LATVIA – LEGISLATION
The Latvian Saeima Budget and Finance Commission today approved amendments to the Road Traffic Law, which introduce a temporary ban for individuals to sell vehicles purchased abroad.
It is planned that the sale ban will last for 30 days and will apply to vehicles (M1, including M1G, and N1, including N1G) less than five years old.
It is assumed that persons who have purchased a vehicle in a Member State of the European Union, when registering it in Latvia, will be required to include information on the country of purchase, date, method of payment, transaction amount and the seller in the registration application.
The application will also need to be accompanied by a document confirming the change of ownership and the fact of payment.
The information provided will be forwarded by the Road Traffic Safety Directorate to the State Revenue Service for further evaluation.
The amendments to the law have been proposed due to the fact that, according to the State Revenue Service, legal entities often attract individuals to buy vehicles, thus evading taxes in vehicle sales transactions and causing losses to the state budget, the abstract of the amendments says.
There is also a risk that when a vehicle is registered, purchase documents are submitted that do not correspond to the actual circumstances.
The Saeima plans to adopt the amendments to the Road Traffic Act in their final reading on 8 March.
Source: Latvian Saeima press service
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