- The Latvian State Revenue Service clarified VAT exemption criteria for business transfers in asset sale agreements.
- A business transfer is exempt from VAT if the buyer acquires all essential assets and liabilities and continues the business in Latvia.
- If the buyer does not continue the business in Latvia, VAT applies to the total consideration for the transferred assets and liabilities.
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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