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The income tax return for 2020 must be submitted in an updated form

The IFTS finalized the declaration form, its format and the procedure for filling it out.


The government has prepared a project according to which the annual income is more than 5 million rubles. you need to pay personal income tax at a rate of 15%.

It is planned that the new rules will need to be applied starting with revenues generated in 2021.


The minimum wage for 2021 became known

The Ministry of Labor has established a living wage for the working-age population for the II quarter of 2020. It is equal to 12 392 rubles.

Accounting and Annual Financial Statements in Latvia The company accounts should clearly reflect the deals and financial results of the enterprise business in accordance with applicable law, as well as provide a true and clear view of its financial condition. Read more
Major Taxes and Tax Rates in the Republic of Latvia If you plan to do business in Latvia, we offer you to acquaint with major taxes and tax rates, which must be paid in this country. Read more
Trade and Customs The external borders between Latvia and other countries of the EU were cancelled after Latvia joined the European Union in 2004; thus guaranteed the free movement of goods within the common market. Customs formalities are abolished between the member states of the EU; it means that customs procedures are not applied while delivering goods from one country of the EU to another one. Read more
Micro-enterprises in Latvia

We already wrote about the forms of business that exist in the Republic of Latvia. Also, you can use the possibility of preferential taxation and register your activity as a micro-enterprise.

Read more
Forms of Entrepreneurial Activities in Latvia There are 4 forms of entrepreneurial activity in the Republic of Latvia: an individual merchant or IM (IK); Limited Liability Company – LLC (SIA); Joint-Stock Company - JSC (A/S) and a Branch Office / Representation. All forms are registered in Commercial register. Read more
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