Latvia Tax Agency Issues Updated Methodological Material on Individual Income Taxation for Economic Activities

The Latvian State Revenue Service Jan. 27 issued updated methodological material on individual income taxation for economic activities. Topics covered include: 1) an income tax rate of 25.5 percent for annual income up to 105,300 euros (US$109,831), and 33 percent for annual income exceeding 105,300 euros, applicable from Jan. 1; 2) the tax declaration period of March 1 to June 1 following the income year, and April 1 to July 1 for income exceeding the specified threshold; 3) mandatory registration of economic activity with the State Revenue Service through the Electronic Declaration System (EDS) or through any customer service center; ...