Happy Easter!

VAT included in price: what is taxable amount? (1/16/14) (0)

16.04.2014

Practice

On 25 February 2014 the State Revenue Service (SRS) issued an advance ruling on how to measure the taxable amount for VAT purposes in a purchase of unfinished construction. The site was purchased at auction, and the contract of sale stated the total amount including VAT. The background information in the ruling is silent about whether the taxable amount and the amount of VAT were stated in the contract or whether this information only appeared in a tax invoice issued later. The dispute arose over the correctness of VAT calculation. Read more..

Interim dividends: cautious optimism (2/16/14) (0)

16.04.2014

Practice

Some EU member states, such as the Netherlands and Cyprus, allow companies to pay interim dividends. As from 1 July 2014 it will be possible to pay interim dividends out of profits earned by a Latvian-registered company. This article explores what options are open to a Latvian company receiving an interim dividend or wishing to pay one to its shareholders. The treatment will vary according to whether dividends are paid to a company registered in the EU or in a tax haven, or to an individual. Read more..

Individual’s duties when making payments to tax havens (3/16/14) (0)

16.04.2014

Practice

The public has been debating the statutory requirement that companies should withhold tax on payments made to tax havens. Yet many are not aware that a similar obligation attaches to an individual’s payments to tax havens. Read more..

Rules for applying CIT Act amended (1/15/14) (0)

09.04.2014

Passed

The latest amendments to the rules for applying provisions of the Corporate Income Tax Act came into force on 28 March 2014. These changes relate to Latvian real estate (RE) disposals to non-Latvian residents, treatment of extraordinary dividends, and a number of other items. Read more..

VAT and CIT on car costs (table) (2/15/14) (0)

09.04.2014

Practice

This year has seen important changes to the VAT and CIT treatment of purchase, rental and maintenance costs of light passenger vehicles. We informed our subscribers about this in our Flash News editions of 11 February and 25 March 2014. This article brings all the details of the VAT and CIT treatment together in a table. Read more..

 
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