Any company, state-owned or municipal institution or even sole trader that processes the personal data of EU/EEA residents enabling their identification is subject to the General Data Protection Regulation (“GDPR”). Its requirements extend to companies outside the EU/EEA offering goods or services to EU/EEA residents. This article completes what we wrote on this topic last year.
The pandemic has not only brought restrictions but also accelerated the digitisation of the customer identification process. Before the pandemic, the Latvian Anti Money Laundering and Counter Terrorism and Proliferation Financing (“AML/CTPF”) Act had its subjects focusing on customer identification in person, yet the restrictions are forcing them to minimise direct contact and to create new ways of customer identification.
This year has passed under the sign of Covid-19, with the pandemic overshadowing one crucial event it’s high time we remembered: Britain leaving the EU. This article explores key changes to how UK citizens can be employed in Latvia after Brexit.
Any company, state-owned or municipal institution or even sole trader that processes the personal data of EU/EEA residents enabling their identification is subject to the General Data Protection Regulation (“GDPR”). Its requirements extend to companies outside the EU/EEA offering goods or services to EU/EEA residents. This article explores ways of ensuring GDPR compliance when it comes to processing data in emails.
The Corporate Income Tax Act provides for taxing a company’s profits when they are distributed, i.e. dividends are part of the taxable base. Yet the wording raises some practical questions. This article explores how the timing of a dividend calculation affects the period in which the profit distribution should be reported on the tax return.
The State Revenue Service (“SRS”) has come up with a new procedure for taking out a Latvian tax residency certificate to ease the administrative burden on organisations and individuals. The new procedure means a considerable time saving and is covered by amendments to the Cabinet of Ministers’ Rule No. 178, Procedures for Claiming Tax Relief under Double Tax Treaties, effective from 4 November 2020.
Recent years have seen new players rapidly entering the financial services market: FinTech companies. The name itself suggests that these companies are operating where financial services meet technology. FinTech companies are promoting and developing the banking business and are themselves becoming an alternative to traditional banking. This article explores some key VAT issues facing FinTech companies.
In its ruling C‑787/18 (Sögård Fastigheter AB) of 26 November 2020 the Court of Justice of the European Union (“CJEU”) looked into an obligation to adjust input tax on capital goods in a supply of real estate (“RE”) and which party is liable. This article explores some of the CJEU findings.
Christmas is a pleasant time of exchanging presents. This season too, companies would like to give presents to their staff and business partners. This article explores their tax treatment. In the emergency circumstances, we will not be discussing “staff sustainability” events such as Christmas parties for employees and their children. We will come back to this topic next year once the epidemiological situation has hopefully improved.
Under the Constitution every individual legally staying in the territory of Latvia is free to travel and choose a domicile. The domicile is a place freely chosen by the person and linked to real estate – the address the person will reside at and be reachable in their legal relationship with the state and the municipality. We are increasingly hearing questions such as who is required to declare their domicile address in Latvia, why and when. This article provides answers to these and other questions.
The new era of digitalisation sees companies increasingly adopting new tools and automations to stay competitive in the marketplace. Yet before implementing any new tool or automation, the company needs to consider a great deal of factors that can affect or stop it from achieving the desired result. Those factors are unique for each company, line of business, and internal processes. Automations and new digital tools are not magic bullets and don’t bring e-happiness. Adopting each solution has its own criteria that must be met to maximise returns on the time and capital invested.
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.