- The Latvian Official Gazette published a law on December 19 amending the VAT Law
- The amendment repeals the sunset date of December 31 for a reduced 12 percent VAT rate
- The reduced VAT rate applies to fresh fruits, berries, and vegetables that are washed, peeled, shelled, cut, and packaged
- The reduced rate does not apply to frozen, salted, or dried products
- The Ministry of Agriculture is required to submit a report by June 1, 2028
- The report will assess the impact of the reduced VAT rate on the prices of these products for end consumers and include regional price comparisons
- The law will be effective from January 1, 2025
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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