Annual Report Deadlines in Latvia for Foreign-Owned Companies

Your Latvian company's financial year ended on 31 December. When is the annual report due: 31 May or 31 July?

The answer depends on the size and status of your Latvian company.

For foreign-owned businesses, annual reporting in Latvia can sometimes cause confusion. The parent company may follow a different reporting calendar, use different company-size classifications or have its own group audit deadlines.

However, a Latvian-registered company must comply with Latvian annual reporting requirements, regardless of where its shareholders or parent company are located.

1. The deadline: 5 months or 7 months?

Under Latvian law, the annual report filing deadline depends on the size and status of the company.

Micro and small companies must submit their annual report no later than five months after the end of the financial year.

Medium and large companies, as well as parent companies preparing consolidated annual accounts, have seven months after the end of the financial year to submit their annual report.

This means that if your company's financial year follows the calendar year and ends on 31 December, the annual report is generally due by:

31 May for micro and small companies, and
31 July for medium and large companies, as well as parent companies preparing consolidated annual accounts.

There is another important timing requirement: the annual report must generally be submitted within one month after its approval, while still respecting the applicable five or seven month final deadline.

For foreign-owned companies, this means that the reporting timeline should not be based solely on the parent company's internal reporting calendar. The Latvian entity's own classification and local filing requirements must also be considered.

2. How do you know which category your company belongs to?

This is where foreign-owned businesses should be particularly careful.

Your Latvian subsidiary's category is determined under Latvian legislation, not simply according to how the parent company classifies entities within the group.

The classification considers three main indicators:

• balance sheet total;
• net turnover;
• average number of employees.

The company's category can affect not only its filing deadline, but also the scope of reporting requirements and whether an audit or limited review is required.

Therefore, company size should be checked rather than assumed based on the previous year's reporting process.

3. Filing is only the final step

One of the most common mistakes is treating 31 May or 31 July as the date when the annual reporting process needs attention.

In reality, several things may need to happen beforehand.

For a foreign-owned Latvian company, this can include:

Year-end closing → intercompany reconciliations → annual report preparation → audit or review, if required → signatures → shareholder approval → filing with the Latvian State Revenue Service (SRS/VID).

Latvian law requires the annual report to be approved in accordance with the rules applicable to the relevant legal entity. The filing then includes information on when the annual report was approved. LIKUMI.LV

For a foreign-owned company, this means the parent company or foreign shareholder may need to act well before the Latvian filing deadline.

4. Does your Latvian company need an audit?

This should ideally be determined early in the reporting process, not shortly before the filing deadline.

Latvian legislation sets specific requirements for when an annual report must be audited by a sworn auditor or subject to a limited review. These requirements depend on factors such as company size and whether specified financial thresholds are exceeded.

Foreign ownership itself does not determine whether a Latvian company requires an audit.

This can be particularly important for growing subsidiaries. A company that did not require an audit or review previously may cross the relevant thresholds as turnover, assets or employee numbers increase.

Do not wait until May to find out whether your Latvian company needs an auditor.

5. What should foreign-owned companies prepare in advance?

For many foreign-owned companies, delays are not caused by preparation of the Latvian annual report itself.

They arise because information needs to be collected from several countries or companies within the group.

Before year-end reporting begins, it is worth checking whether your Latvian accountant has everything needed, including:

• intercompany balance confirmations;
• details of group loans and interest;
• information on transactions with related parties;
• supporting documents for significant year-end transactions;
• information required from the parent company;
• management decisions affecting the accounts;
• audit information, where applicable.

The earlier these issues are identified, the easier it is to avoid last-minute requests between the Latvian company, its accountant and the group's headquarters.

6. Where is the annual report filed?

Latvian companies submit their annual reports to the Latvian State Revenue Service (VID), generally through its Electronic Declaration System (EDS). Vid.gov.lv

The SRS subsequently transfers the relevant documents electronically to the Register of Enterprises, which makes them publicly available. LIKUMI.LV

This is another point that can differ from the process foreign shareholders are familiar with in their home jurisdiction.

Don't treat the deadline as the starting date

For most foreign-owned Latvian companies, the important question is not simply:

“When is our annual report due?”

It is:

“When do we need to start preparing so everything is ready for approval and filing on time?”

If your financial year ends on 31 December, the process should begin well before the 31 May or 31 July deadline.

A smooth annual reporting process depends on timely bookkeeping, reconciled balances, communication between the Latvian company and its foreign shareholders, and early identification of audit or reporting requirements.

How Oceans can help

Oceans supports foreign-owned companies in Latvia with year-end accounting, annual report preparation and ongoing accounting compliance.

We can help coordinate the reporting process, identify missing information in advance and ensure that the Latvian annual report is prepared and submitted within the applicable deadline.

Have a Latvian company in your international group? Contact Oceans to make sure your annual reporting process is on track before the deadline approaches.

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Last updated October 1, 2026