CJEU ruling on inclusion of interest in taxable amount (1/7/17) (0)

16.02.2017

Practice

On 8 December 2016 the Court of Justice of the European Union (CJEU) ruled on case C-208/15 to determine whether a taxable person has made a single transaction (a supply of goods for a consideration) or multiple transactions (a supply of goods and a grant of finance). The CJEU finds that a supply of goods and the grant of a loan for the purchase of those goods within the integrated agricultural cooperation framework form a single transaction, and so the taxable amount should include both the price of the goods and interest on the loan granted to the farmer for the purchase. Read more..

Insurance premiums in Statement of Amounts Paid to Individual (2/7/17) (0)

16.02.2017

Practice

Companies often cover their staff insurance costs, i.e. pay insurance premiums out of their own funds. The employer includes these contributions in the Statement of Amounts Paid to Individual (Summary). This article explores how to report insurance amounts in the Statement, depending on whether their calculation involves using a ratio, splitting the amounts according to the period specified in the contract or invoice, or including amounts actually paid in a particular period. Read more..

Using SAF-T globally and in Latvia (3/7/17) (0)

16.02.2017

Practice

To simplify the process of selecting and structuring data for tax audit purposes, the OECD has drawn up guidelines for information to be filed in electronic form on a tax audit: the Standard Audit File for Tax (SAF-T). This article explores why SAF-T is being implemented and who might want to use it. Read more..

PIT and NSI exemption for staff catering costs (1/6/17) (0)

09.02.2017

Passed

Amendments to the Personal Income Tax (PIT) Act that were adopted on 23 November 2016 list criteria to be met by companies wishing to claim exemptions from PIT and national social insurance (NSI) contributions on staff catering costs of up to €480 a year. This article explores the new rules, and the VAT and CIT treatment of staff catering expenses. Read more..

Reporting payments to non-residents (2/6/17) (0)

09.02.2017

Passed

The taxpayer’s obligation to track payments made to non-Latvian residents is no news. Recent changes aimed at improving cross-border administrative cooperation on tax matters have increased the amount of information the taxpayer must report from 1 January 2017. This article explores the new reporting obligation. Read more..

 
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