Financing transactions: a transfer pricing perspective (1) (2/36/14) (0)

02.09.2014

Practice

Recent experience suggests that the State Revenue Service has been paying close attention to group financing and is increasingly taking the view that the Bank of Latvia statistics are no longer suitable for transfer pricing (TP) purposes. Given this shift, taxpayers should consider changing the methodology for documenting related-party financing. In the first part of this article, we make suggestions for carrying out a functional and risk analysis, while the second part will focus on selecting an appropriate TP method and assessing the arm’s length nature of your transaction. Read more..

Register of risky individuals (1/35/14) (0)

28.08.2014

Passed

Recent amendments to the Taxes and Duties Act require the State Revenue Service (SRS) to maintain a register of risky individuals and to exchange information about them with the Enterprise Registry from 1 January 2014. Section 1(31) of the Taxes and Duties Act lays down criteria for adding someone to the list of risky individuals, which will prevent them from receiving some of the Enterprise Registry’s services. Read more..

SRS reminds taxpayers to register for Latvian VAT (2/35/14) (0)

28.08.2014

Practice

The Latvian State Revenue Service (SRS) has published reminders of the Latvian VAT registration requirement applicable to non-Latvian resident entities’ permanent establishments in Latvia that make taxable supplies and to landlords (real property lessors). This article takes a look at persons that are required by law to register for Latvian VAT. Read more..

Place of supply for electronically supplied services from 2015 (3/35/14) (0)

27.08.2014

Practice

We have informed MindLink subscribers about proposed changes to the VAT treatment of electronically supplied services regarding the place of supply. This article offers practical guidance on how to determine the place of taxation from 1 January 2015. Read more..

Interim dividend disclosure in financial statements (1/34/14) (0)

20.08.2014

Passed

Interim dividend rules have been in force since the beginning of this year (see our Flash News editions of 8 and 15 April). Cabinet Regulation No. 389 of 15 July 2014, effective from the following day, has inserted into Cabinet Regulation No. 488 of 21 June 2011, Application of the Annual Reports Act, new procedures for recording interim dividends (ID) in the taxpayer’s books and reporting them in financial statements. This article takes a look at these arrangements. Read more..

 
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