Tax

14.02.2020

Incoterms 2020: updated terms for supplies of goods (1/7/20)
Tax VAT
The International Commercial Terms (Incoterms) provide for the apportionment of responsibility, obligations and costs between the buyer and the seller in international contracts for supplies of goods. On 10 September 2019 the International Chamber of Commerce(ICC) published the latest version, Incoterms 2020, which came into force on 1 January 2020. This version presents revised Incoterms 2010 to accurately reflect today’s commercial practices. This article explores what we see as key changes to the Incoterms.
07.02.2020

Corporate Income Tax Act amended (3/6/20)
Tax CIT
The long-awaited amendments to the CIT Act have been finally adopted. This article explores amendments that increase the number of items to be included in the tax base and expands the range of taxpayers.
07.02.2020

Time to file annual income tax return (2/6/20)
Tax PIT
The tax filing season is approaching swiftly as we have less than one month to go until March. On 14 January 2020, we informed our MindLink.lv subscribers about the proposed amendments relating to the statutory form of the personal income tax (PIT) return and instructions for completing it. This article explores the filing obligation as well as the statutory filing and payment deadlines.
04.02.2020

Using digital platforms in accounting 1//6/20
Accounting Free access Tax Technology

 

Technology plays a huge role in many industries and particularly affects bookkeeping and financial accounting. Specialist digital skills and experience of working with state-of-the-art technological solutions as well as the skill of creating and developing digital tools are key to successful financial accounting and management in your company.
31.01.2020

Amendments to Taxes and Duties Act in force (2/5/20)
Tax PIT
Adopted by Parliament in their third reading in late 2019, amendments to the Taxes and Duties Act (“TADA”) came into force on 13 January 2020. They define administrative offences in the area of taxation and the penalties they attract. This article explores key changes affecting taxpayers.
31.01.2020

Adjusting corporate tax return for last reporting month (1/5/20)
Accounting Tax CIT
Last week saw most of the companies whose financial year runs from January to December in a hurry to prepare and file their tax return for the last reporting month. The final return must include some tax-base elements that could be ignored when preparing monthly returns. This article will help you figure out whether any adjustment needs to be made to your tax return being submitted with your annual report.
31.01.2020

Corporate tax treatment of profits from property sales (3/5/20)
Tax CIT
If we look at the Latvian corporate income tax (CIT) treatment of real estate (RE) sales, foreign companies are still governed by different rules when selling shares in a Latvian company whose assets are mostly RE. This article explores key differences in CIT treatment depending on whether the seller is a Latvian or a foreign company and whether they sell RE or shares in an RE company, as well as outlining some proposed changes that will affect Latvian companies.
24.01.2020

Communication with tax authority only electronically as from 2021 (3/4/20)
Accounting Business Tax
On 9 January 2020, Parliament debated proposals for amending the Taxes and Duties Act in their first reading. The proposals include important changes relating to how applications and tax returns should be filed with the State Revenue Service (SRS).
24.01.2020

Does lending to subsidiary automatically make company subject to AML law? (2/4/20)
Legal Business Tax AML

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.
21.01.2020

Easier terms for employing third country nationals in Latvia 1/4/20
Free access Legal Tax

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.
17.01.2020

Dividends: income tax treatment and reporting (2/3/20)
Tax PIT
We have informed our MindLink.lv subscribers that the period of transition prescribed by paragraph 130 of the transitional provisions of the Personal Income Tax (PIT) Act for charging a 10% PIT on dividends received in 2018 and 2019 out of profits made before 2018 expired on 1 January 2020. This article explores the PIT treatment and reporting of dividends after 2019.
17.01.2020

Monitoring use of email and Internet and recording conversations (3/3/20)
Legal Tax Employees
The use of information technology at work is becoming increasingly common. For example, there are profilers that, for the purpose of setting the amount of a performance bonus, monitor how much time staff spend on the computer and particular applications, or assess Internet addresses they visit during working hours. Likewise, employers often monitor the use of email and the Internet or record staff conversations to monitor their daily routine and productivity. This article explores cases where this is permitted and where such monitoring or its extent infringes on staff privacy.
17.01.2020

Income tax return form and completion procedures to be amended (1/3/20)
Tax PIT
Proposals for amending the Cabinet of Ministers’ Rule No. 662 on personal income tax (PIT) returns and completion procedures were announced at the meeting of state secretaries on 5 December 2019. The proposals have been put together to align the income tax return form with recent amendments to the PIT Act and to make it easier to complete for traders.
16.01.2020

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Tax
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10.01.2020

Handy hints for payroll accountants: national insurance and income tax (3/2/20)
Social insurance Tax PIT

This article summarises the provisions of tax laws and other legislation affecting the calculation of personal income tax (PIT), national social insurance (NSI) contributions and solidarity tax on wages and salaries in 2020.
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09.05.2025

Closure of PricewaterhouseCoopers tax and business portal MindLink.lv

We would like to inform you that on July 1, 2025, we will cease operations of the portal.   

The last MindLink.lv Flash News will be published on June 17, 2025. The archive of published content will be available until the portal is completely closed.   

Subscribers will be contacted individually. 

Thank you for choosing MindLink.lv as your trusted e-consultant! 

21.06.2023

What should you think about if you want to move to Latvia?

Tax resident status prescribes a personal income tax (PIT) liability on your worldwide income in your tax residence country. You should carefully assess your tax resident status to avoid potential double taxation, if the tax authorities of two countries treat you as their tax resident.
17.03.2023

Nasdaq welcomes PwC as a certified adviser on First North

“By working closely with multiple executives and shareholders of both private and State-owned corporates, we have observed an increasing interest about the capital markets. Business leaders have become more ambitious and better aware of the myriad of benefits from attracting capital via the exchange. At PwC, we are confident that First North Certified Adviser status will allow us to provide a more diversified advice for our clients in the Baltic region and help navigate them in the journey of an intensified capital market activity,” highlights Raimonds Dauksts, Head of Advisory at PwC Latvia.

First North is a growth market designed for ambitious small and medium-sized companies in the Baltics. Being a Certified Adviser permits PwC to guide growth companies in Baltics through the Firth North application process and ensure they meet all the market’s requirements on a continuous basis.
See all PwC publications