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LATVIA

Latvia

Latvia is one of the 27 Member States of the European Union.

Basic VAcTs

Latest update 01.06.2024
Country ISO Code LV
EU Member State Yes
Local name Pievienotās vērtības nodoklis (PVN)
VAT number format LV 12345678901
VAT Rates  
Standard VAT Rate 21%
Reduced VAT Rate 5%
Special Reduced VAT Rate

12%

VAT Compliance  
Standard VAT Return filing period Monthly or calendar quarter
Standard VAT Return filing deadline 20th day of the month following the filing period

VAT Representation required for non-resident
businesses?

Yes, mandatory for non-EU businesses
Record retention period 10 years
Electronic invoicing Not mandatory for B2B transactions
Click HERE for more info
Real-time reporting n.a.
Special Rules  
General domestic reverse charge for domestic
supplies of goods by non-resident businesses?
Yes, domestic supplies of goods by non-resident
businesses to established and VAT registered B2B customers
Other domestic reverse charge mechanisms? Yes, e.g. (sub-)contracting work, supplies of
specific goods (e.g. IT-products, scrap,
waste materials),and supply of CO2-certificates
Postponed Accounting on Import No *
VAT Grouping possible? Yes
VAT Refunds for non-EU businesses? Iceland, Monaco, Norway and Switzerland
Remarks  
Link to VAT Law HERE
Remarks * Postponed accounting on importation is possible under conditions

Below is an overview of the latest VAT news for this country.

Note: The above information is taken from various sources and is for information purposes only and is not intended to be advice. Although the author went to great lengths to make sure the information is accurate and useful, users should not act on the basis of any matter used or presented without considering appropriate professional advice.

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