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Tax Alert – Latvia – Insurance Supervisory Levy to be Reduced for 2022

On the 7th of December 2021, the Latvian Financial and Capital Market Commission announced the new rates for the supervisory levy for 2022. Effective from the 1st of January 2022, the levy rate on both compulsory motor third-party liability policies and life insurance will be reduced to 0.143% from 0.164%. The rate for all other insurance operations will decrease to 0.202% from 0.232% the previous year.

This has been updated on IPT Portal and Tax Calculator.

Resource links:
https://bit.ly/likumi-lv

As always, if you have any questions or comments please do not hesitate to get in touch with a member of the team at insurance@avalara.com

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