New tax opinion on amount of related party loan for current year (1/50/19) (0)

13.12.2019

Practice

We have written about the burning question of how to calculate the value of a related-party loan for the current year. This is crucial in determining whether the taxpayer is required to prepare and submit transfer pricing (TP) documentation to the State Revenue Service (SRS) within 12 months after the end of the financial year. As the deadline for 2018 is almost upon us (31 December 2019), PwC approached the Ministry of Finance and the SRS for comment. This article explores the opinion shared by the two bodies and PwC’s understanding of their comment. Read more..

Documentary evidence for VAT exemption on intra-Community supplies (2/50/19) (0)

13.12.2019

Passed

Council Implementing Regulation (EU) 2018/1912 of 4 December 2018 amending Implementing Regulation (EU) No. 282/2011 as regards certain exemptions for intra-Community transactions is taking effect from 2020. As member states have put up various preconditions for applying these VAT exemptions, which cause complications and legal uncertainty for businesses, the new Regulation specifies and aligns the conditions to be met for an exemption. Read more..

Implementation of official e-address postponed (3/50/19) (0)

13.12.2019

Draft

On 28 November 2019, Parliament supported proposals for amending the Official Electronic Address Act (OEAA) in their first reading. The proposals provide that the transition period after which using an official e-address becomes mandatory for entities entered on the Enterprise Register (ER), such as companies, foundations, associations, political parties and religious organisations, should be extended to 2 January 2023. Read more..

ERP system: cloud based or on premise? (1/49/19) (0)

06.12.2019

Practice

When it comes to setting up an enterprise resource planning (ERP) system, companies cannot avoid the question of choosing between on-premise or cloud-based. This is not an easy choice because companies should assess the pros and cons of each option to satisfy their needs. Read more..

Garden leave: remedy for protecting employer’s business (2/49/19) (0)

06.12.2019

Practice

When it comes to giving notice to terminate an employment contract, the employer wants to not only carry out their statutory obligations but also protect their business interests. Latvian law is silent about the employer’s right to prevent the employee from coming to work during the notice period. Anglo-Saxon law has dealt with this situation since late last century using the legal concept of garden leave. Read more..

 

 
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