Accounting

18.06.2020

New coronavirus law (1/25/20)
Accounting Tax VAT
On 5 June 2020, Parliament adopted the Handling of Covid-19 Consequences Act in its final reading. The new law aims to lay down a legal basis for support measures after the end of the emergency situation caused by the coronavirus pandemic.
22.05.2020

Capitalisation of costs associated with entering into contracts and complex aspects of revenue recognition: putting theory into practice (2/21/20)
Accounting Tax
International Financial Reporting Standard (IFRS) 15 Revenue from Contracts with Customers effective from 1 January 2018 adds to and combines the revenue recognition principles that were covered by several international standards earlier. Entities have run into a number of problems when applying IFRS 15. This article explores some of the issues addressed for more than a year by the International Financial Reporting Interpretations Committee (“IFRIC”), who explains to executives and accountants how IFRS should be applied in certain cases.
08.05.2020

SOLVIT: assistant in solving problems under EU law (2/19/20)
Accounting Tax
SOLVIT can assist where public authorities of other member states lay down requirements that are not consistent with EU law. This network mainly functions online and its services are free of charge, an important factor considering the global emergency caused by COVID-19.
30.04.2020

Labour mobility during COVID-19 crisis (3/18/20)
Accounting Tax Employees PIT
Nowadays, performing your job responsibilities outside your home country is a generally accepted practice. Workers are often posted to work for other group companies abroad. Also, people searching for better jobs go to work abroad for shorter or longer periods. Such relocation of labour should always be assessed from a tax law perspective because staying in another country may affect the person’s tax residence. This article explores some tax issues that may arise because of the COVID-19 lockdown.
17.04.2020

Remote signing of documents (1/16/20)
Accounting Legal Business Tax
Self-isolation and quarantine as well as closed borders have made life complicated for so many of us. One of the questions is how to ensure legitimacy for documents signed remotely. For example, it might be difficult to forward documents by post between countries and to obtain a notary attestation and an apostille on documents. This article explores some of the available options for electronic signing of documents remotely in Latvia and elsewhere.
27.03.2020

Practical automation of accountancy (3/13/20)
Accounting Tax

Today’s accountancy is moving towards a robotised future, as we are automating data exchange, data processing, and drafting of documents. It may seem that undertaking such automation requires some complex and expensive automation software, such as UiPath or BluePrism. That is not the case, though, as manual tasks can be automated with available tools without incurring any extra cost, but using those solutions requires at least a basic set of programming skills.
17.03.2020

Doing business amid COVID-19 outbreak 1/12/20
Accounting Free access Business Covid-19

Governments and health supervisory agencies around the world have launched an all-out fight against COVID-19, but more needs to be done. Several countries have quarantined millions of people, and if the situation deteriorates, more countries might follow suit. COVID-19 has become a serious risk for the Latvian economy as well as globally.
04.02.2020

Using digital platforms in accounting 1//6/20
Accounting Free access Tax Technology

 

Technology plays a huge role in many industries and particularly affects bookkeeping and financial accounting. Specialist digital skills and experience of working with state-of-the-art technological solutions as well as the skill of creating and developing digital tools are key to successful financial accounting and management in your company.
31.01.2020

Adjusting corporate tax return for last reporting month (1/5/20)
Accounting Tax CIT
Last week saw most of the companies whose financial year runs from January to December in a hurry to prepare and file their tax return for the last reporting month. The final return must include some tax-base elements that could be ignored when preparing monthly returns. This article will help you figure out whether any adjustment needs to be made to your tax return being submitted with your annual report.
24.01.2020

Communication with tax authority only electronically as from 2021 (3/4/20)
Accounting Business Tax
On 9 January 2020, Parliament debated proposals for amending the Taxes and Duties Act in their first reading. The proposals include important changes relating to how applications and tax returns should be filed with the State Revenue Service (SRS).
10.01.2020

Amendments to Rule 969 on business trip expenses (2/2/20)
Accounting Tax Employees
We have informed our MindLink.lv subscribers about proposals for amending the Cabinet of Ministers’ Rule No. 969, How to reimburse expenses associated with business trips. The amendments came into force on 19 November 2019. In this article we have put together what we see as key changes.
13.12.2019

Implementation of official e-address postponed (3/50/19)
Accounting Tax
On 28 November, Parliament supported proposals for amending the Official Electronic Address Act (OEAA) in their first reading. The proposals provide that the transition period after which using an official e-address becomes mandatory for entities entered on the Enterprise Register (ER), such as companies, foundations, associations, political parties and religious organisations, should be extended to 2 January 2023.
13.12.2019

Documentary evidence for VAT exemption on intra-Community supplies (2/50/19)
Accounting Tax VAT
Council Implementing Regulation (EU) 2018/1912 of 4 December 2018 amending Implementing Regulation (EU) No. 282/2011 as regards certain exemptions for intra-Community transactions is taking effect from 2020. As member states have put up various preconditions for applying these VAT exemptions, which cause complications and legal uncertainty for businesses, the new Regulation specifies and aligns the conditions to be satisfied for an exemption.
06.12.2019

ERP system: cloud based or on premise? (1/49/19)
Accounting Tax
When it comes to setting up an enterprise resource planning (ERP) system, companies cannot avoid the question of choosing between on-premise or cloud-based. This is not an easy choice because companies should assess the pros and cons of each option to satisfy their needs.
15.11.2019

Cash flow statement: meaning and practical use (3) (3/46/19)
Accounting Tax
This article completes what we wrote in the last two weeks.
Page
from 9

Topical

Read more
21.06.2023

What should you think about if you want to move to Latvia?

Tax resident status prescribes a personal income tax (PIT) liability on your worldwide income in your tax residence country. You should carefully assess your tax resident status to avoid potential double taxation, if the tax authorities of two countries treat you as their tax resident.
17.03.2023

Nasdaq welcomes PwC as a certified adviser on First North

“By working closely with multiple executives and shareholders of both private and State-owned corporates, we have observed an increasing interest about the capital markets. Business leaders have become more ambitious and better aware of the myriad of benefits from attracting capital via the exchange. At PwC, we are confident that First North Certified Adviser status will allow us to provide a more diversified advice for our clients in the Baltic region and help navigate them in the journey of an intensified capital market activity,” highlights Raimonds Dauksts, Head of Advisory at PwC Latvia.

First North is a growth market designed for ambitious small and medium-sized companies in the Baltics. Being a Certified Adviser permits PwC to guide growth companies in Baltics through the Firth North application process and ensure they meet all the market’s requirements on a continuous basis.
07.03.2023

ESG reporting news - podcast 30 min (in Latvian)

Eiropas Parlaments pagājušā gada novembrī oficiāli apstiprināja Korporatīvās ilgtspējas ziņošanas direktīvu jeb CSRD (Corporate Sustainability Reporting Directive). Šobrīd Eiropas Savienības dalībvalstu, t.sk. Latvijas, rīcībā ir 18 mēneši, lai šo direktīvu pārņemtu savos tiesību aktos. Šādi iecerēts uzlabot pieejamās nefinanšu informācijas kvalitāti, nodrošinot uzņēmumu dažādo ietekmes pušu vajadzības un veicināt kopējo Eiropas pāreju uz ilgtspējīgāku ekonomiku.  

Šajā PwC Nodokļu podkāsta epizodē PwC Latvija ilgtspējas pakalpojumu vadītāja Maija Orbidāne skaidro, kādas ir šīs direktīvas prasības, kā tas ietekmēs uzņēmējus Latvijā un kādi ir laicīgi veicamie mājasdarbi šajā sakarā.
See all PwC publications