Cabinet Regulation No. 322

Receipts and expenses are recorded chronologically on a cash basis in the journal set out in Annex 1 of Cabinet Regulation No. 322 of 31 May 2022. Single-entry bookkeeping is allowed while the previous year's turnover stays under €300,000. A new journal is opened for each reporting year and it may be kept electronically.

Sources

• LV portāls · Regulation No. 322
• SRS · filling the journal (PDF)

Checked 18.09.2026 An informative summary of the 2026 rules with links to the sources. It does not replace the State Revenue Service's guidance or an accountant — re-check the rates at the start of each year.

Other topics

• Social contributions: 31.07% on the base, 10% on the excess
• Quarterly report: Report by the 17th, pay by the 23rd
• Annual declaration: 1 March – 1 June, tax by 23 June
• Allowances: €550 a month tax-free
• VAT: Register on passing €50,000
• Expenses: Only with a supporting document
• Fixed assets: Over €1,000 — depreciation, not an expense
• Quiet quarters: No income, no report
• Ceiling: Contribution base capped at €105,300
• Sole trader (IK): An IK pays tax like any self-employed person
• Micro-enterprise tax: MUN — 25% of turnover, expenses not deducted