Latvia Tax Agency Issues Updated Methodological Material on VAT Application for Transactions With Vouchers

The Latvian State Revenue Service Dec. 10 issued updated methodological material on the application of VAT for transactions with vouchers. Topics covered include: 1) that a voucher is an instrument that must be accepted as consideration for the supply of goods or services and indicates the goods or services to be supplied or the identity of potential suppliers or providers; 2) the VAT application for transactions with single-purpose vouchers, including that VAT is calculated at the time of a voucher’s sale for VAT payers who sell single-purpose vouchers in their own name, supply goods, or provide services; 3) the VAT ...