Ober-Haus Real Estate Market Report 2018

 

Commissionaire structure: transfer pricing, accounting and tax implications (1/16/18) (0)

19.04.2018

Practice

The commissionaire structure is a well-known operating model around the world, but not so widespread in Latvia, thus raising many questions about accounting, taxation, and transfer pricing (TP). This article explains the TP and corporate income tax (CIT) treatment of commissionaire arrangements and inherent risks. Read more..

VAT treatment of chain supplies (2) (2/16/18) (0)

19.04.2018

Practice

To pick up where we left off about the VAT treatment of chain supplies last week, this article explores some more triangular supplies and their implications. Read more..

Taxation of permanent establishments under new CIT Act (3/16/18) (0)

19.04.2018

Practice

This article describes the rules for taxing a permanent establishment (“PE”) in Latvia within the framework of the new Corporate Income Tax (CIT) Act effective from 1 January 2018. The new CIT regime is based on the taxation of distributed profits, while retained earnings are not taxed. This raises the question of what is a profit distribution for PEs or branches of non-resident companies since they cannot pay dividends. Read more..

Time to file annual income tax returns (residents) (2/15/18) (0)

13.04.2018

Practice

Unless they have already done so, Latvian residents (and non-residents as well, but this article is meant for residents) are now expected to prepare and file their annual income tax return for 2017 in order to calculate and pay tax on any taxable income on which tax has not been paid during the year, and to recover any overpaid tax on any unclaimed balance of personal allowance, allowances for dependants, allowable expenses, contributions to private pension funds (PPFs), life insurance premiums etc. Read more..

VAT treatment of chain supplies (3/15/18) (0)

13.04.2018

Practice

As we analyse the rulings made by the Court of Justice of the European Union (CJEU) we are aware that some of our clients still find it difficult to correctly determine the place of supply and the VAT treatment of chain supplies in which goods are supplied to a person established in another member state, and title passes to the customer in Latvia, but the supplier takes little or no responsibility for transportation. Special care is required where a supply involves Group E or F of Incoterms. This article explores the triangulation simplification arrangements. Read more..

 

 
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