Excise Act amended (2) (1/9/15) (0)

26.02.2015

Passed

This article completes what we wrote last week about the 17 December amendments to the Excise Act and related changes to excise returns. Read more..

Court says employee posting is business trip (2/9/15) (0)

26.02.2015

Practice

The Latvian State Revenue Service (SRS) has claimed that a posting and a business trip taken by an employee are not one and the same, and therefore his actual expenses reimbursed and daily allowances paid by the employer for a posting are part of the employee’s taxable employment income. However, the Latvian Supreme Court has recently ruled that a posting is the same as a business trip. This article gives the background to the case and sets out the court’s findings and our conclusions. Read more..

Wealth declaration requirement after becoming Latvian tax resident (3/9/15) (0)

26.02.2015

Practice

This article explores an individual’s obligation to file a declaration of wealth after becoming Latvian tax resident in 2014. Read more..

Excise Act amended (1/8/15) (0)

17.02.2015

Passed

The Excise Act was amended on 17 December 2014 to improve the fiscal effect of excise duty on the national budget and tax administration. This article explores what we see as key changes. Read more..

Derecognising revalued assets: effect on taxable income (2/8/15) (0)

17.02.2015

Practice

Companies sometimes revalue their non-current assets, and in certain situations these are derecognised. As you may know, non-current assets should be derecognised for capital allowance purposes at their net book value (NBV) in financial accounting records. The Corporate Income Tax (CIT) Act states that if a taxpayer revalues non-current assets, the revaluation result (except for revaluations in companies being privatised and revaluations conducted under the Cabinet of Ministers’ regulations) should be ignored in determining the NBV of such assets. This article explores what calculations a company’s accountant should make to derecognise the right amount in tax records. Read more..

 
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