LAT GVT said cabinet approved amendments to regulations on process for providing information on turnover/balance of accounts of individuals to State revenue service.
Follows LAT GVT Aug. 2024, proposed cash transaction monitoring law, see #223498.
Summary
Under Law on taxes and fees, credit institutions and payment service providers must submit details to State Revenue Service (LAT Tax) on Latvian resident accounts with €7,000 or more in one credit institution/payment service provider in the previous year.
Changes aim to ensure cash transaction transparency and efficient tax administration.
Procedures set out in draft regulations will be binding on all such institutions in Latvia.
LAT GVT said new procedure will improve SRS ability to monitor cashflows and reduce opportunities for tax evasion, ensuring fair competition and protecting public interests.
Amendments will enter into force simultaneously with the new provisions of the law.
