Tax

Single tax account

We would like to inform you that a new account for state budget payments administrated by the SRS  will be introduced as of January 1, 2021 - a single tax account, that will replace current tax accounts. The most important:

 

  • For all declarations due by the 20th day of the month, the current deadline will remain unchanged, e.g. declarations on value added tax, corporate income tax, excise duty and natural resources tax.
  • New declaration deadlines - for electricity tax (date 20), lotteries and gambling tax (date 15) and for submission of the employer's report (date 17).
  • There will be a single payment deadline for all regular internal taxes administered by the SRS on the 23rd day of each month.
  • Taxes and fees payable to the single tax account are specified in Section 23.1, Paragraph five of the Law “On Taxes and Fees”.
  • Customs duties will have to be paid into the single account from 2023 onwards. Until then, the current order remains.
  • Real estate taxes do not have to be paid in the single account.
  • To ensure the taxpayer’s awareness of which taxes are covered from the amount remitted to the single tax account, this information will be available in the SRS EDS system.
  • The amount of money paid into the single account will be divided to cover the taxpayer's liabilities by types of taxes, following the FIFO principle - first in - first out.
  • As of January 1, 2021, the accrual principle will be introduced in the accounting of state revenue administered by the SRS, which means that according to it accounting transactions and other events are recognized when they occur (and not when the Treasury receives or money paid). It will be possible to see both the calculated liabilities and payments made for each tax.

 

If you have any questions please do not hesitate to contact us at Martins.Lubgans@lv.gt.com.