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The State Revenue Service (SRS) will be able to postpone or split into instalments the tax payments due from businesses that have had to delay them because of the restrictions on imports established by the Russian Federation. This is envisioned in the amendments to the Law on Taxes and Fees and the Law on the State Revenue Service, which the Saeima adopted in the final reading on Thursday, 18 September.

The amendments provide that the SRS will be able to split the delayed tax payments into instalments or to postpone them for a period of up to 5 years if the delay has been caused by the restrictions that Russia has placed on imports from the European Union.

The payment deadline will be extended to businesses whose portion of export transactions affected by the restrictions exceeds 10% of their total sales.

The SRS will also be able to grant tax relief for businesses whose operations are related to the import, manufacturing and transportation of goods subject to the restrictions, or forwarding and logistics services if the restrictions have resulted in the breaking of contracts or a reduction in the price of delivering or transporting goods or services, or a reduction in the demand of services.

These amendments to above-mentioned laws were proposed in order to give special support to tax payers who have come into financial hardship because of the restrictions introduced by Russia.

Saeima Press Service