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Flash News is the latest information on proposed and effective changes in tax and business legislation. We aim to save you time by monitoring the latest developments and bringing key points to your attention. If you wish to receive our free weekly Flash News summarising the latest Latvian tax and business developments by e-mail, please register at mindlink@lv.pwc.com.

Procedures for obtaining residence certificate to be amended (2/32/20) (0)

07.08.2020

Draft

On 9 July 2020, the meeting of state secretaries debated proposals for amending the Cabinet of Ministers’ Rule No. 178, Procedures for Applying Tax Relief under International Double Tax Treaties. The proposals aim to improve the process of tax administration and to ease the administrative burden by promoting the electronic exchange of information with the State Revenue Service (“SRS”). This article explores what we see as key changes. Read more..

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How to tell if my company is agent and not principal (1) (3/32/20) (0)

07.08.2020

Practice

Revenue recognition is one of the trickiest challenges, especially in a transaction involving two or more parties. When it comes to recognising revenue in such transactions, companies often have questions. Is the full invoice amount my revenue? Am I an agent? This article explores what legal provisions should be applied in order to answer these questions. Read more..

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Adjusting invoices for reverse charge supplies and recovering VAT after tax audit (2/31/20) (0)

31.07.2020

Practice

On 2 July 2020, the Court of Justice of the European Union (“CJEU”) ruled on case C-835/18 (SC Terracult SRL). The dispute was over the tax authority’s refusal to allow a taxable person to adjust invoices after the tax authority had completed a tax audit and assessed an additional tax liability, thus denying the taxable person’s right to a tax refund. The tax authority’s decision was final because the taxable person had accepted it. The taxable person sought to adjust invoices on the basis of new facts which were not known when the tax authority made the decision and which resulted in reverse-charge VAT being applied to the underlying transactions. Read more..

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Aspects of identifying status of politically exposed person (2) (3/31/20) (0)

31.07.2020

Practice

The topic continued from MindLink.lv news 24.07.2020. Based on EU and Latvian legislation, in 2019 the Financial Intelligence Unit drew up guidelines, describing methods for identifying politically exposed persons (“PEPs”). Read more..

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Aspects of identifying status of politically exposed person (1) (3/30/20) (0)

24.07.2020

Practice

Although the Anti Money Laundering and Counter Terrorism and Proliferation Financing (“AML/CTPF”) Act has been in force for more than ten years, some of the entities governed by the Act still find it difficult to identify the status of a “politically exposed person.” Read more..

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