Because of COVID-19 it has been decided to extend tax payments for companies in Latvia. The total amount of taxes under this change reaches EUR 145.49 million, according to data compiled by the State Revenue Service (VID).
In nine months of 2020, 8,956 taxpayers were provided with 27,240 tax payment term extensions.
Generally tax payment extensions have been provided for an amount of EUR 285.69 million.
50.9% of this amount or EUR 145.49 million was allocated in relation to support provided to taxpayers because of the spread of COVID-19 pandemic and consequences from it.
Most often term extensions due to COVID-19 were provided to wholesale trade and retail trade, vehicle and motorcycle repair, accommodation and catering service sectors, as well as processing industry taxpayers.
The biggest tax payment extension over COVID-19 is related to social contributions – taxpayers have requested tax repayment extension for an amount of EUR 65.79 million. This is followed by VAT, where tax payment extension has been provided for an amount of EUR 47.47 million. Tax payment extension was also provided for PIT amount of EUR 21.3 million. (BNN/Business World Magazine)
