In accordance with the Chapter 1 of the Article 6 of law "On Taxes and Fees", taxes and fees shall be calculated and paid in lats and santims. In order to make a tax or duty payment to the government budget in accordance with the legislation of Latvia, a non-resident entity may complete the following:
open a currency account at any credit institution of Latvia and convert the necessary amount of currency to Latvian lats according to the exchange rate of the current day in the amount required to make a tax or duty payment;
make currency payment at any local credit institution of a non-resident’s country, which has a corresponding account at any credit institution of Latvia, and request the corresponding credit institution to ensure currency exchange into Latvian lats in the amount required to make a tax or duty payment. The corresponding credit institution in Latvia will perform the currency exchange transaction according to the exchange rate of the current day.
Please, be aware that in both cases described above, currency exchange on transaction day is performed in accordance with the exchange rate set by the credit institution and it may vary from the exchange rate set by the Bank of Latvia; in the last case additional corresponding bank service charges may apply.
Information for investors about tax system in Latvia is available on the web site of
Latvian Investment and Development Agency