Flash News Archive

We have informed our subscribers (Flash News editions of 2 and 9 February 2010) of excise duty changes in 2010 emanating from amendments of 1 December 2009 to the Excise Duty Act. To continue, this article explores changes in excise duty administration resulting from a new Excise Movement and Control System to be introduced from 1 April 2010. Read further »

With reference to our earlier Flash News editions concerning Labour Code amendments, we would like to inform you that the amendments have been passed with effect from 25 March 2010. Read further »

This article concludes the one we posted last week. Read further »

April 1 is approaching, the deadline for filing annual income tax returns, applicable to individuals who are required by law to file. This article explains how to complete your tax return. Read further »

Multinational groups frequently face a situation that involves a loss-making company in one country, while profits are made in another. If losses arising in the first country could be surrendered to the profit-making company in the other country, the group would achieve a reduction in its overall tax bill. This idea takes on even more topicality when losses in the first country are planned to occur over a longer period, for example, when a new business is being started up or when other economic factors come into play. In our forthcoming series of articles we will inform our subscribers of ways to transfer such losses. This article explores group relief in the light of principles laid down by the ECJ ruling in Marks & Spencer case No. C-210/04. Read further »

After a nearly year-long debate the Latvian parliament passed amendments to the Labour Code in their third reading on 4 March 2010. The effective date is yet to be announced. These amendments were originally intended to make the law more flexible and to address issues of unregistered employment, but a number of new proposals were added as the bill progressed through parliamentary committees and plenary sessions. This article explores what we perceive as key changes. Read further »

In our Flash News edition of 3 February 2009 we informed our subscribers of proposed amendments to the Packaging Act and to the Natural Resource Tax Act regarding the introduction of a deposit scheme for reusable and single-use packaging in Latvia. The proposed deadlines were postponed at that time and a draft regulation for applying a deposit scheme to reusable packaging was announced at a meeting of state secretaries. This article explores current plans for introducing a packaging deposit scheme in Latvia. Read further »

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 further »

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 further »

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 further »