Flash News

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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.

Adjusting corporate income tax returns (2/7/19) (0)

15.02.2019

Practice

Corporate income tax (CIT) returns for 2018 have been filed with the State Revenue Service (SRS) as required by the CIT Act. In practice, however, a company may need to adjust a tax return it has already filed or to file an outstanding one. This article explores some of the rules to consider in adjusting a CIT return. Read more..

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VAT number in customer identification (3/7/19) (0)

15.02.2019

Practice

The VAT Committee of the European Commission regularly publishes its opinion on questions submitted by member states. While that opinion is merely advisory in nature because the Committee has no mandate to issue any interpretation of EU law, it is worth listening to. This article explores the VAT Committee’s guidelines on customer status identification and the importance attached to having a VAT registration number, in particular for determining the place of supply. Read more..

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Issues covered by voluntary transfer pricing risk reviews (1) (1/6/19) (0)

08.02.2019

Practice

The State Revenue Service (SRS) has been implementing Voluntary Transfer Pricing Risk Review, a new control process they call a consulting audit. This process follows from a memorandum on the Advise First! principle signed by the business community and regulators on 15 June 2017 that provides for a customer-focused government. Read more..

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How no-deal Brexit will affect personal taxation in Latvia (2/6/19) (0)

08.02.2019

Practice

Concern is growing about the UK and the EU being unable to agree on a period of transition to continue doing business under the current legal framework as part of Brexit conditions. This article explores some of the tax implications of a no-deal Brexit for Latvian tax residents posted to or employed in the UK after 29 March 2019. Read more..

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