Tax reporting, accounting and strategy

Our complete approach to tax management brings together tax function design, technology and compliance delivery. By aligning your tax and tax technology strategies with your commercial goals, the tax function will become a strategic business asset, adding value across the organisation.

Redesign, redefine and redeploy the tax function to be a strategic business asset

The rapidly changing regulatory environment dictates that companies should be paying increasingly more attention to financial accounting and ways of managing tax risks and other related risks, which is not possible without continuous training and upgrading. At the same time, the fierce competition requires this to be done with limited resources. In response to these challenges, we suggest outsourcing these services to PwC’s team of experts.

Understanding your organisation’s challenges, goals and needs is just the start. Successful change will require re-engineering 'end-to-end' processes not just the final outputs.

Financial and management accounting

Keeping your accounting records in line with the requirements of Latvian legislation, IAS/IFRS, and your group accounting policies
Monthly, quarterly and annual financial reporting for management, tax and group purposes
Assistance in creating or improving your chart of accounts
Devising accounting policies and preparing an accounting or finance manual
Preparing supporting documents for the efficient application of tax legislation
Services related to closing the financial year and support in your dealings with auditors and government agencies
Continuous optimisation of your accounting and reporting processes tailored to your business needs.

Payroll calculations and taxes

Calculating monthly gross/net pay, personal income tax charges and national insurance contributions for individuals employed in Latvia aand abroad
Preparing and filing monthly and annual tax returns via the Electronic Declaration System or other systems for individuals employed abroad
Advising on your obligations, filing procedures and deadlines
Checking your tax returns and advising on a tax strategy appropriate for your business needs.

Value added tax (VAT)

Accounting for your transactions, keeping your VAT records, and preparing your returns according to the legislation of Latvia and other countries
Checking your VAT returns and calculations
Filing your VAT returns
Advice on VAT issues
Intra-EU transactions and Intrastat reporting
Assistance with tax refunds and support during tax audits.

Coorporate income tax (CIT)

Preparing your CIT return according to the legislation of Latvia and other countries
Checking your CIT return
Filing your CIT return
Advice on the CIT or deferred-tax treatment of certain transactions
Advice on paying taxes and assistance with tax refunds, as well as support during tax audits
Tax planning tailored to your business needs and goals.