Walless Tax Cookie: New taxpayer ratings in Latvia! Know your business partner better
2024 05 16
Did you know that in Latvia, there is a new taxpayer rating system reflecting the tax administration’s perception of the taxpayer. Companies get one of five ratings, with “A” being the highest. You can find the new ratings and more information on the State Revenue Service website – https://bit.ly/3K1w9nl
Be mindful of your supplier’s tax rating! If the supplier doesn’t hold an “A” tax rating, consider obtaining more evidence of their evaluation and VAT transaction conduct. Doing so might be beneficial in the event of any tax inspections. Taking action now can help mitigate future tax risks, such as potential denial of input VAT deduction due to issues like the infamous “missing trader”.
Stay informed, stay compliant, and be prepared!