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Latvian Tax Codes
The following tax codes are suggested as per Latvian VAT Report structure. Create those as per customer’s required. NOTE: NetSuite does not provide Latvian Tax Codes out-of-the-box, so all required tax codes must be created from scratch.
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Tax Code
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Setting Up Tax Code for PVN
The default saved searches used by the JPK_V7 feature are looking into how the tax codes are mapped to each position. The transaction lines are reported based on the tax code position mapping.
To map a specific tax code to the tax position in the VAT Re XML file:
Go to Setup > Accounting > Taxes > Tax Codes.
Click Edit next to the tax code that needs to be mapped.
Select the tax position(s) and applicable appendix in the [STA] LV VAT Position multi-select field.
Click the Save button.
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For instructions on how to create or edit a tax codes, see NetSuite |
Suggested Tax Code Position Mapping
Tax Code | Description | Rate | [STA] LV VAT Position | [STA] LV PVN |
|---|---|---|---|---|
UNDEF-LV | Used when NetSuite cannot determine the appropriate tax code for a transaction. | 0% | N/A | |
Z-LV | Zero rated sales/purchase | 0% | N/A | |
S-LV | Standard rate | 21% | 41, 52, 62 | PVN1 (I) PVN2 |
R2-LV | Special reduced rate | 5% | 421, 531 | PVN1 (I) PVN1 (III) PVN2 |
R1-LV | Reduced rate | 12% | 42, 53 | PVN1 (I) PVN1 (III) PVN2 |
S-LV : IS-LV | Non-EU purchases (services) | 0% | 54 | PVN1 (I) |
S-LV : IP-LV | Non-EU purchases (goods) | 0% | 54, 61 | PVN1 (I) |
S-LV : ESSS-LV | EU sales (services) | 0% | 43, 48, 482 | PVN1 (III) PVN2 |
S-LV : ESSP-LV | EU purchases (services) | 0% | 50, 55, 64 | |
S-LV : ES-LV21 | EU sales/purchase (goods) | 0% | 43, 45, 50, 55, 65, 64 | PVN1 (II) PVN1 (III) |
R1-LV : ES-LV12 | EU sales/purchase (goods) – reduced rate | 0.00 | 51, 56, 64 | PVN1 (II) |
R2-LV : ES-LV5 | EU sales/purchase (goods) – special reduced rate | 0.00 | 64, 511, 561 | PVN1 (II) |
E-LV | Exempt or non taxable | 0.00 | 49 | PVN1 (III) PVN2 |
S-LV : D-REV-LV | Domestic Reverse Charge (gaming consoles, metal products, home appliances, construction) | 0.00 | 411 | PVN1 (III) PVN2 |
X-LV | Exports | 0.00 | 43, 481, 482 | PVN1 (III) PVN2 |
S-LV : ES-LV(45_1) | Goods supplied to another Member State in the territory of the European Union referred to in Section 42, Paragraph sixteen of the Law, if the recipient of goods is a registered taxable person of another Member State | 0.00 | 451 | PVN1 (III) PVN2 |
FP-LV(44) | Goods supplied to free ports and special economic zones taxable at the zero per cent rate of the tax in accordance with the law On the Application of Taxes in Free Ports and Special Economic Zones; | 0.00 | 43, 44 | PVN1 (III) |
NC-LV(46) | Goods imported into the territory of the European Union from third countries or third territories and not released for free circulation in supply customs warehouses and free zones; | 0.00 | 43, 46 | PVN1 (III) |
NV-EE(47) | New vehicles supplied to another Member State to a non-registered taxable person of such Member State or to a person of another Member State who is not a taxable person. A copy of the tax invoice regarding supply of a new vehicle shall be appended to the return; | 0.00 | 43, 47 | PVN1 (III) |
Suggested Tax Code Setup
Tax Code | Description | Rate | EC Code | Reverse Charge Code | Notional Rate Derived From | [STA] Derived From % | Available On |
UNDEF-LV | Used when NetSuite cannot determine the appropriate tax code for a transaction. | 0.00 | No | No |
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| Both |
Z-LV | Zero rated sales/purchase | 0.00 | No | No |
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| Both |
S-LV | Standard rate | 21.00 | No | No |
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| Both |
R2-LV | Special reduced rate | 5.00 | No | No |
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| Both |
R1-LV | Reduced rate | 12.00 | No | No |
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| Both |
IS-LV | Non-EU purchases (services) | 0.00 | No | Yes | S-LV |
21% | Purchase Transactions | ||||
IP-LV | Non-EU purchases (goods) | 0.00 | No | Yes | S-LV |
21% | Purchase Transactions | ||||
ESSS-LV | EU sales (services) | 0.00 | Yes | No | S-LV |
21% | Sales Transactions | ||||
ESSP-LV | EU purchases (services) | 0.00 | Yes | No | S-LV |
21% | Purchase Transactions | ||||
ES-LV21 | EU sales/purchase (goods) | 0.00 | Yes | No | S-LV |
21% | Both | ||||
ES-LV12 | EU sales/purchase (goods) – reduced rate | 0.00 | Yes | No | R1-LV |
12% | Purchase Transactions | ||||
ES-LV5 | EU sales/purchase (goods) – special reduced rate | 0.00 | Yes | No | R2-LV |
5% | Purchase Transactions | ||||||
E-LV | Exempt or non taxable | 0.00 | No | No |
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| Both |
D-REV-LV | Domestic Reverse Charge (gaming consoles, metal products, home appliances, construction) | 0.00 | No | Yes | S-LV |
21% | Both | ||||||
X-LV | Exports | 0.00 | No | No |
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| Sales Transactions |
ES-LV(45_1) | VAT Report Box 45_1 | 0.00 | Yes | No | S-LV |
21% | Sales Transactions | ||||||
FP-LV(44) | VAT Report Box 44 | 0.00 | No | No |
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| Sales Transactions |
NC-LV(46) | VAT Report Box 46 | 0.00 | Yes | No |
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| Sales Transactions |
NV-EE(47) | VAT Report Box 47 | 0.00 | No | No |
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| Sales Transactions |
To create a Tax Code, go to:
Setup > Accounting > Tax Codes > New.
Select Latvia as a country.
In the Tax Code field, enter an exactly the same name as it is displayed in the table above, as these tax code names are mapped to the VAT report.
Enter Description.
Enter Rate.
Assign the tax code to the Latvian subsidiaries in Subsidiaries field.
Fill up other field values as depicted in the table above, including a custom localization field value [STA] Derived From %, which is important for the VAT Report (it is a part of saved search formulas).
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For questions or concerns, please contact support@staria.com.