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Statutory audit rules to be amended (1/51/14) (0)

17.12.2014

Draft

The government is planning to revise a number of rules governing statutory audit services. This article takes a look at some of the major amendments. Read more..

VAT on import related services (2/51/14) (0)

17.12.2014

Practice

Traders importing goods are aware that import-related services such as carriage, handling, storage and declaring can initially be zero-rated for VAT but eventually should attract a rate of 21% (or 12%). This raises the question of who should be charging VAT and how this should be done. Should the importer add the value of services to the customs value of goods? Or should the service provider charge VAT at the standard rate and pay it to the tax authorities? This article takes a look at available solutions. Read more..

Intangible assets: OECD recommendations (3/51/14) (0)

17.12.2014

Practice

The G20 major economies and the Organisation for Economic Co-operation and Development (OECD) have recently tackled issues of large multinationals pursuing aggressive tax planning policies and shifting their profits to jurisdictions that offer a more generous tax regime. As a result of analysing these issues the OECD prepared a report on the base erosion and profit shifting (BEPS) in 2013 and published an action plan this year that provides for amending international tax laws to minimise profit shifting opportunities. Read more..

Personal Income Tax Act to be amended (1/50/14) (0)

10.12.2014

Draft

On 5 December 2014 the Cabinet of Ministers approved proposals for amending the Personal Income Tax (PIT) Act as part of Latvia’s budgetary bills package for 2015. This article explores deemed income of board members (company directors), small gifts to employees, and other major amendments. Read more..

Taxes and Duties Act to be amended (2/50/14) (0)

10.12.2014

Draft

In planning legislative amendments for the coming year, the government has decided to focus on the legal framework for fighting the shadow economy. The Taxes and Duties Act is to be amended to monitor amounts an individual has paid for any finance lease and loan services, publish information about an entity’s tax payments and average number of employees, and define the liability of a company’s board members for its tax arrears in certain cases. This article explores each of these amendments. Read more..

 
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