Annual Report in Latvia 2027: Deadlines and Filing for 2026

For the 2026 financial year, a micro or small Latvian company must file its annual report (gada pārskats) with the State Revenue Service (VID) by 31 May 2027, and a medium-sized or large company by 31 July 2027. Those are the latest possible dates, not necessarily yours. The law also requires the report to be filed no later than one month after it is approved (Section 97(1) of the Annual Reports and Consolidated Annual Reports Law, Gada pārskatu un konsolidēto gada pārskatu likums, referred to below as the Annual Reports Law). If the shareholders of an SIA approve the report on 10 March, it has to reach VID by 10 April, and 31 May no longer matters for that company.

This guide is for foreign board members and owners of a Latvian SIA, whether they run the company from Latvia, manage it from another country or are moving here with a company of their own, and for anyone else new to Latvian reporting rules. The reporting rules apply to an SIA wherever its board members or owners live. What catches a foreign board member out is the practical side: signing in to the tax system, who has to sign, and what the law expects of you when an accountant you seldom meet does the work.

Annual report deadline for 2026 in Latvia, and why you may still see 30 April

The law in force sets two deadlines for filing, and the one that falls first applies:

• One month after approval. The annual report of an SIA is approved by the shareholders' meeting (Commercial Law, Komerclikums, Section 210(1)(5)), and the one-month filing period runs from the date of approval.
• An outer limit after the year end. For a micro or small company this is five months; for a medium-sized or large company, and for a group parent company that prepares a consolidated annual report, seven months. For the 2026 calendar year that means 31 May 2027 or 31 July 2027.
• A non-calendar financial year. If the articles of association set a financial year that does not match the calendar year, the five or seven months run from its end (Accounting Law, Grāmatvedības likums, Section 24(1)).

31 July 2027 falls on a Saturday. A company on the seven-month limit should plan to file by Friday 30 July rather than count on the deadline moving to the next working day.

If you searched for the deadline in English, you may well have found 30 April and "four months". That used to be the rule: Section 97(1) of the Annual Reports Law set an outer limit of four months after the year end for all companies except medium-sized and large companies and group parent companies preparing a consolidated annual report, which had seven months. An amendment in force since 22 March 2023 extended the limit for micro and small companies to five months, starting with annual reports for the 2022 financial year (paragraph 11 of the transitional provisions). Older guides may still give the previous date, so check when a guide was written. Filing by 30 April is not a mistake, as long as no more than a month has passed since approval. The risky assumption is the opposite one: counting on 31 May when the report was already approved in March.

What goes into an SIA's annual report for 2026

The annual report consists of financial statements and a management report (vadības ziņojums) (Annual Reports Law, Section 8(2)). How much it has to disclose depends on the company's size category. The category is set by three figures on the balance sheet date: the balance sheet total, net turnover and the average number of employees during the year. A company falls into a category if it does not exceed at least two of the three thresholds. The thresholds were raised from the 2024 financial year, so figures in older articles no longer apply (Section 5 and paragraph 13 of the transitional provisions).

The figures are assessed at each balance sheet date, but the right to the reliefs of a smaller category arises only after two financial years in a row within its thresholds, and is lost only after two years in a row above them (Section 5(6)).

The reliefs and exemptions in Sections 56, 57 and 58 do not apply to the three types of micro company listed in Section 60: certain investment companies, companies whose sole purpose is to acquire fully paid shares issued by such an investment company, and companies whose sole purpose is to hold stakes in other companies and profit from them without taking part in managing them. Source of the table: Sections 5, 9, 55(3)(3), 56, 57, 58 and 60 of the Annual Reports Law.

A sworn auditor is always required for a medium-sized or large company (Section 91(1)). A small company needs an audit if, for two years in a row, it exceeds two of three thresholds: a balance sheet total of €1,000,000, net turnover of €2,000,000 and 50 employees; a newly founded company is assessed on the balance sheet date of its first financial year. An audit is also required for a group parent company and in the other cases listed in Section 91(2).

If an audit is not compulsory but the small company exceeds two of the thresholds (balance sheet total €500,000, net turnover €1,000,000, 25 employees) for two years in a row, it needs a limited review by a sworn auditor, and it may choose a full audit instead (Section 92).

Where a sworn auditor has audited or reviewed the report, an electronic copy of the auditor's report or review report, drawn up on paper, is filed in EDS as well, and the auditor confirms in EDS that the electronic version of the annual report matches in content the report on which the auditor reported (Section 97(2)).

The report is prepared in Latvian and in euros, with figures rounded to whole euros (Section 4). It is signed by the board (valde) or a board member it has authorised. The financial statements are also signed by the accountant, in-house or outsourced, who has a written agreement with the company and prepared them, or, in a company with its own accounting department, by the person it has made responsible for the bookkeeping and the annual report, such as a chief accountant (Section 95).

The annual report for 2026, from the balance sheet date to publication

Filing through EDS as a foreign board member: sign-in, signatures, authorisation

The annual report goes to one place only: VID's Electronic Declaration System (EDS, Elektroniskā deklarēšanas sistēma). You do not file it with the Register of Enterprises (Uzņēmumu reģistrs, UR). VID passes it to the Register within five working days, and the Register publishes it on its website (Section 98).

Signing in. Since 1 January 2026, EDS accepts only secure means of electronic identification, such as the qualified version of Smart-ID, an eID card, eParaksts or eParaksts mobile, or authentication through certain online banks. A username and password issued by VID may still be used only by foreigners who have no legal connection with Latvia and cannot obtain a foreigner's eID card (VID information, updated 4 February 2026). Both conditions have to be met. If you have none of these means, arrange one well before the filing season rather than in the week the report is due.

Giving your accountant access. A company official can register the accountant as a user of the company's EDS profile, in the section "Lietotāji un to tiesības" (users and their rights), or authorise them to prepare or submit documents. VID lists three ways to submit the authorisation:

• the company official submits it through the company's EDS profile, in "Sarakste ar VID" (correspondence with VID) or under Documents, and it then counts as electronically signed;
• an authorisation that the company official has signed with a secure electronic signature can be submitted by another EDS user through the company's profile, or sent to VID by email;
• if neither works, it can be handed in at any VID client service centre, or at a state and local government one-stop client service centre anywhere in Latvia.

The authorisation does not need to be notarised; allow four to ten working days for VID to add it to EDS (VID information). EDS access and the legal duty to sign the report are separate matters: an authorisation to submit documents lets the accountant file them, but it does not change who has to sign the annual report (Section 95). In "Lietotāji un to tiesības", also check what rights a previous accountant still holds.

What stays with you. An accountant can prepare and submit the report, but the law does not shift the responsibility to them. The company's management is responsible for preparing the annual report, for having it audited or reviewed where the law so requires, and for filing it in accordance with Section 97 (Section 100(1)). The head of the company, which in an SIA means the board, is responsible for the bookkeeping itself (Accounting Law, Sections 1(10)(b) and 33(1)(1)).

What changes at the 2026 year-end: stocktaking by video or photos

Cabinet Regulation No. 608 of 6 October 2026 amended the bookkeeping rules, Cabinet Regulation No. 877 (Grāmatvedības kārtošanas noteikumi). The amendments took effect on 13 October 2026, so they already apply to the year-end stocktaking (inventarizācija) for 2026, in which a company checks its assets and its balances with others. Four of them matter in practice, the first two especially for a company managed from abroad:

• assets can be checked by inspecting them, including by video inspection or from submitted photographs, following the procedure set by the head of the company and checking quantity and condition, unless other regulations provide otherwise (paragraph 67);
• amounts owed to and by customers and suppliers can be reconciled through self-service portals or other electronic channels agreed between the parties, and if the other party has not reported any discrepancy by the end of the stocktaking period, the figures are treated as reconciled (paragraphs 68.1 and 68.2);
• if the company has an internal control system that keeps assets safe and prevents shortages and other losses, non-current assets (ilgtermiņa ieguldījumi) and equipment (inventārs) are inspected at the year-end stocktaking at least once every three years, and land once every five years, unless other regulations set a different interval; where an inspection is not possible or not practical, their quantity and condition are checked remotely (paragraph 70.¹);
• a head of the company who may keep the books personally may also carry out the stocktaking personally (paragraph 76).

The amendments change how assets and balances are checked; they do not abolish the year-end stocktaking. If it takes place, or its results come in, after 31 December, the results are booked so that the entry ends up in the 2026 financial statements (paragraph 97).

If the annual report is late or the books are behind

For failing to file the annual report with VID on time, the penalty is a warning or a fine of up to 400 fine units (Accounting Law, Section 42). One unit is €5, so the fine can reach €2,000 (Law on Administrative Liability, Administratīvās atbildības likums, Section 16(2)). The company's management is responsible for filing, even when the report is prepared by an outsourced accountant (Annual Reports Law, Section 100).

Paying the fine does not replace the report. If the company still has not filed within a month after the penalty (a warning or a fine) is imposed, and at least six months have passed since the offence, VID may decide to terminate the company's activity. The decision takes effect within one month of being notified to the company, unless it is contested or appealed (Commercial Law, Section 314.¹(2)(1) and (3)). Under Section 317 of the same law, termination of a company's activity leads to its liquidation unless the law provides otherwise.

If your residence permit rests on the company. The Immigration Law (Imigrācijas likums) does not mention the annual report at all. The connection runs through the company. Section 27(1)(9) of that law entitles a board member registered in the commercial register to apply for a temporary residence permit of up to two years, subject to conditions on the company, including its tax payments and, for an SIA, its paid-up share capital. If VID terminates the company's activity under the Commercial Law, a permit issued on that ground may lose its legal basis. This is a sequence of two separate provisions, not a rule that a late report by itself affects a residence permit.

One "quick fix" we turn down straight away: filing a report full of zeros just to have something filed, when the company did have transactions during the year. The same Section 42 provides for a warning or a fine of up to 400 fine units for filing an annual report that does not comply with the law, so it is no way out.

If the report is overdue or the books have fallen behind, work through it in this order:

1. Establish which years have no report filed, and whether accounting registers, source documents and bank statements exist for those years.
2. Rebuild the books starting with the oldest year. The opening balances of each year must match the closing balances of the year before, unless material errors of previous years have been corrected or the accounting policy has changed (Annual Reports Law, Section 14(1)(6) and Section 12(2)). So do not finish the latest report until the closing balances of the earlier year have been checked.
3. Prepare, sign, approve at a shareholders' meeting and file each report in EDS separately: the one-month filing period runs from each report's own approval date.
4. If VID has already sent a decision, it states where and by when it can be challenged. Count that deadline from the decision, not from when the report is finished.

Assess an overdue annual report

Changing accountant without derailing the year-end

Responsibility for the bookkeeping stays with the head of the company, whoever keeps the books (Accounting Law, Section 33(1)(1)). So when you change accountant, the board has four things to see to.

• Agreement and licence. The new accountant works under a written agreement that sets out their duties, rights and responsibility (Section 34(1)). An outsourced accountant needs a valid outsourced accountant's licence (Section 38(1)), and you can check it in the public register of outsourced accountants kept by VID (Section 39(1)). We have explained how to check an outsourced accountant's licence step by step.
• Documents. The accounting documents belong to the company: it keeps them in its archive in the way the head of the company decides, and others may use them only with the head's permission (Section 27(2) and (4)). Ask for the accounting registers, the documents on how the accounting is organised, stocktaking lists, source documents and earlier annual reports. The law sets minimum retention periods: ten years for registers, stocktaking lists and organisation documents; annual reports until the company is reorganised or wound up; other source documents for at least five years (Section 28).
• EDS rights. Register the new accountant as a user of the company's EDS profile or authorise them, as described above, and in the same EDS section review the rights of the previous one. The four to ten working days VID needs for an authorisation belong in your timetable.
• Who signs the 2026 financial statements. They are signed by the accountant who prepared them (Annual Reports Law, Section 95(5)). If a new accountant prepares the 2026 statements after 31 December, the new accountant signs them, even though someone else kept that year's books; before signing, they will want to check the opening balances and the year's entries. If the change comes while the report is being prepared, agree in writing who finishes the 2026 statements: either the outgoing accountant completes and signs them and the new one starts from 1 January 2027, or the new one takes them over and is given time for those checks. Our advice is to change accountant before the year-end rather than in the last weeks before the deadline.

An annual report can only be as good as the year's bookkeeping behind it. If you are looking for an accountant who looks after the company all year, not only at report time, our accounting services start from €100 a month incl. VAT, and we agree what that covers for your company after a first conversation. We work in English, Latvian and Russian. If you only need the report for 2026, see our page on annual report preparation. We compared market prices in a separate article on what an accountant costs in Latvia.

Switch to us before the year-end

Questions owners ask before filing the annual report

Does an SIA have to file an annual report for 2026 if it did no business?

Yes. A company must prepare an annual report for every financial year and file it with VID, and the law makes no exception for a company without activity (Annual Reports Law, Sections 8(1) and 97(1)). An SIA can suspend its activity by its own decision only if, among other conditions, it has no tax debts and no employees and has filed the annual report for the last financial year (Commercial Law, Section 333.³(1)).

Can the annual report be prepared in English?

No. The annual report is prepared in Latvian, with the euro as the unit of measure and figures rounded to whole euros (Annual Reports Law, Section 4(1) and (2)). The version filed with VID and published by the Register of Enterprises is the Latvian one.

Can our accountant file the report without a board member signing in to EDS?

Yes, once the company has registered them as a user of its EDS profile or authorised them to submit documents; VID asks outsourced accountants to check that their clients have done so. A company official has to grant that access, either through EDS, or by signing an authorisation with a secure electronic signature for another user to submit, or in person at a client service centre. The report is still signed by the board or an authorised board member (Annual Reports Law, Section 95(1)(3)).

When is the first annual report of a newly registered SIA due?

The first financial year of a new company may be shorter or longer than 12 months, but no longer than 18 months (Accounting Law, Section 24(3)). The five- or seven-month outer limit runs from the end of that first financial year, so check when your company's first financial year ends; the report is also due within one month of its approval. In its first annual report, a new company may give the minimum information required for the size category whose thresholds it does not exceed on that year's balance sheet date (Annual Reports Law, Section 5(7)).

Is there a fee for filing the annual report?

No. The report is filed in VID's Electronic Declaration System, which VID describes as free, and the Annual Reports Law provides for no filing fee.

Will other people see our annual report?

Yes. Once VID has passed it on, the Register of Enterprises publishes it on its website (Annual Reports Law, Section 98), so anyone can look up your balance sheet and profit, including your customers, suppliers and bank.