Latvia Tax Agency Announces Information on Changes to VAT Registration Threshold Calculation for 2025

The Latvian State Revenue Service Dec. 10 announced information on changes to the VAT registration threshold calculation for 2025. The announcement includes that: 1) entrepreneurs and economic operators who carried out, in 2024, VAT-taxable transactions, as well as potentially VAT-exempt transactions, and achieved a turnover of 50,000 euros (US$52,510) must submit registration applications in the SRS VAT payer register by Jan. 15, 2025; 2) the 50,000 euro threshold must be calculated for the 2024 calendar year, not the last 12 months; 3) the VAT threshold calculation doesn’t include the supply of fixed assets, intangible investments, and VAT-exempt transactions if they ...