Latvia Moves Forward with Mandatory E-Invoicing
Latvia, like many other countries globally, is preparing for the implementation of mandatory electronic invoicing. Recent developments reaffirm the timelines for both the public and private sectors. On September 24, 2024, the Ministry of Finance announced the Cabinet of Ministers’ support for this initiative following a thorough evaluation and public consultation on the draft amendments to the Accounting Law.
Established Timelines for the E-Invoicing Mandate
The MoF's statement clarifies the established timelines for e-invoicing mandates:
- January 1, 2025: E-invoicing will be compulsory for G2G and B2G transactions, specifically for invoices directed to budget organizations.
- January 1, 2026: The mandate will expand to include B2B transactions, which will also require the obligatory submission of e-invoice data to the State Revenue Service. This process will utilize a decentralized Continuous Transaction Control model.
Furthermore, the draft law indicates that regulations regarding e-invoice distribution channels will be developed. It is important to note that B2C invoices will not be included in this mandate.
While the draft law has gained significant support, it remains subject to final approval by the Saeima, the Parliament of the Republic of Latvia. This step is crucial for solidifying the framework that will govern electronic invoicing in the country.
There’s more you should know about global e-invoicing changes – learn more about the new and upcoming regulations.
