National Social Insurance Act to be amended (1/17/16) (0)

28.04.2016

Draft

On 8 April 2016 the Latvian Welfare Ministry presented proposals for amending the National Social Insurance (NSI) Act to improve the system of social insurance with respect to coordinating the EU social insurance system and apportioning between the treasuries of different member states any mandatory NSI contributions that have been incorrectly paid. This article explores the proposed amendments with respect to distributing mandatory contributions between member states and other proposals for amending the NSI Act. Read more..

European Commission proposes tax transparency rules for multinationals (2/17/16) (0)

28.04.2016

Draft

On 12 April 2016 the European Commission published a proposal requiring that multinationals should file a publicly available country-by-country report providing information about amounts of corporate income tax (CIT) actually paid in each EU member state and outside the EU, as well as information about transactions with related group companies and companies registered in tax havens. Read more..

VAT treatment of car sales (3/17/16) (0)

28.04.2016

Practice

The Latvian State Revenue Service has recently been focusing on tax audits of companies that sell new and second-hand cars. This article explores the VAT treatment and how to prevent risks in these transactions. Read more..

Amendments to rules for completing annual tax return (1/16/16) (0)

21.04.2016

Draft

Proposals for amending the Cabinet of Ministers’ Regulation No. 568, which explains how to complete the personal income tax return, have been drafted following recent amendments to the Personal Income Tax Act that set up a differential personal allowance. This article takes a look at the proposed amendments. Read more..

Income tax on prizes won in contests or competitions (2/16/16) (0)

21.04.2016

Practice

This article summarises information about the personal income tax (PIT) treatment of income that is received in contests or competitions organised by a company, where prizes can be won by individuals unrelated to that company. Read more..

 
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