Latvia VAT 2014 changes
- Dec 22, 2013 | Richard Asquith
There have been a number of changes to the Latvian VAT code which will come into effect in January 2014. This includes:
- For advertising costs, the low-value gift thresholds will not apply
- The requirement to appoint a VAT fiscal representative by non-resident taxable persons is withdrawn
- Services provided between members of cost savings agreements will be exempt from VAT
- Losses which may be deducted from any VAT liability will now be based on the same principles as the corporation tax rules.
- For the purposes of determining the proportion of VAT supplies which are liable to VAT or exempt, rounded-up percentages should be used.
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.