Latvia new VAT Act 2013
- 15 December 2012 | Richard Asquith
The Latvian government has approved a new VAT law, which will come into force on 1 January 2013.
Key changes include:
- Customers may now compile self-billing VAT invoices
- Businesses will no longer have to revise input VAT on small gifts or loss / damage to property
- New provisions on the carry forward of VAT credits
- Option to tax on immovable property
- Numerous adjustments to the place of supply rules
The above changes have been under review since 2010.