In our previous article on financing available to businesses we informed our MindLink subscribers about additionally available grants, loans and guarantees financed out of public and EU funds. A new EU funding period has just started, with sub-programmes being developed in detail for setting EU financing priorities. The aggregate EU investment for 2021–2027 involves EUR 10.44 billion to be absorbed by Latvia’s economy. A preliminary list of priorities and qualifying measures has been drawn up, and projects could be launched from mid-2022. Financing from the EU funds for project implementation is available to every Latvian citizen who has a clear idea of how to contribute to society’s well-being, economic growth and sustainable development. Projects may be submitted by entrepreneurs, municipalities and governmental organisations. This article explores the priorities, available funding and programmes of the Latvian Recovery Fund, as well as financing available from the EU Structural Funds for 2021–2027.
The world is facing significant and increasingly urgent challenges that are affecting individuals, organisations, governments and society alike. These trends are coming fast and impacting decision-making today. The challenges facing business leaders are significant and complex, with a substantial rise in the expectations people place on decision-makers as leaders.
Latvia saw a productive autumn in terms of changes to corporate governance rules. On 11 November 2021, Parliament passed amendments to the Public Person’s Shares and Companies Governance Act, effective from 8 December 2021, requiring large central and local government companies to apply corporate governance principles and prepare various statements in this area.
The European Green Deal and net zero carbon emissions are hot topics in Europe and globally, with implications for Latvia’s environmental protection policy, particularly affecting companies that produce or import iron and steel, cement, fertilisers, aluminium, and electricity.
On 12 October 2021 the Cabinet of Ministers debated and endorsed “Adopting a System of Electronic Flow of Supporting Documents and Waybills,” an informational report prepared by the Ministry of Finance (MOF) that mandates the use of electronic supporting documents and e-invoices by 2025. E-invoicing will be mandatory between businesses (B2B) and between businesses and government agencies (B2G).
To begin the new training season, PwC’s Academy offers everyone interested, whether you are in Latvia or abroad, an opportunity to gain valuable knowledge of taxes and other relevant business topics online.
The year 2021 and the current macroeconomic cycle have brought a number of adjustments and uncertainty about the future to households (private consumers), businesses of various sizes, and policymakers. Covid-19 and related paradigm changes, the risk of recurrent pandemic, disrupted logistics and supply chains, and other factors create substantial risks affecting companies’ ability to stay in business and grow. This article explores common causes of financial distress and debt restructuring tools, including how companies can reach an agreement with the State Revenue Service on paying taxes.
The Covid-19 pandemic has also affected risk assessment and decision-making processes in organisations. As the pandemic and restrictions ease off, organisations should revise these processes and make any necessary changes.
CEOs and workers are increasingly embracing remote work. CEOs plan to invest more in order to support adoption of the hybrid work model. Workers are not so eager to return to the office as their managers. CEOs face difficult decisions about using office space. These are just a few of the issues and findings from a recent PwC survey.
Retailers and consumers have been recently forced to change their product distribution and shopping habits. The online marketplace is evolving and gaining unprecedented momentum. PwC’s June 2021 Global Consumer Insights Pulse Survey shows that the Covid-19 pandemic has created new consumer groups. Their creation is driven by consumer attitudes and behaviours, which have a great potential to significantly impact how consumers choose their shopping channels, goods, and brands.
Every company must have an accounting policy in place that specifies its accounting principles, as well as laying down rules for how its financial statements should be prepared and how its internal documents should move around. The accounting policy must fit the nature of the company’s business.
As the vacation season is approaching, so is the implementation of the controversial minimum income subject to mandatory national social insurance (“NSI”) contributions, which might affect many companies from 1 July 2021. On 24 May, however, the Parliamentary Presidium presented proposals for amending the NSI Act to a committee, urging a deferral of the effective date of the earlier amendments. This article describes the basic principles for applying the minimum NSI income and offers practical examples in case the bill is not approved and the new rules come into force from 1 July.
The summer is rolling on and has all companies thinking about vacations and staff replacements. Accounting is one of the departments expected to promptly handle various enquiries and confirmations to ensure business continuity. Everyone who works in the accounting field is aware of situations where an accountant cannot take a vacation during the monthly closing, when filing reports, and during the payroll calculation. When is the accountant supposed to go on vacation? This article explores possible solutions.
