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Special VAT Application Arrangement for the Supply of mobile phones, notebooks, laptops, and integrated circuit devices.

December 21, 2015   •   12:48    •   Category: News

VAT Law is supplemented with section 143.1, which provides that a special value added tax regime is applicable to the following supplies: - Mobile phones; - Tablets and laptops; - Integrated circuit devices (including microprocessors and central processing units). Considering that the value added tax to the state budget for the said supply of goods shall be paid by the recipient of goods into the State budget if the supplier of goods and the recipient of goods are registered taxable persons. A supplier of goods shall issue a tax invoice to the...

On the input VAT deduction limit for passenger cars from 01.01.2016

December 21, 2015   •   11:49    •   Category: News

With the amendments to the VAT Law, in the second paragraph of the section 100 the number " 20" is replaced by the figure " 50". Thereby, 50% shall not be deductible from the tax as input tax from the tax amount to be paid into the State budget for an acquired, leased or imported passenger car the number of seats of which, not including the driver’s seat, does not exceed eight seats, as well as the costs related to the maintenance of such car, including expenses for repair of the car and purchase of fuel.

Expected changes in Microenterprise tax regime from 2016.

September 25, 2015   •   16:13    •   Category: News

Tuesday, September 22, the government was discussed and supported by the Cabinet of Ministers (CM) rules on sectors which do not apply micro-enterprise tax regime. Overall, the 37 listed sectors. Regulations are developed based on the Micro-enterprise Tax Law. It provides that the Cabinet shall be determined sectors by economic activities, micro-enterprise is not entitled to become and to be a micro-enterprise tax payers, because micro-enterprise tax regime to the relevant sectors do not comply with this law purpose. The rules are listed in 37...

State Social Insurance Contributions and Microenterprise tax

September 25, 2015   •   16:04    •   Category: News

State Social Insurance Contributions and Microenterprise tax. Tuesday, 22.09.2015, the Cabinet of Ministers of Latvian Republic considered and supported changes in Microenterprise tax law. According to the amendments to the Law on State Social Insurance the minimum compulsory state social insurance contributions will be introduced for microenterprise taxpayers - employees and employees. The amendments to the Law on State Social Insurance come into force from 1 January 2016 which provides that for the micro-enterprise tax payer’s employees of state...

Changes in Micro-enterprise Tax Law

April 24, 2015   •   09:45    •   Category: News

     Thursday, April 23, 2015, Saeima has adopted amendments to the Micro-enterprise Tax Law, which intends to return to the 9% tax rate and other changes in the regulatory framework.     According to the amendments the current micro-enterprise tax rate of 9% will be maintained, and it will apply to business operations for the first 3 years with an annual turnover of EUR 7,000.01 up to 100 000. Starting with the company's fourth year, the rate will be 12 % of company's turnover.    The amendments also provide that the government will determine the...