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Latvia: Domestic Corporate Taxation

Filing Requirements and Payment of Tax

The tax year is the calendar year, although a company may choose an alternative 12-month period. Tax is payable monthly in advance based on previous results, by the 15th of the month. A tax return must be filed within 30 days of the annual shareholders meeting, or within four months of the end of the fiscal year; any balance of tax must be paid within 15 days of the due date for the annual tax return.

Consolidated tax returns are not permitted, but there is a limited group relief scheme. Penalties for infringement include a fine of LVL200 if the return is filed up to 30 days late, or LVL500 if over 30 days late, plus 30%-50% of the tax due, increasing to 100% for repeat offences within the following three years. Late payments are charged at 0.05% daily of the amount unpaid.

 

 

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