Latvia: VAT Clarification for Transfer of Fixed Assets by Revenue Service

• Latvian State Revenue Service issued clarification on VAT liability for transfer of fixed business assets
• Individual taxpayer registered for VAT sought guidance on VAT implications of transferring fixed assets to new farm
• Tax Agency clarified that transfer of property to farm could not be considered a company transfer under Commercial Law
• Taxpayer not required to calculate VAT on transfer of fixed assets

Source: globalvatcompliance.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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