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Latvia – change of applicable due dates for annual obligations
According to the recently passed amendments to the Law on Annual Report and Consolidated Annual Report (the “Law”), all corporations are required to file an Annual Report approved by the shareholders’ meeting with the State Revenue Service.
This must be filed within one month of approval but no later than five months for micro and small corporations or seven months after the end of the fiscal year for medium and large corporations.
Medium and large enterprises, as well as those whose financial instruments are listed on a regulated market, are required to conduct an annual report audit.
A small company’s financial statements are only required to be audited if its indicators for two consecutive years exceed two of the three limit levels shown below:
- EUR 800 000 total balance sheet amount;
- EUR 1 600 000 net revenue;
- 50 people on average were employed during the reporting year.