Latvia VAT Calculator

The standard VAT rate in Latvia is 21% since July 2012, but there is also a reduced rate of 12% that applies to pharmaceutical products and medical equipment, dairy products, transportation, tourism facilities. A 0% tax rate applies to import and exports supplies within the community, services related to imports and exports of intra-community products, international transport of supplies and passengers, goods and services for diplomatic missions, european institutions, international and non-profit organizations.

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The standard VAT rate in Latvia is 21% since July 2012, but there is also a reduced rate of 12% that applies to pharmaceutical products and medical equipment, dairy products, transportation, tourism facilities. A 0% tax rate applies to import and exports supplies within the community, services related to imports and exports of intra-community products, international transport of supplies and passengers, goods and services for diplomatic missions, european institutions, international and non-profit organizations.

Formula:

Add Tax Tax Amount = ( Original Cost * VAT% ) / 100 Net Price = Original Cost + Tax Amount
Remove Tax Tax Amount = Original Cost - ( Original Cost * ( 100 / ( 100 + VAT% ) ) ) Net Price = Original Cost - Tax Amount

Banking and financial services, social security services, medical care, education services, real estate services such as leasing, gambling and postal services are exempt from Value Added Tax in Latvia.

Example

Find the VAT price and net price in Latvia (GST % is 21) for an amount of 25000 Ls

Add Tax

Solution :
GST % = 21
Amount = 25000

Step 1 :
GST Price = (25000 * 21 ) / 100
     = 5250 Ls

Step 2 :
Net Price = 25000 + 5250
     = 30250 Ls

Hence the VAT Price is 5250 Ls and Net Price is 30250 Ls

Remove Tax

Solution :
GST % = 21
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 21)))
                 = 25000 - (25000 * 0.83)
                 = 25000 - 20661.16
                 = 25000 - 20661.16
GST Price = 4338.84 Ls

Step 2 :
Net Price = 25000 - 4338.84
                = 20661.16 Ls

Hence the VAT Price is 4338.84 Ls and Net Price is 20661.16 Ls

Banking and financial services, social security services, medical care, education services, real estate services such as leasing, gambling and postal services are exempt from Value Added Tax in Latvia.


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