Reverse charge VAT in grain production industry (1/25/16) (0)

22.06.2016

Passed

Given the increased risk of VAT fraud in the grain industry and considering PwC’s report on the effectiveness of the current reverse charge VAT procedure and the scope for applying it in other industries, the Ministry of Finance has prepared additional amendments to the VAT Act. With harvest time not so far away, amendments to the VAT Act urgently passed by Parliament in their final reading on 16 June 2016 provide for extending the reverse charge VAT procedure to cover the grain industry. This article explores the amendments. Read more..

Administrative burden to ease on Latvian tax residents employed in EU (2) (2/25/16) (0)

22.06.2016

Passed

In our Flash News edition of 9 June 2015 (Administrative burden to ease on Latvian tax residents employed in EU) we wrote about proposals for amending the Personal Income Tax (PIT) Act to exempt Latvian tax residents from reporting in Latvia any employment income they earn elsewhere in the EU. This article takes a look at the status of the proposals. Read more..

Cash restrictions on individuals (3/25/16) (0)

22.06.2016

Draft

A set of proposals for amending the Taxes and Duties Act was presented to the meeting of state secretaries on 16 June 2016. This article explores one of the proposals, which provides for placing restrictions on cash transactions carried out by individuals. Read more..

Cost contribution arrangement for services (1/24/16) (0)

16.06.2016

Draft

In last week’s edition of Flash News we wrote that the Ministry of Finance and the State Revenue Service have started drafting proposals for amending the transfer pricing legislation. One of the proposals introduces a cost contribution arrangement as part of the Latvian transfer pricing rules. This article discusses the proposal in detail. Read more..

Deducting input VAT on vehicle running expenses (2/24/16) (0)

16.06.2016

Practice

On 26 May 2016 the SRS issued a ruling on the extent to which input VAT is deductible on a light vehicle that a company uses for carrying goods and people. In this article we comment on the opinion expressed in the ruling and on the taxpayer’s additional obligations. Read more..

 
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