(according to the actual time spent)
(according to the actual time spent)
The calculator allows you to calculate the approximate cost of maintenance of accounting services to support and audit the company.
CalculateAccording to legislation of Latvia, all Latvian companies must keep accounting records and file annual accounts and a tax return with state authorities every year by 30 April (large companies by 31 July).
The following must file full financial statements in Latvia:
Sole traders, farms and fisheries with income of up to 300 000 EUR report in a simplified form.
The full annual financial report includes:
In addition, large enterprises must provide:
Large companies are companies that meet 2 of the following 3 criteria:
The form and rules of filing of annual reports for credit institutions, insurance companies, private pensions funds, investment broker companies, investment management companies, religious organizations and political parties are regulated by special regulations of the Government of Latvia and differ significantly from the form and rules of filing of annual reports of business entities.
Traditionally, reporting period in Latvia is a calendar year. Recently incorporated entities that have been operating for less than 1 year can, as may be agreed, either report on an incomplete year or include the first incomplete year in the next report. And the first reporting period must not last more than 18 months.
In the case of late filing of accounts, sanctions shall be imposed in accordance with administrative legislation.
Accounts shall be audited if 2 of the following conditions are met simultaneously:
According to legislation of Latvia, all Latvian companies must file tax returns (along with an annual report) every year by 30 April.
Tax must be paid within 15 days after the tax return is filed.
Legislation of Latvia provides for the following kinds of penalties:
Systematic and serious violations may result in suspension of business and criminal liability (imprisonment of up to 5 years).