Flash News is the latest information on proposed and effective changes in tax and business legislation. We aim to save you time by monitoring the latest developments and bringing key points to your attention.

• How to boost a subsidiary’s equity without injecting cash (3/10/10)
  09 March 2010

  Issue
  Many companies are struggling to ensure their shareholders’ equity is a positive figure. The parent company may not have any spare cash, so it should consider some other options for improving a subsidiary’s equity. This article explores several ways of making a non-cash investment. Read more »
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• New rules apply to VAT returns for March and first quarter (1/9/10)
  02 March 2010

  Passed
  We have informed our subscribers of the amendments to the new rules governing VAT returns which the Cabinet of Ministers passed at their meeting of 16 February. Read more »
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• Asset replacement: corporate income tax relief (2/9/10)
  02 March 2010

  Issue
  We have informed our subscribers of the latest amendments to the Corporate Income Tax Act, including deferred taxation when fixed assets are replaced. This article explores how this relief can be claimed, using an example. Read more »
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• More draft amendments to Commercial Code (3/9/10)
  02 March 2010

  Draft
  We have informed our subscribers (Flash News editions dated 21 April 2009 and 10 November 2009) of the latest amendments to the Commercial Code which came into force on 1 January 2010. On 14 January the Latvian parliament passed new amendments in their first reading, expected to come into force on 1 May 2010. This article takes a look at what we perceive as key changes. Read more »
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• Cabinet sheds light on how to complete VAT returns (1/8/10)
  23 February 2010

  Passed
  At a meeting held on 16 February the Cabinet of Ministers amended Regulation No. 1640 of 22 December 2009 relating to VAT returns. Such early amendments were triggered by the stream of questions taxpayers had asked about completing returns with respect to transactions within and outside the EU. The regulation comes into force on 1 March, so the amendments must be followed when completing the return for February and for the first quarter. Read more »
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