Business, Financial Services, Latvia, Legislation, Markets and Companies, Taxation

Under the proposed legislative amendments, the payment deadlines will be unified for regular tax payments occurring once a month, on a quarterly basis and semi-annually. Thus, the companies will be able to make several tax payments with a single transfer which will reduce the administrative burden, the ministry said.

This means that starting from 2021, taxes administered by the State Revenue Service (value added tax, excise tax, electricity tax, lottery and gambling tax, corporate income tax, micro enterprise tax, personal income tax and other taxes and duties) can be paid not only into a single budget account, but also in a single payment.

Business representatives, however, will still be able to make tax payments in several payments, if it is more convenient for them.

A single tax account for payments to the budget administered by the State Revenue Service will be introduced as of January 1, 2021. Currently there are numerous accounts, each for payment of a specific tax.