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Taxes on individuals in Latvia 2014 (overview)

February 20, 2014   •   16:20    •   Category: News

Please find the presentation about taxes on individuals in Latvia, 2014. This presentation provides an overview of Latvian Personal Income tax and other indirect taxes what residents and nonresidents need to know.  The general principle followed within taxation of private individuals is that Latvian tax residents are taxed on their worldwide income, but Latvian non-residents for tax purposes are taxed on their Latvian sourced income, i.e. income attributable to Latvia. The taxable object of Latvian tax resident shall be all types of income, unless...

Corporate Income Tax Latvia 2014 (overview)

February 20, 2014   •   13:50    •   Category: News

  Please find the presentation about the CIT in Latvia, 2014.   This presentation provides an overview of what Latvian Corporate Income tax payers need to know.    Here are changes included in effect for 2014 that can influence your business and the amount of CIT payable.  Please note the changes in the legislation regarding dormant companies, the monthly payment of EUR 50 had been introduced. Amendments are made with regard to taxation on payments to legal persons established in black-listed jurisdictions (see presentation for the list).    To...

Re-registration of the Share Capital (EUR) in Latvia

January 23, 2014   •   09:44

From January 1, 2014 till July 30, 2016 Capital company must re-register its share capital in the Register of Enterprises.  The share capital re-registration does not occur automatically, because only the merchant is able to make amendments in his own documents and shareholders control the saving of proportionality as regards participation in the share capital. Share capital re-registration procedure is established in the Law on the Procedure for Introducing the Euro and in the Latvian Commercial Law.    Recalculation of shares (LVL) to euro   LVL...

Amendments regarding loans to the Law "On Personal Income Tax"

January 08, 2014   •   15:13    •   Category: News

  Starting 1 January 2014, according the changes in the Law "On Personal Income Tax" loans granted to individuals and not repaid within 6 months after the loan maturity date (but not later than 66 months from the loan issue date), will be considered comparable to taxable income and thus subject to PIT. Benefit gained from reduced interest rates will also be subject to PIT at the standard 24% rate, except for loans provided by individuals.   Under the new amendments in the Law "On Personal Income Tax" , the following loans will be...

Changes in the micro-enterprise tax law in 2014

January 08, 2014   •   13:54    •   Category: News

  MICRO-ENTERPRISE TAX  The present additional micro-enterprises tax rate of 20% specified in the micro-enterprises tax law will not apply to excessive turnover exceeding the LVL 70,000 (EUR 99,601) threshold if the increase of turnover constitutes less than 30% compared with the pre-taxation period.    The additional micro-enterprises tax rate of 2% for each additional employee will not apply if the number of employees in a tax year exceeds five persons, and the number of employees increases by one or two persons compared to the pre-taxation year...