Knowledge Base: E-commerce Accounting and VAT Compliance

New Intrastat thresholds in Latvia in 2024

New Intrastat thresholds in Latvia in 2024

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Date20 May 2024
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For entrepreneurs operating in the e-commerce sector in Latvia, knowledge of and compliance with Intrastat declaration regulations are extremely important. With the introduction of changes regarding Intrastat thresholds in 2024, entrepreneurs must be particularly vigilant as these changes can significantly impact the way they conduct their trading activities. It is worthwhile to understand these changes in order to adapt to new requirements and avoid any potential penalties and difficulties associated with non-compliance.


What is Intrastat?

Intrastat declarations are a crucial element of international trade within the European Union. Through a data collection system covering goods moving between member states, it is possible to track and analyze trade dynamics in this area. In Latvia, the responsibility for submitting these declarations lies with the Intrastat Authorities, namely the Central Statistical Bureau. This information is essential for monitoring the flow of goods and analyzing trade trends.


Intrastat thresholds in Latvia in 2024

According to the new regulations introduced under the European Parliament Regulation (EU) 2019/2152, Intrastat thresholds in Latvia have been raised. As of January 1, 2024, the new Intrastat thresholds in Latvia are as follows:

Import value threshold
Basic: €350,000 (an increase from the previous €330,000)
Detailed: €5 million

Export value threshold
Basic: €200,000
Detailed: €7 million


Methods of submitting Intrastat declarations

The methods of submitting Intrastat declarations have been adjusted to the needs and capabilities of modern entrepreneurs, ensuring convenience and efficiency in the process of reporting trade data. Entrepreneurs have two main options: submitting declarations in paper form or electronically. Electronically, declarations can be submitted through the e-Pārskats platform (https://e.csb.gov.lv), but appropriate access codes are required.


Deadline for submitting Intrastat declarations

Intrastat declarations must be submitted monthly and are required by the 10th day of the month following the reporting period. It is worth noting that if the deadline for submitting declarations falls on a weekend or holiday, regulations provide for its extension to the next working day. If the value of shipments exceeds the new thresholds established in a given territory in a given month, entrepreneurs are required to start submitting Intrastat declarations from that month.


Corrective declaration

If an entrepreneur identifies any errors in the reported data, they can submit a corrective declaration. The procedure for submitting a corrective declaration can be done in several ways, depending on the preference and convenience of the entrepreneur. One option is to send a letter to the Central Statistical Bureau containing details about the entrepreneur, the relevant period, and information about any changes that need to be made to the declaration. This letter should accurately describe all corrections to ensure the accuracy and completeness of the data.

Alternatively, an entrepreneur may decide to independently submit a corrected Intrastat declaration. This can be done both electronically and traditionally, by submitting a corrected paper form.


Zero declaration

If an entrepreneur is required to regularly submit monthly Intrastat declarations, they must remember to submit zero declarations for months in which no intra-Community supplies or acquisitions occurred.


Consequences of non-compliance with Intrastat regulations

It is important to be aware of the serious consequences that may result from non-compliance with Intrastat system regulations. Non-compliance with these regulations may lead to administrative consequences that can significantly affect the company.

One possible sanction for breaching statutory obligations is the imposition of an administrative fine. A warning or a financial penalty of up to €700 may be imposed for failure to submit statistical data or for incorrect reporting. It is worth noting that the amount of the penalty may depend on the severity of the violation and the decisions of the authorities responsible for enforcing the regulations.


VAT rates in Latvia

Latvia has four VAT rates in place. The standard rate is 21% and applies to most goods and services. There are also three reduced rates: 12%, 5%, and 0%. The 12% rate applies to, among other things, pharmaceutical products, newspapers and magazines, and hotel services. The 5% rate applies to locally produced food, such as vegetables and fruits. The 0% rate is mainly applied to intra-Community and international transport.


Summary

Understanding the principles of Intrastat in Latvia is crucial for e-commerce entrepreneurs engaging in trade with the country. Strict compliance with thresholds and declaration deadlines, as well as accurate completion of documents, can help avoid penalties and other negative consequences associated with non-compliance. Therefore, it is worthwhile to stay regularly informed about the applicable regulations and to adjust business operations to the requirements of the Intrastat system in Latvia. If you need support in this area, feel free to contact us – amavat®.

Iga Turniak

Junior Process Management & QM Specialist at getsix®, Marketing Assistant at getsix® and amavat®. With the company since March 2022. Interested in SEO, content marketing, and the e-commerce industry.

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This publication is non-binding information and serves for general information purposes. The information provided does not constitute legal, tax or management advice and does not replace individual advice. Despite careful processing, all information in this publication is provided without any guarantee for the accuracy, up-to-date nature or completeness of the information. The information in this publication is not suitable as the sole basis for action and cannot replace actual advice in individual cases. The liability of the authors or amavat® are excluded. We kindly ask you to contact us directly for a binding consultation if required. The content of this publication iis the intellectual property of amavat® or its partner companies and is protected by copyright. Users of this information may download, print and copy the contents of the publication exclusively for their own purposes.

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