- Updated methodological material on VAT for online platform transactions issued by Latvian State Revenue Service on July 1
- Taxable persons must familiarize themselves with platform terms, including for distance selling
- Standard VAT rate is 21 percent for domestic taxable transactions; reduced rates are 5 percent and 12 percent; zero percent rate also available
- Criteria for determining the place of transactions include the type of goods and services supplied
- One-Stop-Shop (OSS) available for cross-border transactions with nontaxable or nonregistered taxable persons
- Registration requirements and procedures for taxable persons outlined
- Special VAT regime for small enterprises allows VAT exemptions in other EU countries if total annual EU turnover does not exceed 100,000 euros with other conditions
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.
