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Latvia Value Added Tax
- From 1.1.2009 the standard rate of VAT in Latvia is 21%. There are reduced rates of 10% and 0%
- VAT is charged on assets and services provided in Latvia as well as on imports into Latvia.
- Exports from Latvia are not subject to value added tax.
- Income from financial services, such as insurance and banking services are exempt from VAT and legal advice, subject to the conditions in law, is exempt from VAT.
- Any business with a turnover in excess of LVL 10,000 (approximately Euro 14,000) in the previous 12 months is obligated to register with the VAT authorities.
- VAT at the rate of 10% is payable on medications, veterinary medications, special equipment for children and communications services.
- The following operations are exempt from VAT, subject to the definitions:
- Educational services.
- Medical services.
- Cultural services.
- Lotteries and gambling.
- Financial services provided by banks and insurance companies.
- Gifts and donations for humanitarian aims.
Latvia Real Estate Transfer Tax
- The transfer tax tax is payable in Latvia on real estate, buildings and land, according to their value at the Land Registry Office.
- The tax of 2% is imposed on the buyer.
Latvia Property Tax
A tax of 1% is imposed when owning real estate.
The tax for buildings and land is 1% of the cadastral value.
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