Latvia MOF Releases Draft Bill to Amend VAT Law

The Latvian Ministry of Finance Oct. 7 released a draft bill to amend the VAT Law. The draft bill includes measures that, effective Jan. 1, 2025, would: 1) allow cross-border VAT exemptions for small and medium enterprises (SMEs) engaging in intra-EU supplies of goods or services of up to 100,000 euros (US$109,885) annually; 2) calculate the VAT registration threshold based on the calendar year instead of the previous 12 months; 3) require SMEs to register and pay VAT if they exceed the registration threshold in 2024; 4) introduce a transitional period for VAT payers whose turnover exceeds the registration threshold; ...