Gifts from individuals (1/4/15) (0)

20.01.2015

Practice

Individuals frequently make gifts to one another without realising that this has tax consequences. In this article we explore how requirements of the Personal Income Tax (PIT) Act apply where an individual makes a gift to another, and we explain how to determine degrees of relationship correctly. Read more..

Corporate tax on a non-Latvian resident’s profits (2/4/15) (0)

20.01.2015

Practice

The Corporate Income Tax (CIT) Act was amended on 17 December 2014 to give a non-Latvian resident the option of charging a 15% tax on profits from management and consulting services or from allowing the use of real estate (RE) located in Latvia. This article explores the current withholding tax treatment of fees payable to a non-resident for these services and the use of RE. Read more..

Are marketing expenses always tax deductible? (3/4/15) (0)

20.01.2015

Practice

Companies looking for ways to increase sales keep coming up with new marketing activities and frequently have questions about the correct tax treatment of such expenses. This article explores an advance ruling the State Revenue Service (SRS) issued to a taxpayer with respect to his marketing drive last year. Read more..

Tax loss carryforward restrictions to be reintroduced (1/3/15) (0)

13.01.2015

Draft

The Parliamentary Budget and Fiscal Committee has started drafting new amendments to the Corporate Income Tax (CIT) Act relating to limits on how accrued tax losses can be carried forward to future periods. This article looks at the areas affected by these changes. Read more..

VAT rules for fiscal representatives to be amended (2/3/15) (0)

13.01.2015

Draft

Under a mandate given by the Latvian Cabinet of Ministers to mitigate the adverse implications of Russia’s economic sanctions for the transit and logistics industry, the Ministry of Finance has drafted proposals to amend the rules of the VAT Act covering the operation of fiscal representatives in Latvia. The aim is to make the transit and logistics industry more competitive. This article explores some of the proposed amendments. Read more..

 
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