Although Latvia is a European leader in P2P crediting, the fintech industry has also suffered from the Covid-19 crisis. According to financial blogger Kristaps Mors, four Latvian online platforms have closed down or stopped paying money in recent months. He says if this tendency continues, Latvia might become famous as a fraud centre of this industry. We assume that these signals have reached the State Revenue Service and the National Data Office, who are carefully monitoring the business conducted in this industry to ensure that fintechs comply with statutory requirements.
What is it that differentiates a temporary residence permit from an EU Blue Card? While both documents allow a foreign national to spend a certain period in Latvia, there are essential differences that need to be considered when choosing either of them. This article explores five key differences between the temporary residence permit and the EU Blue Card.
In times of adverse and significant events, such as a war, crisis or pandemic, there is a certain group of people that will try to exploit the national emergency situation in their own interests. It is no surprise that this phenomenon has now surfaced in response to the global outbreak of COVID-19. At the very outset of the pandemic, cybersecurity companies and news agencies repeatedly warned us about an increase in phishing attacks, with people receiving virus reports from authorities such as the WHO enticing them to download malware on their devices.
We have already informed our MindLink.lv subscribers about tax measures aimed at helping employers, workers and traders cope with the economic consequences of the COVID-19 crisis. Idleness benefit is one of the support measures for employers and workers. This article explores how to record idleness benefit in the books and how to prepare an employer’s statement for an idle worker.
Due to the emergency situation declared in Latvia for COVID-19 containment, companies as well as central and local government agencies have taken measures to protect their workers, customers and other persons against potential threats to their health in order to continue working to the extent possible in the emergency situation. Under the circumstances, a new type of information about individuals is additionally being gathered and processed, for example, whether they have any symptoms, whether the person has been in contact with anyone who might be infected, including any COVID-19 tests and their results, as well as other information relating to places someone has visited.
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.
The Cabinet of Ministers’ Rule No. 55 of 28 January 2014 on employing foreign nationals has been amended with effect from 28 December 2019. The amendments make it easier for an employer to employ third-country nationals in Latvia. This article explores the amendments and the easy terms.
