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Unified tax account to be created for payments processed by SRS

Latvian Cabinet of Ministers intends to review Finance Ministry’s prepared legislative draft for amendments to the Law on Taxes and Duties. The legislative draft provides for improving the tax administration process and reducing administrative burden, including costs, for taxpayers.

It should be noted that a unified tax account for state budget payments administered by the State Revenue Service is planned to be formed in 2021. This account will be used to process important taxes – personal income tax, corporate income tax, value added tax, excise tax, customs fees, natural resource tax, lottery and gambling tax, state social insurance mandatory fees, electricity tax, micro-enterprise tax and subsidized electricity tax.
 

The unified tax account will be introduced for other regular payments, including business risk state fee, numbering resource use rights, copyright fee, payments for state capital use, payments for requests submitted to EU member states’ and other countries’ tax administrations for tax debt enforcement, Finance Ministry reports.
 

To reduce administrative burden and provide the option to pay multiple taxes in a single transaction, tax payment terms will be equalized.
 

To create a unified tax account by 2021, it is necessary to develop a technical solution – SRS Payment Administrating Information System. Funding for the system will be attracted from the European Regional Development Fund.

BNN

27-09-2017
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