LATVIA: COVID-19 VAT IMPLICATIONS

LATVIA– Update 17th April

Business can defer tax payments on request. The Government also decided to facilitate refunds to businesses by requiring the State Revenue Service to reimburse the approved value added tax (VAT) amount to all taxpayers within 30 days of the VAT filing deadline, without accruing tax until the end of the tax year, with effect from 1st April 2020. Accordingly, it is also planned to return the amount of confirmed VAT currently accrued until the end of 2020, in accordance with the VAT returns already submitted for January and February 2020. A revision of the rate of VAT over payment is possible in 2021 if there are justified reasons.

Source Credit – Accordance VAT

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