Micro company tax in Latvia
Micro company tax starting from January 1st, 2016 did not change and the tax of 9 % is applicable for companies with turnover till 7000 EUR, but micro companies with turnover from 7001 EUR to 100 000 EUR are subject for 11 % tax fee.
However, starting from January 1st, 2016 there are practice fields in which the micro tax is not applicable, for example, logging, tobacco factories, metal factories, construction business, legal services and others.
Starting from January 1st, 2017 micro company tax will be 5 % that will be applicable for companies with turnover till 7000 EUR, but companies with turnover from 7001 EUR to 100 000 EUR will be subject for 8 % tax rate. However, the micro company tax will not include state social insurance fee, and it will be mandatory to pay extra state social insurance fee no less than it shall be for minimum monthly wage.
Should you wish our assistance regarding taxation please contact our English speaking solicitors and tax consultants in Latvia at info@gencs.eu.
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