Corporate Income Tax Act to be amended (1/34/16) (0)

24.08.2016

Draft

Every year the process of drawing up the national budget involves considering amendments to tax laws. The sad experience of recent years suggests a trend towards removing many conditions that favour the taxpayer (e.g. interest on unclaimed capital and transfer of intragroup tax losses). Next year is going to see a further reduction in the number of tax reliefs, as the informational report on ways of increasing revenues mentioned on the Cabinet of Ministers’ website indicates changes to the corporate income tax (CIT) rules for offsetting losses brought forward. Read more..

VAT: providing evidence and managing risks (2/34/16) (0)

24.08.2016

Practice

Our experience suggests that during tax audits the SRS commonly assess extra taxes and penalties after questioning supplies made by traders, the right to deduct input VAT, and the legitimacy of zero-rated supplies. This article offers a few recommendations for addressing common problems. Read more..

Brexit’s impact on social insurance and security of EU nationals working in UK (2) (3/34/16) (0)

24.08.2016

Issue

This article picks up where we left off last week. Read more..

Tax laws facing changes (1/33/16) (0)

18.08.2016

Draft

With the autumn approaching, the government is about to begin work on preparing the national budget for the coming year, which is also affected by tax revenue. As every year, we can expect changes to tax legislation. Although no proposals for amending tax laws are available yet, a recent discussion about the sustainability of Latvia’s tax policy has outlined what lies in store for us. This article takes a look at the results of this discussion. Read more..

Tax implications of investing in public infrastructure items (cont.) (2/33/16) (0)

18.08.2016

Practice

This article picks up where we left off on 11 August. Read more..

 
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