization of VAT legal framework with EU requirements.
Source: news.bloombergtax.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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