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- identify and reduce tax risks,
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- implement tax strategies that complement their business and operational objectives,
- resolve disagreements with tax authorities when they arise, and
- manage tax accounting and reporting issues and design of best in class tax functions
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Latest news
Preparing financial statement for transfer pricing: analytical segmentation options
Our professional experience suggests that paragraph 3.3.2 of the Cabinet of Ministers’ Rule No. 802, “Transfer Pricing Documentation and Procedures for Entering Into an Advance Pricing Agreement Between the Taxpayer and the Tax Authority for a Transaction or a Type of Transactions”, which states that the taxpayer’s transfer pricing (TP) documentation should include financial information and tables showing how the financial data used in applying the TP method is linked to the financial statements, has taxpayers confused as a maze of legal interpretation.
Platform work – next stage in evolution of employment
Over time, employment has gone through various stages of evolution. The EU is now standing in the doorway to the gig economy stage and has started drafting rules on platform work. While platform work in Latvia is mainly associated with the food delivery industry, technological advances are expected to make platform business relevant to the manufacturing and service sectors as well.
Foreign persons liable to pay natural resource tax
As Europe is pressing ahead with its Green Deal, the relevance of environmental taxation is growing rapidly in Latvia and across the EU. Our experience suggests that Latvian companies are much better informed about the natural resource tax (NRT) treatment than foreign persons doing business in Latvia. This article serves as a reminder of the NRT treatment for foreign persons. This information may also help Latvian companies identify cases where a foreign supplier has Latvian NRT obligations, which are either not discharged or wrongly shifted onto the Latvian company.
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