After the Russian Federation decided on 23 February 2022 to recognise the Donetsk People’s Republic and the Luhansk People’s Republic as independent states, followed by the invasion of Ukraine on 24 February, the EU, the UK, the US and Canada as well as other countries have launched wide-ranging sanctions aimed at changing Russia’s behaviour and eliminating the current threats in Ukraine and CEE.
We are having to do our jobs and deliver results in a very complex and multifaceted environment caused by the rapid global change. The list of decision-making criteria has also become quite long. On the one hand, companies still focus on making a profit, but ESG matters often dictate a diametrically opposite approach. Change is inevitable and leaders must be able to benefit from various approaches that might initially seem conflicting and incompatible. In our December edition of Flash News we wrote about six paradoxes of leadership. This article explores them in detail
We are experiencing the consequences of climate change more and more – through extreme weather conditions and changes in nature. To mitigate climate change and tackle problems associated with environmental degradation, the EU has set ambitious goals to achieve a 55% reduction in greenhouse gas emissions by 2030 and to become climate neutral by 2050. The European Green Deal is a strategy designed to help Europe achieve the goal of climate neutrality.
If a company finds it is governed by the Anti Money Laundering and Counter Terrorism and Proliferation Financing (AML/CTPF) Act, it has two priority steps to take: register as an entity subject to the Act after stating a type of activities governed by the Act, and appoint an officer responsible for ensuring compliance with the Act’s requirements under section 10. This appointment must be reported to the relevant supervisory authority such as the State Revenue Service or the Financial and Capital Markets Commission.
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.
