Business, Financial Services, Latvia, Taxation

International Internet Magazine. Baltic States news & analytics Friday, 14.08.2020, 17:23

Latvia: 40,132 business operators paying micro-enterprise tax in early October

BC, Riga, 02.10.2019.Print version
There were 40,132 business operators registered as payers of micro enterprise tax in Latvia in early October this year, and 61,517 entities have been removed from the list, according to the statistics of the Latvian State Revenue Service writes LETA.

From September 1, 2010, when the micro enterprise tax was introduced in Latvia, till October 1, 2019, Latvian authorities received a total of 105,965 applications from tax payers seeking the status of micro enterprise tax payers.

According to the Revenue Service’s information, 50,385 applications were submitted by corporate entities, 51,854 applications were from individuals and 3,726 applications were filed by individual business operators.

Applications for the status of micro enterprise tax payers were approved in case of 48,208 corporate entities, 49,862 individuals and 3,606 individual business operators.

At the same time, 1,824 applications from corporate entities, 1,161 applications from individuals and 87 applications from individual business operators were rejected.

As reported, the Latvian parliament in July 2017 adopted amendments to the Law on Micro Enterprise Tax under which micro enterprises with annual turnover below EUR 40,000 will be paying a 15% tax, starting from 2018, and the 20% tax will be applied to the turnover in excess of EUR 40,000 with special rules applying during the transition period in 2018 and 2019.

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