Latvia new VAT Act 2013

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.

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