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  • PricewaterhouseCoopers - MindLink Flash News Archive
    except for revaluations in companies being privatised and revaluations conducted under the Cabinet of Ministers regulations should be ignored in determining the NBV of such assets This article explores what calculations a company s accountant should make to derecognise the right amount in tax records Read more Foreign trader s obligation to pay taxes representative office permanent establishment fixed establishment 3 8 15 0 17 Feb 2015 Practice The Commercial Code and the Taxes and Duties Act refer to a foreign trader s office in Latvia as a representative office or a permanent establishment and the VAT Act adds a fixed establishment to this group of terms This article explores how a foreign trader s activities can result in a fixed establishment and when this attracts VAT obligations Read more Natural resource tax on vehicles 1 7 15 0 12 Feb 2015 Draft There are plans this year to pass proposals for amending Cabinet Regulation No 361 of 22 May 2012 Natural Resource Tax Treatment of Means of Transport that were announced at the meeting of state secretaries on 10 July 2014 This article takes a look at some of the proposed changes Read more Customs new rules for wastage rates 2 7 15 0 12 Feb 2015 Draft A newly proposed cabinet regulation Procedures for applying natural wastage rates to certain bulk liquids monitored by the Customs was announced at the meeting of state secretaries on 6 November 2014 This article explores some of the new rules Read more SRS view on tax treatment of giveaways continued discussion 3 7 15 0 12 Feb 2015 Practice In our Flash News edition of 20 January 2015 we wrote about a ruling the Latvian State Revenue Service SRS issued last year on the corporate income tax CIT personal income tax and

    Original URL path: http://mindlink.lv/en/flash_news/search/?news_q=&news_offset=12&_print=1 (2015-12-28)
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  • PricewaterhouseCoopers - MindLink Flash News Archive
    such financing transactions In this second part we will explore recent trends in tax investigations and share our thoughts on how taxpayers should proceed in analysing their financing transactions Read more Court confirms right to recover input VAT 3 37 14 0 9 Sep 2014 Practice This April the Administrative District Court confirmed a company s right to recover input VAT on services it had acquired with the intention of buying shares in another company which was not carried out for valid reasons Thus Latvia seems to be gradually strengthening the principle of assessing the right to recover input VAT throughout the commercial cycle from preparations to implementation and taking account of the taxable person s intention of doing business Read more Financing transactions a transfer pricing perspective 1 2 36 14 0 2 Sep 2014 Practice Recent experience suggests that the State Revenue Service has been paying close attention to group financing and is increasingly taking the view that the Bank of Latvia statistics are no longer suitable for transfer pricing TP purposes Given this shift taxpayers should consider changing the methodology for documenting related party financing In the first part of this article we make suggestions for carrying out a functional and risk analysis while the second part will focus on selecting an appropriate TP method and assessing the arm s length nature of your transaction Read more Employing foreign nationals in Latvia 3 36 14 0 2 Sep 2014 Practice This article explores formalities involved in employing foreign nationals in Latvia Read more Register of risky individuals 1 35 14 0 28 Aug 2014 Passed Recent amendments to the Taxes and Duties Act require the State Revenue Service SRS to maintain a register of risky individuals and to exchange information about them with the Enterprise Registry from 1 January 2014 Section 1 31 of the Taxes and Duties Act lays down criteria for adding someone to the list of risky individuals which will prevent them from receiving some of the Enterprise Registry s services Read more SRS reminds taxpayers to register for Latvian VAT 2 35 14 0 28 Aug 2014 Practice The Latvian State Revenue Service SRS has published reminders of the Latvian VAT registration requirement applicable to non Latvian resident entities permanent establishments in Latvia that make taxable supplies and to landlords real property lessors This article takes a look at persons that are required by law to register for Latvian VAT Read more Place of supply for electronically supplied services from 2015 3 35 14 0 27 Aug 2014 Practice We have informed MindLink subscribers about proposed changes to the VAT treatment of electronically supplied services regarding the place of supply This article offers practical guidance on how to determine the place of taxation from 1 January 2015 Read more Interim dividend disclosure in financial statements 1 34 14 0 20 Aug 2014 Passed Interim dividend rules have been in force since the beginning of this year see our Flash News editions of 8

    Original URL path: http://mindlink.lv/en/flash_news/search/?news_q=&news_offset=18 (2015-12-28)
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  • PricewaterhouseCoopers - MindLink Flash News Archive
    income from using and developing intangible property 3 5 15 0 28 Jan 2015 Practice To pick up where we left off on 17 December 2014 about transactions involving intangible assets for transfer pricing TP purposes this article explains how to evaluate transactions involving intangibles within a group of companies We also examine the issue of legal owner and contractual terms as well as identifying key functions assets and risks in dealings with intangibles Read more Gifts from individuals 1 4 15 0 20 Jan 2015 Practice Individuals frequently make gifts to one another without realising that this has tax consequences In this article we explore how requirements of the Personal Income Tax PIT Act apply where an individual makes a gift to another and we explain how to determine degrees of relationship correctly Read more Corporate tax on a non Latvian resident s profits 2 4 15 0 20 Jan 2015 Practice The Corporate Income Tax CIT Act was amended on 17 December 2014 to give a non Latvian resident the option of charging a 15 tax on profits from management and consulting services or from allowing the use of real estate RE located in Latvia This article explores the current withholding tax treatment of fees payable to a non resident for these services and the use of RE Read more Are marketing expenses always tax deductible 3 4 15 0 20 Jan 2015 Practice Companies looking for ways to increase sales keep coming up with new marketing activities and frequently have questions about the correct tax treatment of such expenses This article explores an advance ruling the State Revenue Service SRS issued to a taxpayer with respect to his marketing drive last year Read more Tax loss carryforward restrictions to be reintroduced 1 3 15 0 13 Jan

    Original URL path: http://mindlink.lv/en/flash_news/search/?news_q=&news_offset=13&_print=1 (2015-12-28)
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  • PricewaterhouseCoopers - MindLink Flash News Archive
    Aug 2014 Practice Based on a taxpayer s application the State Revenue Service SRS has the power to extend the deadline for paying a particular tax This article takes a look at the information to be filed and the filing deadlines Read more EU strengthens VAT ratio calculation principles 3 33 14 0 13 Aug 2014 Practice Companies that make taxable as well as exempt supplies calculate a ratio for measuring recoverable input tax Unlike other EU member states Latvia has not frequently discussed issues associated with calculating this ratio and so relevant Latvian legislation is poorly developed This article explores a recent ruling by the Court of Justice of the European Union CJEU on the inclusion of finance lease supplies in the ratio calculation Read more Amendments to Immigration Act and temporary residence permit rules 1 32 14 0 6 Aug 2014 Passed The May amendments to the Immigration Act which introduced new rules for foreign nationals seeking a temporary residence permit TRP on the basis of their investment in Latvian real estate RE or in a credit institution will come into force on 1 September In addition to buying RE or signing a subordinate debt agreement with a credit institution these investors will be required to pay cash to the government Read more Practical tips for applying transfer pricing methods 2 32 14 0 6 Aug 2014 Practice Latvian transfer pricing TP rules have been introduced to ensure that income and expenses arising from a transaction between related parties are computed according to the arm s length principle Read more Fiscal year ends in middle of calendar year how to prepare tax return 3 32 14 0 6 Aug 2014 Practice Accountants working for companies with a fiscal year that does not match the calendar year frequently ask

    Original URL path: http://mindlink.lv/en/flash_news/search/?news_q=&news_offset=19 (2015-12-28)
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  • PricewaterhouseCoopers - MindLink Flash News Archive
    customer is established meaning the company s registered office However any services to a company s fixed establishment FE under section 1 of the VAT Act registered in a foreign country are treated as supplied where that FE is located under section 19 1 1 2 of the VAT Act When signing contracts with foreign companies Latvian service providers pay little attention to whether the customer has registered an FE in Latvia and whether his activities in Latvia amount to an FE which would mean that the services attract Latvian VAT One of the reasons could be that the Latvian VAT Act does not include criteria such as determining the beneficial owner On 16 October 2014 the Court of Justice of the EU CJEU ruled on case C 605 12 which makes this issue more significant in Latvia as well Read more Statutory audit rules to be amended 1 51 14 0 17 Dec 2014 Draft The government is planning to revise a number of rules governing statutory audit services This article takes a look at some of the major amendments Read more VAT on import related services 2 51 14 0 17 Dec 2014 Practice Traders importing goods are aware that import related services such as carriage handling storage and declaring can initially be zero rated for VAT but eventually should attract a rate of 21 or 12 This raises the question of who should be charging VAT and how this should be done Should the importer add the value of services to the customs value of goods Or should the service provider charge VAT at the standard rate and pay it to the tax authorities This article takes a look at available solutions Read more Intangible assets OECD recommendations 3 51 14 0 17 Dec 2014 Practice The G20 major economies and the Organisation for Economic Co operation and Development OECD have recently tackled issues of large multinationals pursuing aggressive tax planning policies and shifting their profits to jurisdictions that offer a more generous tax regime As a result of analysing these issues the OECD prepared a report on the base erosion and profit shifting BEPS in 2013 and published an action plan this year that provides for amending international tax laws to minimise profit shifting opportunities Read more Personal Income Tax Act to be amended 1 50 14 0 10 Dec 2014 Draft On 5 December 2014 the Cabinet of Ministers approved proposals for amending the Personal Income Tax PIT Act as part of Latvia s budgetary bills package for 2015 This article explores deemed income of board members company directors small gifts to employees and other major amendments Read more Taxes and Duties Act to be amended 2 50 14 0 10 Dec 2014 Draft In planning legislative amendments for the coming year the government has decided to focus on the legal framework for fighting the shadow economy The Taxes and Duties Act is to be amended to monitor amounts an individual has paid for any

    Original URL path: http://mindlink.lv/en/flash_news/search/?news_q=&news_offset=14&_print=1 (2015-12-28)
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  • PricewaterhouseCoopers - MindLink Flash News Archive
    Enterprise Zones Taxation Act amended 2 30 14 0 23 Jul 2014 Passed The Taxation of Free Ports and Enterprise Zones Act has been amended again with effect from 11 July This article explores what we see as key amendments Read more Changes to VAT reporting 3 30 14 0 23 Jul 2014 Draft Proposed rules for changing how the VAT return is prepared have been presented to the Cabinet of Ministers These changes follow recent amendments to the VAT Act that determine from 1 January 2015 the place of supply of telecommunications radio and television broadcasting broadcasting and electronically supplied services where these are rendered to a non taxable person the so called mini one stop shop This article takes a look at the forthcoming amendments Read more Customs warehouse rules to be amended 2 1 29 14 0 16 Jul 2014 Draft In last week s edition of Flash News we informed our readers about proposals aimed at easing the administrative burden when it comes to applying for a customs warehouse keeper licence and running a customs warehouse This article explores the proposed changes to various procedures and requirements that will affect customs warehouse keepers Read more Proposed changes to annual income tax return form 2 29 14 0 16 Jul 2014 Draft Proposals for amending Cabinet Regulation No 568 on the personal income tax PIT return and how to complete it have been announced at the meeting of state secretaries following substantial amendments to the PIT Act Read more New corporate tax rules for R D activity 3 29 14 0 16 Jul 2014 Passed Taxpayers can claim a corporate income tax CIT deduction for their research and development R D expenses multiplied by a coefficient of 3 This condition applies to research work with project documentation developed by the trader This article explores Cabinet Regulation No 373 of 1 July 2014 which lays down requirements for assessing R D activities for CIT compliance and requirements for preparing relevant documentation Read more Customs warehouse rules to be amended 1 1 28 14 0 9 Jul 2014 Draft Proposals for new customs warehousing rules were announced at a meeting of state secretaries on 26 June 2014 to replace current Cabinet Regulation No 16 Customs Warehousing Rules These rules are being recast in the light of significant amendments passed recently including changes in the number of documents to be filed with the State Revenue Service SRS for taking out a licence and changes to the arrangements for cancelling and suspending a licence This article explores what we see as key changes Read more Cash controls 2 28 14 0 9 Jul 2014 Practice Section 30 of the Taxes and Duties Act which places restrictions on the use of ready cash remains unchanged since 2012 except for recent amendments relating to the introduction of the euro The State Revenue Service SRS issued cash control guidelines on 13 January 2014 This article takes a look at what s new Read more

    Original URL path: http://mindlink.lv/en/flash_news/search/?news_q=&news_offset=20 (2015-12-28)
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  • PricewaterhouseCoopers - MindLink Flash News Archive
    are intended to change obsolete rules ensure compliance with current legislation and simplify registration procedures Read more Income arising on exchange of capital assets 3 48 14 0 26 Nov 2014 Practice Under the Personal Income Tax PIT Act an individual s gain from selling a capital asset attracts a 15 tax Yet the lawmaker has laid down exceptions for the taxation of gains arising on the sale of capital assets including real estate RE For more details see our Flash News edition of 13 May 2014 This article explores ways of postponing payment of PIT on income derived from capital assets such as shares through exchange Read more Customs new transit rules 1 46 14 0 13 Nov 2014 Passed New Cabinet Regulation No 603 Application of the Transit Customs Procedure was passed on 30 September 2014 to replace the old rules with effect from 17 October This article takes a look at the main amendments Read more Estonian taxation of private cars used for business purposes 2 46 14 0 13 Nov 2014 Passed The Estonian tax treatment of company cars and private cars registered in Estonia and used for business purposes has changed from this autumn This article explores some of the changes made to Estonian legislation that might interest taxpayers having a representative office or permanent establishment in Estonia and cars registered there Read more Social insurance cap to rise for 2015 3 46 14 0 13 Nov 2014 Draft Proposals for amending Cabinet Regulation No 1478 of 17 December 2013 which caps the amount of salary that is subject to compulsory and voluntary national social insurance contributions were announced at a meeting of state secretaries on 16 October 2014 This article takes a look at capping arrangements under debate for 2015 Read more Labour Code

    Original URL path: http://mindlink.lv/en/flash_news/search/?news_q=&news_offset=15&_print=1 (2015-12-28)
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  • PricewaterhouseCoopers - MindLink Tax consulting
    and creative problem solvers We offer specialist support in such specific disciplines as value added tax corporate income tax personal income tax and national social insurance customs and international trade property taxation international tax planning analysis of tax implications and transaction structuring We are accessible by traditional means and through our web site www mindlink lv where subscribers can access tax advice around the clock and ask tax questions on line Tax risk management Tax risk assessment Tax calculation review Transfer pricing review SRS State Revenue Service ruling appeal preparation support Tax advice Transaction structuring Reorganisation planning VAT advice Customs and international trade EU tax legislation EU customs and VAT requirements Operations compliance with EU requirements E tax advice On line tax advice Weekly news and analysis Taxation overview Tax for you EU taxation Employment and wealth Employment taxes and remuneration packages National social insurance Expatriate tax services Visa and immigration services Client training Tailor made courses General tax system overview the EU indirect taxation system VAT and customs Regular surveys of tax legislation changes For further information please contact Tax risk management Zlata Elksnina Zascirinska Partner zlata elksnina lv pwc com Ilze Rauza Senior Manager ilze rauza lv pwc

    Original URL path: http://mindlink.lv/en/mindlink/about_us/pwc_services/tax_consulting.html?_print=1 (2015-12-28)
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