Practical tips and up-to-date information on accounting, taxes and business in Latvia — from certified specialists.
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.
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Opening a bank account for a SIA can take weeks — even though registration with the Enterprise Register itself takes just a few days. We compare 8 banks and payment institutions, list the documents you'll need, and explain what to do if a bank turns you down.
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When VAT registration is mandatory, when voluntary registration pays off, and how to do it through EDS step by step. Verified 2026 rates, thresholds and deadlines, including the temporary 12% rate on basic food products.
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.