Business

24.01.2020

Does lending to subsidiary automatically make company subject to AML law? (2/4/20)
Legal Business Tax AML

We have lately heard that it is advisable to register your company as a person subject to the Anti Money Laundering and Counter Terrorist and Proliferation Financing (AML/CTPF) Act rather than receiving a letter from the State Revenue Service (SRS) warning that they are about to examine your system of internal controls, which does not exist. This article explores how much of this talk is true.
18.10.2019

New service: business income account (2/42/19)
Business Tax
The Ministry of Finance, the State Revenue Service (SRS) and commercial banks are planning to launch a business income account (BIA) as a new service for taxpayers, according to a report posted on the SRS website.
23.05.2019

Working capital and its cycle (2) (2/21/19)
Accounting Business Tax
This article completes what we wrote last week.
17.05.2019

Working capital and its life cycle (1) (2/20/19)
Business Tax
Every company should be able to keep up its daily cash flows and have sufficient finances to cover its labour costs, taxes and trade payables as they fall due. Optimum working capital (WC) levels should be maintained in both the short and the long term. This article explores the concept and related matters.
10.05.2019

Changes in calculating duration of tax audit (2/19/19)
Business Tax
Recent amendments to the Taxes and Duties Act have changed the tax audit time limit rules. A tax audit that includes a transfer pricing review no longer has a time limit. There are also new rules for obtaining information during any period that is excluded from a tax audit, and a rule stating that the audit time frame excludes any period during which the taxpayer is preparing an opinion on the audit findings.
12.10.2018

Advanced Cooperation Programme: three levels (1/41/18)
Business Tax PIT
Announced at the meeting of state secretaries on 27 September 2018, the Cabinet of Ministers’ draft rules for running the Advanced Cooperation Programme (ACP) make a number of important changes.
12.10.2018

Ban on opening accounts for shell companies (3/41/18)
Legal Business Tax AML

The events surrounding ABLV Bank and its subsequent liquidation have torn open a wound in the Latvian banking sector. The harsh ban on opening accounts for shell companies spares no one. @WeAreNotShell is a slogan posted on Telegram, Twitter and Facebook as well as other social networks since April 2018 by non-residents suffering at the hands of Latvian banks and complaining how they are having to prove the existence of their business and how endless enquiries and requests from Latvian banks are becoming absurd.
08.10.2018

Producing and selling cryptocurrency: Lithuanian tax aspects (2) (3/40/18)
Business Tax PIT
This is the last article in our series on Lithuanian income tax aspects of virtual currencies. A token is a unit that represents an asset or utility that can be granted or purchased. This article describes the purpose of tokens and their correct tax treatment for issuers and buyers.
08.10.2018

Corporate digitalisation: step into future? (2/40/18)
Legal Business Tax
New technology penetrates all areas of life, including business. In the realms of fantasy ten years ago, registering a company in the comfort of your own home within a single day has become reality. This article explores the advantages, restrictions and issues associated with digitalising EU corporate law as it affects company owners, their representatives, and other stakeholders.
31.08.2018

Advanced Cooperation Programme: new model (3/35/18)
Business Tax VAT
On 1 July 2012 the Ministry of Finance (MOF) in cooperation with the State Revenue Service (SRS) presented the Advanced Cooperation Programme (ACP aka the White List) aimed at improving cooperation between taxpayers and the SRS by minimising the administrative burden on both sides. The authorities in charge of the ACP say the programme has proven itself to be an effective tool for closer cooperation between taxpayers and government agencies. Proposals have been prepared for amending the Cabinet of Ministers’ Regulation No. 459 on the Advanced Cooperation Programme.
23.08.2018

Taxing permanent establishments in digital economy (2/34/18)
Business Tax
The European Commission has issued several proposals aimed at setting up a fair and effective tax system for the digital single market after the OECD published an interim report on tax challenges arising from digitisation on 16 March 2018. This article provides a summary of the proposals.
13.07.2018

Amendments to Microbusiness Tax Act (3/28/18)
Business Tax
This article explores changes to the microbusiness tax (MBT) scheme that apply this year and those applicable from 1 January 2019.
01.06.2018

Cabinet to debate Receipt Lottery Bill (3/22/18)
Business Tax
The State Revenue Service (SRS) has recently announced that Latvia is to run a receipt lottery, drawing on the experience of Slovakia, Malta, Portugal and Lithuania in improving the culture of paying taxes and fighting the shadow economy. The Ministry of Finance and the SRS have drafted a Receipt Lottery Bill and submitted it to the Cabinet of Ministers. This article explores the main aspects of the Bill.
23.02.2018

Amended PIT Act introduces “income from investment accounts” (2/8/18)
Business Tax PIT
In this article we take a look at the personal income tax (PIT) treatment of income from investment accounts applicable from 1 January.
11.01.2018

Website should be registered as business unit (3/2/18)
Legal Business Tax
The State Revenue Service (SRS) has drawn up guidelines to explain how traders doing business over the Internet should register a website as a business unit. This article explores the main aspects of the registration process.
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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.
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