All companies in Latvia are required to submit an annual report. Timely submission is the responsibility of the company’s management, and failure to comply may result in fines.

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Who must submit an annual report

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• All LLCs (SIA), JSCs (AS), and cooperatives.
• Branches of foreign companies.
• Associations and foundations if turnover exceeds legal limits.

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Deadlines for submission

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The deadlines depend on company size:

• Small companies and micro-enterprises — by March 31.
• Medium and large companies — by April 30.
• Companies subject to audit — by May 31.

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What the annual report includes

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• Balance sheet.
• Profit and loss statement.
• Cash flow statement (for larger companies).
• Explanatory notes.

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How to submit the report

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1. Prepare the report according to the Annual Reports and Consolidated Annual Reports Law.
2. Use the Electronic Declaration System (EDS) of the State Revenue Service.
3. Sign the report with the manager’s secure electronic signature.
4. Submit it before the deadline.

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Penalties for late submission

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If the annual report is not submitted on time:

• Administrative fines apply to both the company and its director.
• Restrictions may be imposed on company changes in the register.
• In severe cases, liquidation of the company may follow.

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Why deadlines matter

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Timely submission ensures:

• Business transparency.
• Easier access to credit and investments.
• Avoidance of fines and tax authority issues.

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The annual report in Latvia is more than a formal obligation — it is a key business tool. Company leaders should plan ahead to prepare and submit reports on time, ensuring compliance and avoiding penalties.