Latvia deposits its Multilateral Convention ratification instrument

November 11, 2019

On 29 October 2019, OECD confirmed that Latvia deposited its instrument of ratification for the multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting (BEPS MLI). The MLI is a multilateral tax

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Latvia: President signs a Law to ratify BEPS MLI

July 25, 2019

On 22 July 2019, Latvian President Egils Levits has signed a law for ratification of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (MLI). Latvia must now deposit its ratification instrument to

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Latvia publishes regulations for low value-adding intra-group services

July 17, 2019

On 9 July 2019, Latvia published Cabinet Regulations No. 324 of 9 July 2019 in the Official Gazette addressing simplified transfer pricing provisions for intra-group low value-added services. The Regulation provides that the general

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Latvia: Parliament passes new CFC rules

January 15, 2019

On 13 December 2018, Latvian parliament Saeima passed a law of amending the corporate income tax act which provides for the implementation of new controlled foreign company (CFC) rules in line with the EU Anti-Tax Avoidance Directive (ATAD). The

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Latvia: Parliament adopts regulation with new requirements for transfer pricing documentation

November 18, 2018

On 25 October 2018 the Parliament approved amendments to the law ‘On taxes and duties’ which introduce in Latvia the OECD format of the transfer pricing documentation. The law was published on 14 November 2018 as the official Gazette no

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IMF report looks at fiscal policy in Latvia

September 11, 2018

On 6 September 2018 the IMF issued a report following the conclusion of discussions with Latvia under Article IV of the IMF’s Articles of Agreement. Economic growth rose in 2017 owing to increasing wages, recovery of private investment and faster

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Latvia: Cabinet Ministers approves a draft bill on Master and Local file

May 24, 2018

Recently, the Latvia Cabinet of Ministers has approved a draft law for the introduction of Master and Local file requirements in line with BEPS Action 13. Under the law, taxpayers resident in Latvia are required to submit Master file within 12

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World Bank: Project to improve tax collection in Latvia

December 22, 2017

A press release of 18 December 2017 announced that the World Bank is to assist Latvia’s tax administration to increase tax collection by improving revenue mobilization and reducing compliance costs. The project is partly financed by the European

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Latvia changes taxable base for social security contributions in 2018

December 20, 2017

The Cabinet of Ministers of Latvia has adopted a regulation amending the ceiling of the taxable base cap for social security contributions. Under this Regulation, the annual taxable base (income) cap per employee for social security contributions is

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Latvia: Parliament approves protocol to tax treaty with Singapore

December 06, 2017

On 30 November 2017, the Latvian Parliament agreed to ratify the protocol to income tax treaty with Singapore. The protocol was signed on 20 April 2017 to amend the income tax treaty of 1999. The protocol will enter into force once both parties have

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Double tax treaty between Hong Kong and Latvia enters in to force

November 29, 2017

On 24 November 2017, the Double Taxation Agreement (DTA) between Hong Kong and Latvia was entered into force after the completion of ratification procedures on both sides. The agreement was signed on 13 April 2016. The treaty provides for reduced

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Latvia and Pakistan sign an agreement on avoidance of double taxation

November 07, 2017

Pakistan and Latvia on October 25, 2017, after the second round of negotiations, concluded an agreement on the Avoidance of Double Taxation with regard to income tax and prevention of tax evasion and avoidance (ADTA). Avoiding the double taxation

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Latvia and Vietnam sign an agreement for the avoidance of double taxation

October 24, 2017

On October 19, 2017, an intergovernmental agreement on the elimination of double taxation and the prevention of fiscal evasion with respect to income tax was concluded between the Republic of Latvia and the Socialist Republic of Vietnam. The

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Latvia and Oman sign a MOU on bilateral political consultations

September 20, 2017

On 18 September, during the 72nd session of the United Nations General Assembly in New York, the Minister of Foreign Affairs of Latvia, Mr. Edgars Rinkēvičs, met with Mr. Yusuf bin Alwi bin Abdullah, the Sultanate of Oman’s Minister

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Latvia: Parliament passes new corporate tax law

August 21, 2017

The Latvian parliament passed a new corporate tax law on 28 July 2017. The law will enter into force on 1 January 2018. Unlike the current corporate income tax (CIT) regime, the proposed CIT regime is based on a cash-flow taxation model, which

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Latvia: State Revenue Service announces CbC reporting regulations

August 15, 2017

The Latvian State Revenue Service (SRS) on 08 August 2017 announced the Country-by-Country (CbC) reporting regulations, which were approved by the Latvian Cabinet in July following an amendment to the Law on Taxes and Duties to require CbC reports.

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U.S. and Latvia sign agreement on the exchange of CbC reports

July 27, 2017

According to an IRS announcement on its website, the competent authorities of U.S. and Latvia have concluded an arrangement on the exchange of Country-by-Country Reports. The competent authority arrangement (CAA) for exchange of country-by-country

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Switzerland’s Federal Council adopts dispatch on revised DTA with Latvia

July 25, 2017

The Federal Council of Switzerland adopted the dispatch on a revised double taxation agreement (DTA) with Latvia on 28th June 2017 regarding taxes on income and capital. The dispatch was submitted to Parliament for approval. Switzerland and Latvia

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