29 June 2019 is the effective date of amendments to the Anti Money Laundering and Counter Terrorism Financing Act supported by Parliament in their third reading on 13 May. The Act has been renamed the Anti Money Laundering and Counter Terrorism and Proliferation Financing Act.
Some of the substantial changes made to Latvia’s transfer pricing (TP) rules effective from 1 January 2018 prescribe how corporate income tax (CIT) payers should identify related parties before reporting and analysing their mutual transactions in their TP documentation. This article explores whether fellow subsidiaries are treated as related parties and offers a practical example of identifying this status.