Today the amendments to the Annual Report and Consolidated Annual Report Law have been announced, which will facilitate the daily work of accountants who experience a tight work schedule at the beginning of the year

To amend the Annual Report and Consolidated Annual Report Law (Latvijas Vēstnesis, 2015, 222. nr.; 2017, 253. nr.; 2021, 224. nr.) as follows:

1. To express the first part of Section 97 in the following wording:

"(1) The company shall submit the approved annual report and consolidated annual report (if any) to the State Revenue Service in paper form or electronically, along with an electronic version of the prepared annual report (financial report and management report) and the consolidated annual report (if available) - an electronic copy or electronic replica (if specified in the regulations regarding the submission of electronic copies of the financial reports prepared by companies or consolidated financial reports to the State Revenue Service's Electronic Declaration System) - in the Electronic Declaration System along with an explanation (in electronic form) of when the annual report and consolidated annual report (if any) was approved, adhering to the following deadlines:

1) micro-enterprise - no later than five months after the end of the reporting year;

2) small enterprise - no later than five months after the end of the reporting year;

3) medium enterprise, large enterprise, and the parent company of the group that prepares the consolidated annual report - no later than seven months after the end of the reporting year."

2. To add Point 11 to the transitional provisions in the following wording:

"11. The amendments to the first part of Section 97 of this law regarding the submission deadline for the annual reports of micro-enterprises and small enterprises apply to annual reports for the reporting year starting in 2022. "

The law enters into force simultaneously with the law "On the State Budget for 2023 and the budget framework for 2023, 2024, and 2025. "

The law was adopted in the Saeima on March 8, 2023.

Wishing you a successful Annual Report season!