Print here
Flash News
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. If you wish to receive our free weekly Flash News summarising the latest Latvian tax and business developments by e-mail, please register at mindlink@lv.pwc.com.
-
Accounting for collateral repossession and maintenance costs (1/35/10)
31 August 2010IssueWhen restructuring and recovering their loans, banks incur collateral-related expenses. Read more » -
The European Commission’s report on taxation trends in the EU (2/35/10)
31 August 2010IssueThis report summarises and analyses information on the tax burden in the 27 EU member states over the period from 1995 to 2008 and provides an overview of how the economic crisis has affected the level and structure of tax revenues. The trends and findings outlined are both interesting and instructive. Read more » -
Income from a partnership (3/35/10)
31 August 2010PassedAn individual may carry on a business not only as a sole trader or using a company they own but also through a partnership. This article takes a look at how Latvian tax-resident individuals should assess and pay income tax. Read more » -
Ways of reducing a VAT penalty (1/34/10)
24 August 2010IssueThe Taxes and Duties Act lays down, among other things, liability for understating the amount of VAT payable to the government and for overstating the amount of VAT refundable by the government. Under the Taxes and Duties Act, the State Revenue Service (SRS) conducting a tax audit has the power to assess the amount of tax lost (plus a late charge) or to reduce the overstated tax credit, as well as imposing a penalty of 30, 50, 70 or 100 per cent in either case according to the criteria prescribed by sections 32 and 32.3 of the law. The Taxes and Duties Act also lays down a procedure for reducing a penalty imposed by the SRS. Although a tax offence in either case is punished in a similar way (the criteria and the method of penalty assessment being identical), a penalty reduction is only possible in the case of a tax understatement. Read more » -
How the EU governments responded to the global crisis (2/34/10)
24 August 2010PassedIn 2009 Latvia was forced to introduce new taxes, to reduce or even abolish some of its tax incentives, and to raise its tax rates. Yet tax changes were made across the EU to curb the drop in inland revenues. This article takes a look at what the EU governments were up to during the period from late 2008 to this May. The information comes from a report on EU taxation trends published by the European Commission on 28 June this year. Read more » -
24.08.2010 Registering a residence permit (3/34/10)
-
17.08.2010 The Microbusiness Tax Act takes effect two weeks from now (1/33/10)
-
17.08.2010 How to qualify for microbusiness tax? (2/33/10)
-
17.08.2010 Suspending a tax penalty ruling (3/33/10)
-
10.08.2010 Large investment relief (1/32/10)
Contacts
Gunita Pužule
gunita.puzule@lv.pwc.com
Tel. +371 67094400
© 2010 PricewaterhouseCoopers. "PricewaterhouseCoopers" refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity. All rights reserved.