Latvia new VAT Act 2013

Sun 16th Dec 2012

The Latvian government has approved a new VAT law, which will come into force on 1 January 2013.

Key changes include:

  • Customers may now compile self-billing VAT invoices
  • Businesses will no longer have to revise input VAT on small gifts or loss / damage to property
  • New provisions on the carry forward of VAT credits
  • Option to tax on immovable property
  • Numerous adjustments to the place of supply rules

The above changes have been under review since 2010.