In a recent survey conducted by PwC, 52% of CEOs cite labour and skills shortages as a critical factor affecting performance in their company. Companies are objectively facing shortages of suitable workers and required skills, and rapid technology evolution is likely to aggravate this. The situation is being worsened by the diminished engagement and loyalty of workers and by their readiness to change jobs if they fail to receive values they deem critical, such as meaningful work and professional development opportunities. This means your priorities should include developing your current workers as well as attracting new talent.

Family businesses play a significant role in the global economy. This is a form of company in which a family holds the majority of shares. The Covid-19 pandemic as well as geopolitical and other circumstances have posed many challenges, so in this series of articles we will be looking at various factors that family companies considering changes to their business need to evaluate. The first article explores the location (jurisdiction) aspect. This question is particularly relevant to a family business in which one of its decision makers is likely to move to live in another country or to expand their business abroad.

Many people see the high cost of living as a challenge that forces the public and the government to take steps in order to obtain protection from today’s unpredictable economic conditions. While every worker deserves to receive a wage that allows them to satisfy their needs and live a decent life, the UN recognises that more than a third of workers globally earn less than they need to secure such a standard of living. The problem remains unsolved in 2023, so this article summarises the various challenges that companies need to overcome if they are to implement what is known as a living wage.

The administrative courts occasionally hear disputes between the State Revenue Service (SRS) and associations either over their obligation to pay tax because it turns out that the overt or covert purpose of forming an association was to make profits or capital gains for its members, or over breaches allowing the SRS to delist the association as a public-benefit organisation. In either case the bone of contention is a business the association conducts in addition to its core activity, which the SRS assesses differently and perceives as an irregularity.

Moving towards a more environmentally friendly and energy-independent urban development in Riga, in October 2022 the Riga City Council passed amendments to Binding Rule No. 109, Procedures for granting real estate tax relief in Riga, which set up a new category of real estate tax (RET) relief – a 50% relief for energy-efficient buildings to be delivered for occupancy after 2023.

Accountants working for Latvian service providers tend to feel confused when they find out that their foreign business partner has a VAT registration number not only in his country of establishment but also in Latvia. What does a foreign trader get a Latvian VAT number for? And how does that affect service providers in Latvia? Read on to find out more.