From Saturday, the 1st of March, excise duty rates for all types of alcoholic beverages in Latvia will increase, as reported by the State Revenue Service (VID).
Along with the change in rates, the merchants involved in the circulation of alcoholic beverages must carry out an inventory of the goods in stock, perform the calculation of the excise duty difference and pay the amount of the excise duty difference to the state budget.
On Saturday, the 1st of March, all operators involved in the circulation of alcoholic beverages must carry out an inventory of alcoholic beverages in stock, submit the calculation of the excise duty difference to the Electronic Declaration System (EDS) by the 17th of March, and pay the calculated amount of the excise duty difference to the state budget by the 14th of April.
According to estimates from VID, increase in the rate of excise duty on retail prices of alcoholic beverages for wine (0.75 litres) could be increased by EUR 0.11, including value added tax (VAT), for fermented drinks such as cider (up to 6%) (0.5 litres) the price could increase by EUR 0.04, including VAT, for vodka (0.7 litres, 40%) – by EUR 0.32, including VAT, but for beer (0.5 litres, 4.8%) the price could increase by EUR 0.02, including VAT.
As of the 1st of March, the excise duty on 100 litres of wine will be EUR 134 instead of the previous EUR 122, on fermented beverages (up to 6%) for 100 litres – EUR 77 instead of the previous EUR 70, on 100 litres of fermented beverages (above 6%) – EUR 134 instead of the previous EUR 122, on 100 litres of intermediate products up to 15% – EUR 159 instead of the previous EUR 122, on 100 litres of intermediate products from 15% to 22% – EUR 264 instead of the previous EUR 203, and for 100 litres of other alcoholic beverages – EUR 1 955 instead of the previous EUR 1 862.
In turn, the excise duty on beer will be EUR 9.8 instead of EUR 9 for each percentage point by volume, but not less than EUR 18.1 for 100 litres, but in small breweries will be EUR 4.9 instead of the previous EUR 4.5 for each percentage point by volume, but not less than EUR 18.1 for 100 litres.