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Standard VAT rate: 21% (Jul 2012)

Reduced VAT rates: 12% (Jan 2011) books, pharmaceuticals, medical, newspapers, hotels

Latvia cuts VAT rate 1% to 21% July 2012

Latvia Value Added Tax

The standard rate of VAT in Latvia is 22%. There are reduced rates of 12% and 0%.
VAT is charged on assets and services provided in Latvia as well as on imports into Latvia.
Exports from Latvia are not subject to value added tax.
Income from financial services, such as insurance and banking services are exempt from VAT and legal advice, subject to the conditions in law, is exempt from VAT.
Any business with a turnover in excess of LVL 10,000 (approximately Euro 14,000) in the previous 12 months is obligated to register with the VAT authorities.
VAT at the rate of 12% is payable on medications, veterinary medications, special equipment for children and communications services.
The following operations are exempt from VAT, subject to the definitions:

- Educational services.
- Medical services.
- Cultural services.
- Lotteries and gambling.
- Financial services provided by banks and insurance companies.
- Gifts and donations for humanitarian aims.

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