Digital transformation in both the public and private sectors is rapidly advancing, with one of its central elements being the digitisation of document circulation. On 17 April 2025, the Ministry of Finance (“MoF”) submitted proposed amendments to the Value Added Tax (“VAT”) Law for public consultation, aiming to align it with the requirements set out in the Accounting Law regarding the issuance of structured electronic invoices, or e-invoices. These changes represent a significant step toward a fully digital and efficient accounting and tax administration system in Latvia.
The global trend towards digital solutions is becoming increasingly apparent in the financial and tax sectors. The introduction of e-invoicing, which was initially seen as a formal compliance requirement, is now becoming an important strategic step towards more efficient, transparent and sustainable business management. Like many other countries, Latvia has begun the gradual introduction of e-invoicing to strengthen fiscal discipline, reduce the shadow economy and modernise data exchange processes. These measures require companies to review their existing systems and introduce technological solutions that ensure compliance while adding real value to business processes.
What is Big Data? We usually talk about Big Data when traditional data processing methods can no longer cope with the volume, velocity, variety and reliability of the data. While there is no specific amount of data that can be labelled as Big Data, it is usually a data set that exceeds the capabilities of traditional databases and data processing tools. What should you do if you need to analyse such a huge data set and don't have immediate access to a fully-fledged Big Data platform? In this article, we will look at how you can use available tools to gain insight into this Big Data when no specialised solution is yet available.
In today’s rapidly evolving digital landscape, many companies are adopting e-invoicing to enhance their accounting processes and boost efficiency. However, for e-invoicing to be effective, accounting policies must be updated to clearly define the new procedures and requirements. This article explores the key considerations when updating accounting policies to integrate e-invoicing effectively.
As of 1 January 2025, verification documents (invoices) will be created in a structured electronic invoice or e-invoice format for settlements with state and municipal institutions. Such an electronic invoice may contain trade secrets and certain procedures must be followed to ensure their protection. How can I protect trade secrets in electronic invoicing?
Outsourced accounting has long been a strategic choice for companies looking to optimise their processes, cut costs and get professional financial support. As we enter 2025 and look to the future, the accounting industry is undergoing major changes driven by technological advances, changing customer demands and global trends. Let's take a look at the key directions that are shaping the future of outsourced accounting.
As is already known, companies that carry out transactions with public authorities (B2G) are now obliged to issue a structured electronic invoice. From 1 January 2026, this requirement will also be mandatory for business-to-business (B2B) transactions. To ensure mandatory electronic invoicing locally, a solution for decentralised electronic invoicing via three electronic transmission channels is envisaged:
The digital transformation has not only created opportunities for companies around the world but also new possibilities. One of the most topical developments is the introduction of electronic invoicing, which offers significant benefits, such as cost reduction, process automation and improved accuracy. However, e-invoicing can also be full of challenges; and organisations need to decide whether to develop an in-house solution or use outsourced services. In this article, we will look at the nature, benefits and challenges of both approaches to help organisations make a considered decision.
On 1 January 2025, significant changes to the personal income tax (PIT) legislation came into force. Continuing our tradition, we have prepared an overview of the application of PIT, mandatory national social insurance contributions (MNSIC), and solidarity tax (ST) on salaries and wages in 2025.
E-invoicing is becoming an important tool for businesses around the world, boosting efficiency, reducing the likelihood of errors, and securing tax compliance. Yet companies that have chosen to outsource their accounting function are not sure about who is to take responsibility for implementing and managing e-invoices. This article examines key roles, responsibilities and principles of collaboration that will help companies implement an e-invoicing system successfully.
The integration of e-invoicing into your finance function can significantly improve its efficiency and accuracy. However, this digital development brings with it some new risks, particularly in the area of fraud. The growing role of technology in financial transactions causes organisations to strengthen their security systems and focus on modern fraud detection solutions. In this area, artificial intelligence (AI) has become a crucial tool that provides organisations with advanced methods for detecting, preventing and minimising fraud. In this article we explore how AI can detect fraud in e-invoicing systems and how organisations can benefit in practice.
As stakeholders increasingly expect organisations to demonstrate their commitment to sustainable and ethical operations, organisations are relying on innovative digital tools to make it easier for them to achieve their sustainability goals. Electronic invoicing (e-invoicing) is one of such tools. While e-invoicing may seem a merely technical function, it has a surprisingly important role to play in the sustainability space, helping organisations improve their sustainability and strengthen their governance.
Passed by the Latvian parliament on 31 October 2024 in their final reading, amendments to the Accounting Act require Latvian invoices to be issued as structured electronic invoices (‘e-invoices’). These changes will apply to all businesses when invoicing government agencies (B2G) from 1 January 2025. E-invoicing will become mandatory between businesses (B2B) from 1 January 2026.
Amendments to the Accounting Act will mandate the use of structured electronic invoices or e-invoices between businesses and government agencies (B2G) from 2025 and between businesses (B2B) from 2026. The amendments introduce structured e-invoices that will significantly change the accounting and payment processes in organisations. To ensure a seamless transition to e-invoicing and to avoid misunderstandings or conflicts, organisations will have to amend their business contracts. In this article we will look at key aspects and contractual amendments that are necessary to meet the new requirements and guarantee a smooth exchange of e-invoices.
Tax evasion is a global problem that seriously threatens the stability of national economies and breeds social inequality. According to the OECD, the tax gap amounts to hundreds of billions of dollars that governments fail to collect each year. This failure limits the affected country’s ability to finance key social and economic projects and increases inequality in society. To address this problem, more governments are adopting digital solutions, including e-invoicing, which helps them improve tax compliance and minimise tax evasion.
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