Medium, large and group parent companies to file accounts soon (1/28/19) (0)

11.07.2019

Practice

The Company and Consolidated Accounts Act requires that medium, large and group parent companies preparing consolidated accounts should post an electronic copy of their company and consolidated accounts on the Electronic Declaration System (EDS) of the State Revenue Service (SRS) within seven months after the end of the financial year, along with a statement of when those accounts were approved. Read more..

Fellow subsidiaries as related parties in transfer pricing (2/28/19) (0)

11.07.2019

Practice

Some of the substantial changes made to Latvia’s transfer pricing (TP) rules effective from 1 January 2018 prescribe how corporate income tax (CIT) payers should identify related parties before reporting and analysing their mutual transactions in their TP documentation. This article explores whether fellow subsidiaries are treated as related parties and offers a practical example of identifying this status. Read more..

Anti Money Laundering and Counter Terrorism Financing Act amended (3/28/19) (0)

11.07.2019

Passed

29 June 2019 is the effective date of amendments to the Anti Money Laundering and Counter Terrorism Financing Act supported by Parliament in their third reading on 13 May. The Act has been renamed the Anti Money Laundering and Counter Terrorism and Proliferation Financing Act. Read more..

Cash pool: from A to Z in a series of articles (1) (2/27/19) (0)

05.07.2019

Practice

Latvia’s corporate income tax (CIT) reform has triggered discussions about the concept of cash pooling, which is still one of the top three uncertain areas in terms of CIT treatment. To understand why there is so much buzz about this, we offer a series of articles exploring the tax and legal implications of cash pooling, and relevant transfer pricing issues. Read more..

VAT exemption on culture events (3/27/19) (0)

05.07.2019

Practice

Taxpayers are unsure how various culture services qualify for a VAT exemption available under section 52(1)(17) of the VAT Act. This article explores the Finance Ministry’s comments and the situation in the European Union. Read more..