- Latvian State Revenue Service issued guidance on VAT for online platform transactions.
- Topics covered include:
- Taxable persons must understand platform terms, including for distance selling.
- Standard VAT rate is 21 percent, with reduced rates of 5 percent and 12 percent, and a zero percent rate.
- Criteria for determining place of supply are important, based on goods and services.
- One-Stop-Shop (OSS) is available for cross-border transactions with nontaxable or unregistered persons.
- Registration requirements and procedures for taxable persons are outlined.
- Small enterprises have a special VAT regime allowing exemptions in other EU countries if annual EU turnover is under 100,000 euros.
Source: news.bloombergtax.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
