Practical tips and up-to-date information on accounting, taxes and business in Latvia — from certified specialists.
Every year, many Latvian companies miss the annual report deadline, file incomplete documents, or don't file at all — risking fines of up to €2,000 and, in extreme cases, forced removal from the Commercial Register. A step-by-step guide to preparing and filing your annual report in 2026.
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Accounting service prices in Latvia can range from €50 to €500 a month for a similar workload — there's no single price list. A real 2026 cost overview, what drives the price, an honest comparison of an in-house accountant vs. outsourcing, and when DIY accounting stops paying off.
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What an employee really costs, how income tax and social security contributions are calculated, when the employer report is due, and how the deemed-income rule works for board members. A practical guide with worked examples using 2026 rates.
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SIA (LLC), IK (individual merchant), self-employed, or the micro-enterprise tax (MUN)? We compare taxes, liability, running costs, and real calculations at three income levels to help you pick the right business structure in Latvia for 2026.
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Companies in Latvia pay no corporate tax while profit stays in the business — UIN only kicks in when you pay out dividends. We break down the 20/80 formula, the new 2026 alternative regime (15% UIN + 6% IIN), and why the real cost of both regimes is much closer than it first appears.
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A step-by-step guide to registering a SIA in Latvia in 2026 — from your first decisions to a fully operating company. Real costs, timelines, the current rules on paying in share capital, and the most common mistakes new founders make.
Read moreThe Balansis blog provides practical guidance for Latvian business owners and individuals on accounting, taxes and business management. All articles are written by certified accountants and tax consultants with hands-on experience serving Latvian companies.
Guides on bookkeeping, annual reports, accounting software, and obligations for SIA and sole trader owners in Latvia.
Explanations of VAT registration, personal income tax, corporate tax, VSAOI contributions, deadlines, penalties and VID requirements.
Advice on company formation, UR registration, employment law and managing a business in Latvia.
Salary calculations gross and net, employer costs, minimum wage, employee taxes and payroll bookkeeping.