Financial Services, Latvia, Markets and Companies, Taxation

International Internet Magazine. Baltic States news & analytics Monday, 13.07.2020, 01:55

Latvia: 40,306 business operators paying micro-enterprise tax in early December

BC, Riga, 03.12.2019.Print version
There were 40,306 business operators registered as payers of micro enterprise tax in Latvia in early December this year, and 62,406 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 December 1, 2019, Latvian authorities received a total of 107,261 applications from tax payers seeking the status of micro enterprise tax payers.

According to the Revenue Service’s information, 50,847 applications were submitted by corporate entities, 52,643 applications were from individuals and 3,771 applications were filed by individual business operators.

Applications for the status of micro enterprise tax payers were approved in case of 48,618 corporate entities, 50,600 individuals and 3,644 individual business operators.

At the same time, 1,850 applications from corporate entities, 1,188 applications from individuals and 88 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 percent 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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