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

International Internet Magazine. Baltic States news & analytics Tuesday, 26.05.2020, 23:14

Over 43,000 business operators pay micro enterprise tax in Latvia in early June

BC, Riga, 05.06.2018.Print version
There were 43,253 business operators registered as payers of micro enterprise tax in Latvia in early June this year, and 49,041 entities have been removed from the list, writes LETA, according to the statistics of the Latvian State Revenue Service.

From September 1, 2010, when the micro enterprise tax was introduced in Latvia, till June 1, 2018, Latvian authorities have received a total of 95,963 applications from tax payers seeking the status of micro enterprise tax payers.

Of those, 46,676 applications were submitted by corporate entities, 45,835 applications were from individuals and 3,452 applications were filed by individual business operators.

Applications for the status of micro enterprise tax payers were approved in case of 44,803 corporate entities, 44,148 individuals and 3,350 individual business operators.

At the same time, 1,523 applications from corporate entities, 899 applications from individuals and 67 applications from individual business operators were rejected.

As of December 31, 2017, a total of 3,888 companies lost the status of a micro enterprise tax payer.

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 this year, 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.

Search site