Latvia Parliament Considers Bill to Amend VAT Law

The Latvian Parliament (Saeima) Feb. 2 accepted for consideration Bill No. 1206, to amend the VAT Law. The bill includes measures to: 1) reduce to 5 percent, from 12 percent, the VAT rate for supplies of firewood and thermal energy to residents for household use, and to residential building managers who invoice occupants for such supplies, between Jan. 1 and April 30; and 2) require that VAT invoices issued during the specified period with the 12 percent rate, and the relevant VAT return, are corrected by the law’s entry into force date. The law would enter into force the day ...