LATVIA – STATE CONTROL (03/11/2022)
According to the National Audit Office, on 3 November 2022, amendments to the Budget and Financial Management Act have entered into force with several significant changes:
1. The mandatory condition of opening an account with the State Treasury for budgetary institutions (associations, foundations, religious organisations, joint stock companies and other legal entities in private law, municipalities, derivative public entities partly financed from the state budget and their own institutions) to receive state budget funds and to make expenditure has been removed, replacing it with an optional option and providing for other conditions in other regulations.
2. The amendments stipulate that the remuneration of a public budgetary institution and the institution’s travel costs shall be paid in non-cash to an account in a Member State of the European Union or in a country of the European Economic Area (for exceptions to the rule – see the law for details).
3. Capital companies in which the state or local government has invested part of capital and derivative public entities that are partially financed from the state budget (institutions, agencies) can no longer open accounts and keep their own funds in the State Treasury that have not been received from the State budget. Opened accounts used for this purpose must be closed by 30 June 2023.
Consultations can be obtained by calling the State Treasury’s customer service line at 67094368 or by sending an email to email@example.com
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