Banks to re­port pri­vate per­sons whose ac­count turnover ex­ceeds EUR 15,000

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From 18 May on­ward, banks will have to re­port pri­vate per­sons whose an­nual ac­count turnover ex­ceeds EUR 15,000, as pro­vided by the Cabi­net of Min­is­ters’ sup­ported or­der, un­der which the State Rev­enue Ser­vice is to be pro­vided with in­for­ma­tion about a pri­vate per­son’s turnover and bal­ance. Fi­nance Min­istry’s de­vel­oped rules in­clude the or­der un­der which credit in­sti­tu­tions and pay­ment ser­vice providers are to re­port in­for­ma­tion to SRS about clients whose turnover amount on bank or pay­ment ser­vice ac­count is EUR 15,000 or more. In­for­ma­tion of this kind is to be pro­vided to SRS be­fore 1 Fe­bru­ary of ev­ery year. In­for­ma­tion is to be pro­vided elec­tron­i­cally about per­sons that are Lat­vian res­i­dents.

Amend­ments to the Law on Taxes and Du­ties, which in­clude this new or­der, were de­vel­oped as part of the tax re­form. The min­istry ex­plains that the goal of the new rules is im­prov­ing so­ci­ety’s wel­fare and boost­ing su­per­vi­sion of tax pay­ments. In ad­di­tion, SRS, when plan­ning tax con­trol mea­sures, will be able to use its re­sources more ef­fi­ciently.

Evija Tri­fanova/LETA

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