Looking for accounting services in Latvia? Our local firm in Latvia can be your option if you want to set up a company here or relocate one from your country. Please explore this article, and then you may contact our local agents for additional information and support.
| Quick Facts | |
|---|---|
| Types of services | Our accounting services in Latvia include: – bookkeeping, – payroll, – audit, – financial consulting |
Tax registration support | Our agents in Latvia provide tax registration support for local and foreign investors. |
GST registration services | Our specialists help companies with GST registration. |
| Payroll and HR assistance | Our experts can be in charge with HR duties and payroll for companies. |
| Audit services (Yes/No) | Our auditors can offer professional services for companies. |
| Financial statement filing services (Yes/No) | Financial statement filing services available |
| Corporate secretary services (Yes/No) | Our specialists can make sure that your company is complying well with the statutory and regulatory requirements. |
| Accredited accountants’ availability (Yes/No) | Yes |
| Personal income tax rate | – a rate of 20% applies to an income up to EUR 20,004, – for incomes between EUR 20,004 and EUR 78,100 the rate is 23%, – any income over EUR 78,100 is taxed with 31% |
| Corporate tax rate | 15% |
| GST rate | 21% |
| Social security contributions | 35.09% of the gross salary (24.09% paid by employer, 11% paid by the employee) |
| Support for foreign companies | Support regarding financial services in Latvia is available |
| Access to double tax treaties (Yes/No) | There are approx. 47 double taxation treaties |
| Other services | Other accounting services provided in Latvia include: – forensic accounting, – project accounting, – management accounting, etc. |
Table of Contents
What types of accounting services do you offer in Latvia?
- Bookkeeping,
- Payroll,
- Audits,
- VAT reporting,
- Tax returns,
- Tax registration & compliance,
- Debt monitoring,
- Preparation of annual financial statements, etc.
NOTE: Our accountants in Latvia can also handle annual accounting reports, financial consultations, and invoice management.
Is accounting compulsory for all companies in Latvia?
Absolutely! Latvia aligns with the applicable EU accounting regulations.
Do small companies in Latvia require accounting services?
Sure, all companies in Latvia, whether small, medium, or large, need to maintain all accounting records.
Please explore this infographic with information about the accounting services we offer in Latvia:
What accounting laws are used in Latvia?
- Latvian Accounting Standards,
- International Financial Reporting Standards (IFRS).
Who regulates accounting in Latvia?
Ministry of Finance and State Revenue Service, the national tax agency in Latvia.
What does bookkeeping entail in Latvia?
- tracking and registering all financial operations of a company in Latvia,
- keeping the general ledger,
- daily financial data entry, etc.
What does payroll entail?
- calculation of payroll taxes,
- salary tax payment through payroll platforms,
- salary distribution in the company,
- employee records registration,
- payroll reporting, etc.
What are the payroll taxes in Latvia?
- 23.59% – social insurance contributions paid by the hiring company,
- 10.50% – social insurance contributions paid by employees in the firm.
REMARK: In Latvia, a solidarity tax applies to annual income above EUR 105,300, with the rates listed above.
Please discover the video presentation with details about accounting in Latvia:
What types of audits are available in Latvia?
- Financial audits,
- Performance audits,
- Compliance audits,
- Tax audits,
- Internal control audits, etc.
How can I prepare the annual financial statements for my company in Latvia?
Our accountants in Latvia work with documents like:
- Balance sheet,
- Cash flow statements,
- Income statement,
- Notes and reports, etc.
NOTE: Our accounting specialists in Latvia can prepare and submit the annual financial statements to the local authorities.
Can your accountants in Latvia make company payments?
Sure, considering your business needs and requests.
Can I benefit from financial and/or tax advice for my firm in Latvia?
Absolutely, you’ll have to request our Latvian accountants.
Can I benefit from accounting services for more than just one company in Latvia?
Yes, once you provide us with information.
What is the financial year in Latvia?
From January 1 to December 31.
Are accounting services in Latvia costly?
The costs for accounting services for a company in Latvia depend on various factors:
- Size of the firm,
- Number of employees,
- Activities, etc.
Why are outsourced accounting services beneficial?
Clients can benefit from a team of accounting professionals, improved control over daily financial activities, greater competence, and comprehensive coverage of all accounting matters.
If you are planning to incorporate a branch office in Latvia, you can get assistance from our agents. Our company incorporation consultants can provide you with detailed consultation and practical support on this matter. You are also welcome to engage our accountants in Latvia for your branch office. Contact our accountants in Latvia who provide a wide array of services for companies, tailored to the needs of local and foreign investors alike.