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SRS guidance on CIT treatment amid emergency (2/23/20)

Latvia has extended the emergency situation to 9 June. COVID-19 is causing businesses to incur additional expenses in providing a safe working environment. Accountants have questions about recording such expenses in the books and applying the correct tax treatment. The State Revenue Service (“SRS”) has published guidance interpreting the corporate income tax (“CIT”) and VAT treatment in the emergency situation. This article explores the interpretation of CIT treatment.

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