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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 13:42

50,075 micro enterprise tax payers registered in Latvia in early July

BC, Riga, 01.07.2016.Print version
From September 1, 2010, when the micro enterprise tax was introduced in Latvia, till July 1, 2016, Latvian authorities have received a total of 79,359 applications from tax payers seeking the status of microenterprise tax payers, reports LETA according to the information from the Latvian State Revenue Service.

At the beginning of July this year, there were 50,075 business operators registered in Latvia as payers of the micro enterprise tax and 26,371 entities had lost the status of micro enterprises.


Among all applicants, 40,560 were legal entities, 35,798 were individuals, and 3,001 were individual merchants. Of these, 39,064 applications of legal entities, 34,476 applications of individuals, and 2,925 applications of individual merchants were approved, while 1,231 applications of legal entities, 651 applications of individuals, and 52 applications of individual merchants were rejected.


The micro enterprise tax at 9% of turnover was introduced in Latvia in September 2010. Starting from 2017, a 5% micro enterprise tax will be charged on small businesses generating up to 7,000 euros in annual turnover, micro enterprises with EUR 7,000-100,000 in annual turnover will have to pay a 5% tax for the first three years of their operation but, starting from the fourth year of operation, their tax rate will go up to 8%. Micro enterprises are allowed to have no more than five employees.






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