Latvia Tax Agency Issues Methodological Material on Special VAT Regime for Small, Medium-Sized Enterprises

The Latvian State Revenue Service Jan. 2 issued methodological material on the special VAT regime for small and medium-sized enterprises (SMEs). Topics covered include: 1) the introduction of the SME VAT regime, and changes related to the domestic VAT registration threshold; 2) the rules and procedures for calculating the domestic VAT registration threshold, with examples; 3) information on deferred registration, with examples, and the conditions under which taxpayers can postpone VAT registration until the following year; 4) the application of the SME cross-border regime to domestic taxpayers; 5) the quarterly reporting requirement for SMEs registered for the regime in another ...