We are excited to share that the Latvian parliament has passed a law that reduces the withholding tax rate for private individuals who are tax residents of another member state of the European Union (EU) or a country of the European Economic Area (EEA – consisting of EU countries and Iceland, Liechtenstein, and Norway).
Amendments in the law affect the default withholding tax rate – decreasing it from 20% to 5%. These changes are effective as of 14th November 2022, and we have already implemented them on our platform for those investors whose tax residence country is one of the EU or EEA countries.
These are truly great news for our investors, and we are delighted that our efforts have resulted in law change making the regulatory and tax environment more attractive and welcoming towards investors. We have been working together with other industry stakeholders for two years to achieve this – it is a big win for everyone.
In case you have any questions do not hesitate to contact us.