Rules that help improve cash flows arising from VAT in the COVID-19 emergency

1. Postponing VAT payments
2. Using overpaid VAT
3. Using and archiving electronic invoices
4. Self-billing
5. Loss of inventory
6. Refund of VAT paid abroad
7. Adjusting VAT on bad debts
8. A reduced rate, an exemption or a transaction outside the scope of VAT
9. VAT grouping
10. A special VAT scheme for imports
11. The value of imports
12. Manufacturer’s ability to reduce VAT on discounts allowed directly to end consumer
13. Reassessing any undeducted input tax
14. Evaluating chain transactions
15. Opportunity to adjust invoicing conditions and periods
16. Government sanctions

Source: PwC Latvia

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