Changes in the procedure for the opening and use of accounts

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.

Changes in the procedure for the opening and use of accounts
Photo by Global Look Press

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 ekase@kase.gov.lv

Support us

Related posts

The Netherlands has approved euthanasia for children under 12
EuropeWorld
The Netherlands has approved euthanasia for children under 12

NETHERLANDS – LEGISLATION The Dutch government has announced an extension of existing euthanasia laws for terminally ill children aged one …

Latvia reintroduces compulsory military conscription
Latvia
Latvia reintroduces compulsory military conscription

LATVIA – LEGISLATION On Wednesday, April 5, the Latvian Saeima adopted the law on compulsory military service in its third …

Latvia plans to ban the sale of tobacco products to under 20s
Latvia
Latvia plans to ban the sale of tobacco products to under 20s

LATVIA – LEGISLATION On Thursday, March 23, the Latvian Saeima approved in second reading amendments to the Law on Circulation …

Lithuania has come up with an idea to tax the excess profits of banks and use the money for defence
FinanceLithuania
Lithuania has come up with an idea to tax the excess profits of banks and use the money for defence

LITHUANIA – LEGISLATIONĀ  Lithuania’s Finance Ministry on Thursday proposed a temporary tax on bank profits to raise about 510 million …

Scroll to Top