The global trend towards digital solutions is becoming increasingly apparent in the financial and tax sectors. The introduction of e-invoicing, which was initially seen as a formal compliance requirement, is now becoming an important strategic step towards more efficient, transparent and sustainable business management. Like many other countries, Latvia has begun the gradual introduction of e-invoicing to strengthen fiscal discipline, reduce the shadow economy and modernise data exchange processes. These measures require companies to review their existing systems and introduce technological solutions that ensure compliance while adding real value to business processes.
In practice, there are cases where businesses located in different countries, having agreed to apply the laws of the Republic of Latvia (“RoL”) to a contract, are unaware or forget that not only the provisions of the Civil Law or the Commercial Law may apply, but also the United Nations Convention on Contracts for the International Sale of Goods (“Convention”), unless the contracting parties have excluded its application.
In this article, we look at the circumstances under which the Convention is applicable and how it can impact claims for damages.
What is Big Data? We usually talk about Big Data when traditional data processing methods can no longer cope with the volume, velocity, variety and reliability of the data. While there is no specific amount of data that can be labelled as Big Data, it is usually a data set that exceeds the capabilities of traditional databases and data processing tools. What should you do if you need to analyse such a huge data set and don't have immediate access to a fully-fledged Big Data platform? In this article, we will look at how you can use available tools to gain insight into this Big Data when no specialised solution is yet available.
Manual procurement documentation is time-consuming and prone to human error. Employees often use previous procurement documentation to create new documentation, which, if not thoroughly reviewed, can harbour risks. According to Gartner, 65% of procurement leaders are actively investing in artificial intelligence (AI) to improve productivity rates and reduce the risk of human error. AI is a useful tool for tasks such as analysing historical procurement data, preparing documentation and evaluating candidates.
In recent years, intersectionality has become a hot topic in various fields, from political science to the provision of social services. The concept is also increasingly mentioned in public procurement processes to emphasise the need for comprehensive solutions that foster a more inclusive and equitable society. Intersectionality is a new and innovative look at how different identities such as gender, age, nationality, ethnicity, physical and cognitive ability affect people’s experiences and opportunities. This approach helps us to understand that socio-economic challenges affect different population groups differently and how they impact people's personal and working lives, including the management of organisations.
Given the current challenges facing Europe—ranging from increasing geopolitical tensions and slowing economic growth to intensified global technology competition—the European Commission (EC) has concluded that the European Union (EU) requires a comprehensive business plan that integrates climate action, circularity, and competitiveness.
On 26 February 2025, the EC presented the Clean Industrial Deal (CID), a strategic plan designed to accelerate decarbonisation, re-industrialisation, and innovation while enhancing the competitiveness of EU industries. The CID aims to strike a balance between the EU's global competitiveness and its ambitious environmental goals outlined in the Green Deal.
In today’s rapidly evolving digital landscape, many companies are adopting e-invoicing to enhance their accounting processes and boost efficiency. However, for e-invoicing to be effective, accounting policies must be updated to clearly define the new procedures and requirements. This article explores the key considerations when updating accounting policies to integrate e-invoicing effectively.
The topic of annual tax returns becomes a hot one in the public eye between late February and mid-March in Latvia. Whereas the State Revenue Service (SRS) works to strengthen its IT systems by implementing queues to ensure a smooth operation of its Electronic Declaration System on the first day of tax return submissions. Some taxpayers dive into the “lottery” as early as the end of February, while others either do not bother or are not in a rush to file their returns. Is it true that the outcome of filing an annual tax return depends on a person's luck or astrological sign?
In the cases specified in the Commercial Law, a minority shareholder has the right to file a lawsuit in court against the founders, the board or council members, or an auditor in order to protect the company and its interests.
For more than a year, PwC has been supporting its customers implement artificial intelligence (AI) solutions that streamline day-to-day work with Microsoft's Copilot technology. We do not code anything in particular, but we help you find a solution that works well by using the customisation options available. Such technologies enable companies to increase their efficiency and adapt to the dynamic market environment.
Some time ago, we started to present the upcoming amendments to Directive 2023/2225 of the European Parliament and of the Council on credit agreements for consumers (hereinafter “the “Directive”) and the types of services it regulates. The purpose of the Directive is to promote responsible and prudent borrowing. Informative, open and fair advertising is an essential element in achieving this aim, but it is particularly important to ensure that consumers are fully informed before they enter into and sign an agreement.
Outsourced accounting has long been a strategic choice for companies looking to optimise their processes, cut costs and get professional financial support. As we enter 2025 and look to the future, the accounting industry is undergoing major changes driven by technological advances, changing customer demands and global trends. Let's take a look at the key directions that are shaping the future of outsourced accounting.
On taking a closer look at the findings of PwC’s corporate cyber resilience survey 2024 (Global Digital Trust Insights Survey) I realise that business leaders are greatly concerned about the potential costs of cyberattacks. These include a potential ransom payment in the event of a ransomware attack, system recovery, and potential compensations to customers for the company’s inability to supply its goods or services while it’s dealing with the consequences. Small companies may find such costs unaffordable.
At the end of 2024, PricewaterhouseCoopers (PwC) conducted a survey among Baltic CFOs to understand the key priorities, trends and challenges in the area of finance function management. CFOs from Latvian, Lithuanian and Estonian companies representing different types of organisations – private companies, listed companies, state and municipal capital companies - took part in the survey.
AI agents are a hot topic in the world of technology now. They represent a new breed of existing AI solutions that aim to automate processes and improve efficiency by providing each employee with a personal assistant. Over the past year, AI tools such as chatbots have become an integral part of everyday life. In a survey conducted by PwC in August 2024, 73% of respondents stated that they already use chatbots such as Microsoft's Copilot and ChatGPT daily or plan to use them. At the moment, however, the focus is increasingly on AI agents that combine a range of the skills of chatbots with broader automation and personalisation capabilities.
