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Latvia V.A.T. and Other Taxes

Latvia Value Added Tax
  • The standard rate of VAT in Latvia is 21%%.
    There are reduced rates of 12% 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 35,000 in the previous 12 months is obligated to register with the VAT authorities.
  • VAT at the rate of 12% 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 Property Tax
A tax of 1.5% is imposed when owning real estate.
The tax for buildings and land is 1.5% of the cadastral value when used for business and 3% for agricultural land not in use.

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