CJEU decides against independent group of persons in DNB Bank case (1/42/17)

20.10.2017
Open article
We continue informing our MindLink subscribers about DNB Bank case C-326/15 regarding an independent group of persons (IGOP), heard by the Court of Justice of the European Union (CJEU). On 21 September 2017 the CJEU made a decision that ended the existence of IGOP in the banking and insurance sector by stating that the IGOP rule is no longer applicable in those industries. This article explores the rationale behind the decision, as well as the CJEU’s considerations and recommendations to the tax authorities of member states that had permitted the formation of IGOP contrary to this decision. Read more..
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Which business risk should be monitored first? (2/42/17)

20.10.2017
Open article
Recent regulatory trends suggest a paradigm shift in society, with regulators encouraging a changeover to far more responsible business practices in the public interest. A certificate of compliance builds trust in the eyes of customers, shareholders, and the government.
 
The CEO of any company would do well to consider ways of managing and mitigating their key risks as well as growing their business. Yet not all Latvian CEOs perceive risk management and compliance as an ongoing process. PwC’s latest CEO survey reveals that Latvian CEOs rank the compliance burden high among their top business issues. This article explores whether a company is well informed about requirements that are relevant to its business and whether it has the right procedures in place to help it stay compliant. Read more..
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New CIT Act: general provisions in financial accounting (3/42/17) (0)

20.10.2017

Practice

We have already informed our MindLink subscribers about the corporate income tax (CIT) treatment of provisions as part of the CIT reform. This article explores the CIT treatment of general provisions under the new CIT Act. Read more..

Fruits, berries and vegetables to attract 5% VAT from 2018 (1/41/17) (0)

12.10.2017

Draft

We have informed MindLink.lv subscribers about the government’s decision to differentiate VAT rates on supplies of fruits, berries and vegetables that are characteristic of Latvia. This means introducing a reduced rate of 5% on those supplies from 1 January 2018 to minimise the shadow economy in the agriculture and distribution of foodstuffs. Read more..

SRS starts transfer pricing risk analysis under Advise First! principle (2/41/17) (0)

12.10.2017

Practice

As we know, the State Revenue Service (SRS) is responsible, among other things, for monitoring the correctness of computing and paying taxes, duties and other statutory charges. This article explores Voluntary Transfer Pricing Risk Analysis, a taxpayer consultation process the SRS has launched this year following the Advise First! principle. It is important to note that beginning the implementation of this principle is listed as an operational priority for 2017 in the SRS’ public report for 2016. Implementing this principle is also envisaged in the SRS’ operational and development strategy for 2017–2019. Read more..

VAT treatment of vouchers (3) (3/41/17) (0)

12.10.2017

Practice

This article explores the VAT treatment where a person that has bought a voucher does not use the underlying service. Read more..

Social insurance contributions in Latvia for employees working outside Latvia (3/40/17) (0)

06.10.2017

Practice

In this article we discuss the arrangements for paying Latvian mandatory national social insurance (NSI) contributions where an A1 certificate is taken out retrospectively and contributions will be paid by a foreign employer. Read more..

 

 
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