Customs

17.12.2024

Parliament legislates to reorganise tax authority 3/51/24
Stamp Business Tax Customs

On 31 October 2024 Parliament passed the State Revenue Service (SRS) Act and the Tax and Customs Police Act (the ‘Police Act’) in their final reading to separate the Internal Security Board and the Tax and Customs Police Board from the SRS. These legislative changes will carry out the Ministry of Finance’s (MOF) intention of reorganising the SRS to carve out investigatory and operational functions. The new legal framework will result in the SRS being only tasked with the provision of advice, support and services in the field of tax and customs.
31.05.2023

Customs exemption on goods intended to help people in Ukraine 3/22/23
Tax VAT Customs Ukraine

On 19 April 2023 the EU Official Journal published the European Commission’s decision (EU) No. 2023/829 of 17 April on an exemption from import customs duty and import VAT on goods intended for free distribution or transfer to persons fleeing the military aggression waged in Ukraine and to persons in Ukraine who need help.
26.11.2020

Is rent for forced lease of land subject to VAT? (3/48/20)
Tax VAT Customs

Does the land owner – a taxable person registered for Latvian VAT – have a right to demand payment of VAT in a forced lease of land? And should the amount of VAT be included in or paid on top of the rent? In this article we are looking for answers.
15.10.2020

Customs Union: new action plan approved (3/42/20)
Tax Customs

On 28 September the European Commission announced a new action plan for the Customs Union aimed at making EU Customs smarter, more innovative and more efficient over the next four years. This article explores how these measures are to strengthen the significant role the Customs Union has to play.
11.09.2020

Administrative liability for tax violations (1/37/20)
Accounting Legal Tax Customs Excise
Having governed matters of administrative liability, including tax-related, for almost 35 years, the Latvian Code of Administrative Offences ceased to apply on 1 July 2020 and was replaced by the Administrative Liability Act (“ALA”) as part of Latvia’s sweeping administrative liability reform. ALA is not merely an improved version of the old Code – the structure and rules of the new Act are substantially different, so the first glance might cause some confusion. This article explains where to look for descriptions of various offences and what administrative liability is prescribed for tax violations, as well as giving an overview of other related matters.
12.03.2020

Estonia: tax developments (3/11/20)
Tax CIT Customs
In 2019, the Estonian Ministry of Finance drafted proposals for amending the Income Tax Act to regulate the taxation of income earned by foreign temporary workers (non-residents) from employment in Estonia. The amendments were expected to take effect from 1 January 2020 but they did not.
06.09.2018

Brexit: tax implications for Latvia (2/36/18)
Tax VAT Customs Excise
By 30 March 2019, two years will have passed since the UK announced its intention of leaving the EU to the European Council. So the UK is to become a non-EU country at the end of March 2019, unless the withdrawal agreement specifies a different date. This article looks at some of the changes Brexit will make to the current tax treatment.
12.05.2017

Reporting new core activity (NACE code) to tax authority (3/18/17)
Tax Customs
One of the general obligations under the Taxes and Duties Act requires that a taxpayer who conducts or starts an economic activity should periodically update or provide information about his core activity. This article explores how this obligation should be carried out.
27.04.2017

Estonian tax brief (April 2017) (3/17/17)
Business Tax Customs
In March 2017, the Estonian parliament amended the Taxation Act with effect from 1 April 2017. This article provides an overview of the main changes.
02.02.2017

Transfer pricing methods in customs valuation (3/5/17)
Tax Transfer pricing Customs
According to Latvian legislation, transfer pricing methods must be used in determining the value of goods for corporate income tax purposes because a reference to those methods is made in Cabinet Regulation No. 556 on the Application of Provisions of the Corporate Income Tax Act. However, when Latvian taxpayers buy goods from related suppliers incorporated outside EU/EEA countries, transfer pricing (TP) can also affect customs values and customs duties.

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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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