This is foreseen in the changes to the Law on Taxes and Fees included in next year's budget package, which were approved by the Government on Tuesday, November 12, before the budget package is considered by the Saeima.
Banks are already required to inform the VID about residents of Latvia whose demand deposit accounts and payment accounts in the previous year have a total debit or credit turnover of EUR 15,000 or more within one credit institution or payment service provider.
The changes provide that in the future, information must also be provided on persons "whose total amount of cash credited to a payment account in the previous year within a single credit institution or payment service provider is EUR 7,000 or more".
The government on Tuesday approved a clarification, stipulating that this information should be submitted to the State Revenue Service by May 1, 2025, for the 2024 tax year.
The changes will also oblige traders to provide the possibility of cashless payment in certain cases.
