VAT registration Thresholds on Reporting in Latvia
Commencement of activity is assumed to be the start of regular economic activities of a natural or legal person in Latvia or when the VAT number is received. Meaning that VAT registration is obligatory in case the turnover exceeds 50,000 EUR and the activity is considered to be commenced.
VAT declarations have to be submitted every month within 20 days after the taxation period has ended. Consequently, as an example, VAT registration for activities in March has to be submitted until the April 20. VAT declarations are obligatory every month.The same as for every VAT declaration – until the 20th day of next month.
Annual VAT declaration has to be submitted until the May 1st next year. Meaning that the annual VAT declaration for the year 2017 will have to be submitted until May 1st ,2018.
In addition to VAT returns, foreign companies trading in Latvia may be required to complete statistical reports, ‘Intrastat’, on the movement of goods across the national borders. This can include both sales to other companies, but also the movement of goods by the same company. The threshold for Latvian Intrastat arrivals is €180,000, and dispatches is €130,000. The threshold for more detailed returns is €2,500,000 for arrivals and €4,000,000 for dispatches.
Should you have any questions about VAT registration Thresholds on Reporting in Latvia, Lithuania or Estonia please do not hesitate to contact our English speaking lawyers at info@gencs.eu.
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