The media have been actively using the term ‘cyber warfare’. At this year’s ‘Lampa’ Conversation Festival, I took part in ‘Are we ready for cyber warfare?’, a discussion held by the Ministry of Defence. At the moment we are unable to draw a clear line between the kind of cyber warfare that calls for a military response and the sort of cyber warfare that qualifies as an attack under the Criminal Code. Yet cyber warfare is definitely going on in Latvia and companies should be monitoring their cyber security carefully.
Sustainability has become a salient feature in today’s business landscape, with companies having to adapt to the growing pressure for operating responsibly and transparently. The European Union (EU) has taken significant steps to improve corporate sustainability reporting standards by implementing the Corporate Sustainability Reporting Directive (CSRD). It lays down a wider range of reporting requirements and offers more detailed guidelines helping companies make accurate and complete disclosures on their ESG impacts, as well as outlining criteria for companies liable to report on their sustainability practices.
In this article, we will explore how the courts ruled on a tax audit where the State Revenue Service (SRS) claimed the company under audit had wrongly deducted input VAT and misapplied a ratio. Although the SRS did not approve the company’s adjustments to its VAT returns and did not refund the VAT it had overpaid, the courts found the penalty and interest charged by the SRS to be justified. This case highlights important lessons for companies to avoid similar problems in the future.
What are the most common errors in corporate income tax (CIT) treatment? And what controls can be used to avoid them? Episode 43 of PwC’s Tax Podcast features PwC tax director Irena Arbidane and senior consultant Tatjana Klimovica discussing the impact of common CIT errors on companies and exploring tax risks associated with management and consulting services.
As technologies keep evolving, we often hear about new tools of artificial intelligence, business intelligence, data processing, analysis or visualisation and the opportunities they offer. These technology solutions can help companies make fast and efficient decisions and manage their processes transparently. Transfer pricing (TP) has been evolving in this respect as well. The opportunities offered by various technology tools can help companies standardise, automate and rationalise their processes associated with TP management and compliance, an area known as operational transfer pricing (OTP). This article explores what the new concept means and what opportunities it offers.
Regulation 2024/1624 of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the ‘AML Regulation’) was passed on 31 May 2024. Money laundering issues have been regulated at EU level for a long time, but this was so far done in the form of a directive laying down only minimum standards and giving the member states wide discretion to choose ways of implementing them.
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