"Raising the VAT registration threshold to EUR 50,000 will reduce the effects of inflation specifically for small businesses," said the Ministry of Finance.
In addition the draft law proposes not levying VAT at all on some services such as sports coaching and educational camps for children. It was also decided to review the VAT regulationapplying to the Corporate Income Tax Law regarding legitimate expenses for company cars.
The bill is included in the package of accompanying bills of the bill "On the state budget for 2024 and the budget framework for 2024, 2025 and 2026", which enters into force on January 1, 2024, subject to approval by the Saeima.
