Did you know there’s one important thing many people forget?

According to Article 15, Paragraph 3 of the Law “On Taxes and Fees,” taxpayers are obligated to submit informative declarations and notifications to the State Revenue Service (SRS). Notifications and informative declarations must be submitted by natural persons who are employers, and by commercial companies, cooperative societies, and other private law legal entities regarding:

• changes in registration data;

• all individual cash transactions (including purchases) conducted in the previous month that exceed 1,500 euro;

• cash transactions conducted in the previous year with natural persons who are not required to register economic activity according to tax regulations, if the amount of a single transaction in one operation with each business partner exceeds 3,000 euro;

• payments made by a natural person – a resident of the Republic of Latvia – for leasing and credit, or only leasing or only credit, and related interest payments, where the monthly sum exceeds 360 euro, or the total sum of such payments within a calendar year exceeds 4,320 euro;

• demand deposit accounts opened abroad, within 30 days of their opening.

Furthermore, the Law “On Personal Income Tax” stipulates the obligation to report loans to the SRS if the amount of the issued loan exceeds 15,000 euro, or for loans that did not exceed 15,000 euro in pre-taxation years but, together with the loan issued in the taxation year, exceed 15,000 euro.

If you have any accounting questions, whether similar to these or of various other types, where assistance is needed, including but not limited to setting up and managing accounting systems daily – the Investors accounting office team will rush to your aid! Contact us right here on our website!

By applying for the service on our website, you will receive a free solution
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a 2-hour free consultation on how to improve your economic activity!