In Latvia there is a general option to apply to extend the tax payment deadline up to 1 year. This week the government is also discussing additional measures for business areas affected by COVID-19 and has promised to apply all tax measures in order to help to stabilise their financial situation. Currently these measures are still under discussion. However, it is clear that extending tax payment deadlines would be among them.
Currently the State Revenue Service can divide payment of taxes into terms up to 1 year on the basis of a written application of a taxpayer.
The following information should be submitted to the SRS:
- motivated application in free form or as recommended by the SRS in the Electronic Declaration System (EDS) (Documents – Prepare new document “From the form” – Other – Application for extension of payment deadline);
- the balance sheet and profit and loss account (PZA) on the first day of the month in which the application is submitted;
- preferred tax payment schedule based on the taxpayer’s financial capabilities and statutory term.
Senior associate Aija Lasmane