Latvia VAT changes
- Dec 25, 2016 | Richard Asquith
The Latvian 2017 budget has introduced a range of changes to the VAT law. These amendments include:
- The option for bi-annual VAT returns for small businesses has been abolished. VAT registered entrepreneurs will instead have to file monthly returns
- VAT credits may be applied for at the lower limit of €5,000 at the end of each reporting period
- The domestic reverse charge is to be introduced for the sales of precious metals. This will mean no VAT is actually paid in the transaction to help reduce the incidence of VAT fraud
- Restrictions now apply on the deductions of input VAT on luxury cars
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