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.
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 |
|
| Both |
Z-LV | Zero rated sales/purchase | 0.00 | No | No |
|
| Both |
S-LV | Standard rate | 21.00 | No | No |
|
| Both |
R2-LV | Special reduced rate | 5.00 | No | No |
|
| Both |
R1-LV | Reduced rate | 12.00 | No | No |
|
| Both |
IS-LV | Non-EU purchases (services) | 0.00 | No | Yes | S-LV | 21,00% | Purchase Transactions |
IP-LV | Non-EU purchases (goods) | 0.00 | No | Yes | S-LV | 21,00% | Purchase Transactions |
ESSS-LV | EU sales (services) | 0.00 | Yes | No | S-LV | 21,00% | Sales Transactions |
ESSP-LV | EU purchases (services) | 0.00 | Yes | No | S-LV | 21,00% | Purchase Transactions |
ES-LV21 | EU sales/purchase (goods) | 0.00 | Yes | No | S-LV | 21,00% | Both |
ES-LV12 | EU sales/purchase (goods) – reduced rate | 0.00 | Yes | No | R1-LV | 12,00% | Purchase Transactions |
ES-LV5 | EU sales/purchase (goods) – special reduced rate | 0.00 | Yes | No | R2-LV | 5,00% | Purchase Transactions |
E-LV | Exempt or non taxable | 0.00 | No | No |
|
| Both |
D-REV-LV | Domestic Reverse Charge (gaming consoles, metal products, home appliances, construction) | 0.00 | No | Yes | S-LV | 21,00% | Both |
X-LV | Exports | 0.00 | No | No |
|
| Sales Transactions |
ES-LV(45_1) | VAT Report Box 45_1 | 0.00 | Yes | No | S-LV | 21,00% | Sales Transactions |
FP-LV(44) | VAT Report Box 44 | 0.00 | No | No |
|
| Sales Transactions |
NC-LV(46) | VAT Report Box 46 | 0.00 | Yes | No |
|
| Sales Transactions |
NV-EE(47) | VAT Report Box 47 | 0.00 | No | No |
|
| 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).
