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Latvia's Tax Highlights of 2024
Publication date 27.12.2024
The year 2024 brought notable updates to Latvia's tax legislation, aimed at improving transparency, supporting small businesses, and adapting to economic shifts.
Key Changes for Individuals
The tax rate on capital income (including capital gains) was increased to 25.5%.
An additional income tax was introduced:
3% on annual income exceeding €200,000.
Updates for Micro-Businesses
As of January 1st, 2024, a unified 25% tax rate applies to micro-enterprises, regardless of their turnover.
Corporate Tax Changes
Banks and credit institutions are now subject to an additional corporate tax:
20% on profit, regardless of distribution.
Taxes on gambling were increased:
For games like roulette, cards, and dice: from €28,080 to €33,696 per table annually.
VAT Threshold Adjustments
The mandatory VAT registration threshold was raised:
From €40,000 to €50,000 in annual turnover.
These reforms are designed to reduce the burden on small businesses while maintaining fair taxation across sectors.
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