Tax Management and Accounting Services
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In a competitive and ever-changing business environment it is increasingly difficult to achieve a leading market position. Building and maintaining such a position normally requires focus on the company’s core commercial activities.
In response to these challenges, PwC offers clients the possibility of outsourcing certain business processes, such as statutory accounting, payroll, tax compliance and international reporting functions to our experienced specialists in the Tax Management and Accounting Services (“TMAS”) team. The team of experienced accountants and tax advisors is ready to provide the highest quality services by taking over all or part of the company’s accounting and tax compliance processes.
As independent and objective professionals, we can assist clients to fulfill their accounting and tax compliance obligations efficiently and accurately in accordance with the local and international accounting standards; mitigating tax risk and maximizing tax deductibility and VAT recoverability.
- Maintaining accounting records in accordance with Latvian Accounting Law, International Financial Reporting Standards or Group accounting policies;
- Monthly and annual reports for group reporting purposes;
- Assistance in preparation of the chart of accounts for Latvian statutory, Group and tax reporting requirements as well as preparation of the accounting policy;
- Services relating to the closing of the financial year (preparation of the annual financial statements).
- Calculation of monthly gross to net remuneration, personal income tax amounts and social security contributions;
- Monthly tax and social security declarations, annual returns – preparing and submitting via Electronic Declaration System (‘EDS’);
- Advice in the field of taxpayer duties, filing obligations and dates;
- Review of payroll tax compliance.
- Maintaining purchase and sales records and VAT register in accordance with the VAT Act;
- Drawing up VAT returns;
- Submitting VAT returns to the tax office by the relevant due dates via EDS;
- VAT consulting;
- Intra-Community transactions (EC listings) and Intrastat declarations;
- Periodic reviews of VAT calculations;
- Assistance in the tax refund, audit and inspections.
Corporate Income Tax
- Preparation of the annual CIT calculation and CIT returns;
- Submitting CIT returns to the tax office via EDS;
- Tax advice regarding the treatment of selected transactions within the CIT law;
- Tax payment advice and assistance in the tax refund procedures, audits and inspections;
- CIT reviews;
- Identifying tax planning opportunities with a view to potential tax savings or optimization.
- A fully integrated and comprehensive finance and administrative service in Latvia, in Europe and elsewhere around the globe;
- Full compliance with local statutory requirements;
- Quality services tailored to the Company’s needs;
- Confidentiality and protection of the Company's sensitive business data;
- Minimizing the risk of foreign companies non-compliance in Latvia;
- Providing you with a single point of contact to help you keep on top of your compliance obligations;
- A strong team of specialists dedicated to accounting, payroll, tax compliance and corporate administrative services in Latvia;
- Experience supported by the PwC global network and by over 100 assurance, advisory and tax professionals in Latvia.