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Tax services in Latvia


Tax services has been one of our core practice areas since the very foundation of the law firm. Our law firm has been recognized by our clients as a first tier tax advisor in Latvia. Since 2008 we have also been providing tax services in Estonia and Lithuania.

 

We offer tax advice in international and domestic tax planning, tax litigation, market entry strategies and cross-border tax issues. Along with our deep knowledge of taxation we are able to offer a truly comprehensive legal service in other practice areas of the corporate and commercial spheres, such as mergers and acquisitions in Latvia, Lithuania and Estonia.

 

Before commencing business activities in Latvia, it should be noted that all income derived in Latvia is subject to corporate income tax at 15%. There are thin capitalization and transfer pricing rules applicable, as well as withholding tax on certain categories of outward payments. However, a recent and attractive development is the possibility to reduce taxable income by deemed interest rate on retained earnings. That is, companies are able to reduce their effective tax rate, if their shareholders do not distribute retained earnings. Additionally, the period for carrying loss forward is five years.

 

Another recent development is Micro-Enterprise Tax. This type of tax may be applied on small companies and sole proprietors, whose turnover does not exceed 100 000 EUR per year and who meet several other criteria regarding number and remuneration of employees. The tax rate is only 9% on turnover and it includes corporate income tax, social contributions, personal income tax and other labor related contributions.

 

In general, VAT registration is mandatory for companies or persons, whose turnover exceeds 14 000 EUR. Different thresholds are applicable for certain categories of goods or for international or intra-Community transactions. Related companies may establish a VAT group by pooling their obligations and rights, while communicating with the Latvian tax authority.

 

 

The full list of fields of our expertise in taxation is as follows:

 

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Value added tax fiscal representative  in Latvia

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Should you wish to receive our English speaking tax consultant assistance please feel free to contact us at info@gencs.eu

For questions, please, contact Valters Gencs, attorney at law at info@gencs.eu


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The material contained here is not to be construed as legal advice or opinion.

© Gencs Valters Law Firm, 2015
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