From 1 July 2023 entities and individuals wishing to provide accounting services are required to hold an external accountant licence from the State Revenue Service (SRS).

Companies are currently working hard to prepare their financial statements for a statutory audit, so this is the right time to revise and update their basic business information. There is a general obligation often neglected by taxpayers because it seems insignificant: the State Revenue Service (SRS) must be duly notified of the taxpayer’s core economic activity according to the statistical classification of economic activities NACE 2.0, deployed uniformly across the EU. In this article we stress the importance of this obligation, remind you of the deadlines, make a few practical recommendations, and describe the proposed migration to NACE 2.1 designed to improve statistical comparability.

What are an external accountant’s obligations under the Anti Money Laundering and Counter Terrorism and Proliferation Financing (AML/CTPF) Act if accounting services are provided to related companies only? The Administrative Division of the Latvian Supreme Court referred this question to the Court of Justice of the European Union (CJEU) on 4 January 2024.