- Statutory audit rules to be amended
The government is planning to revise a number of rules governing statutory audit services.
- Population Register Act to be amended
Proposals for amending the Population Register Act were debated at a meeting of state secretaries on 20 November.
- Taxes and Duties Act to be amended
In planning legislative amendments for the coming year, the government has decided to focus on the legal framework for fighting the shadow economy.
- Personal Income Tax Act to be amended
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.
- Corporate Income Tax Act to be amended
The latest proposals for amending the Corporate Income Tax Act fall into three groups: amendments relating to an individual’s indirect income from a partnership, introduction of the concept of Development Finance Institution, and changes regarding payments to non-Latvian residents.
- New taxpayer registration rules
A set of new rules have been drafted to replace current Cabinet Regulation No. 150, which deals with the registration of taxpayers and their business units at the State Revenue Service.
- Social insurance cap to rise for 2015
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.
- No significant changes expected to corporate tax treatment
Proposals for amending the Corporate Income Tax Act were debated by the Cabinet of Ministers in late October.
- Proposal to stop issuing residence permits to Russian nationals buying property
On 21 October the Parliamentary Committee for Defence, Interior and Anti-Corruption gave the green light to VL-TB/LNNK’s bill, before its first reading, to stop issuing Russian nationals with a temporary residence permit in exchange for a Latvian real estate purchase.
- Natural resource tax rules to be consolidated
A draft cabinet regulation for exempting natural resource tax on environmentally damaging goods, packaging and disposable tableware was announced at a meeting of state secretaries on 10 July 2014.
- Tax changes to become more predictable
To assure taxpayers that the tax system is stable, simple, transparent and suitable for the economic situation in the country, proposals for amending the Taxes and Duties Act have been drafted to establish certain principles for imposing taxes and setting rates.
- Changes to social insurance reporting by insolvent companies
The Ministry of Welfare has drafted proposals for amending Cabinet Regulation No. 827, which relates to the registration of national social insurance contributors and statements of NSI contributions and personal income tax, to ensure that NSI contributions are properly allocated during a company’s insolvency proceedings.
- Government to help distressed companies
The Taxes and Duties Act is to be amended to encourage voluntary payment of taxes and help financially distressed companies stabilise their solvency.
- Latvia to sign tax treaty with Hong Kong
A bill proposing Latvia’s double tax treaty with the Hong Kong administrative region of the People’s Republic of China was presented to the meeting of Latvian state secretaries on 7 August.
- Aid rules for small, medium and agricultural businesses to be amended
On 22 July the Cabinet of Ministers supported amendments to Cabinet Rule No. 1065, which deals with lending in aid of micro, small and medium businesses as well as agricultural service cooperatives.
- Changes to VAT reporting
Proposed rules for changing how the VAT return is prepared have been presented to the Cabinet of Ministers.
- Proposed changes to annual income tax return form
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.
- Customs warehouse rules to be amended (2)
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.
- Customs warehouse rules to be amended (1)
Proposals for new customs warehousing rules were at a meeting of state secretaries on 26 June 2014to replace current Cabinet Regulation No. 16, Customs Warehousing Rules.