Flash News

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Flash News is the latest information on proposed and effective changes in tax and business legislation. We aim to save you time by monitoring the latest developments and bringing key points to your attention. If you wish to receive our free weekly Flash News summarising the latest Latvian tax and business developments by e-mail, please register at mindlink@lv.pwc.com.

Incoterms 2020: updated terms for supplies of goods (1/7/20) (0)

14.02.2020

Passed

The International Commercial Terms (Incoterms) provide for the apportionment of responsibility, obligations and costs between the buyer and the seller in international contracts for supplies of goods. On 10 September 2019 the International Chamber of Commerce(ICC) published the latest version, Incoterms 2020, which came into force on 1 January 2020. This version presents revised Incoterms 2010 to accurately reflect today’s commercial practices. This article explores what we see as key changes to the Incoterms. Read more..

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Future of unified approach to addressing tax challenges in digital economy (2/7/20) (0)

14.02.2020

Practice

Following up on the topic of digitalisation discussed in our Flash News article “Taxing permanent establishments in digital economy” on 23 August 2018, we have prepared a series of articles summarising the key points of Pillar One and Pillar Two, documents recently issued by the OECD. Read more..

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Corporate tax relief for donors from 2020 (3/7/20) (0)

14.02.2020

Passed

Recent amendments to the Corporate Income Tax (CIT) Act are expected to increase the flow of donations this year. This article explores amendments relating to CIT relief for donors applicable from 1 January 2020 to 31 December 2022. Read more..

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Time to file annual income tax return (2/6/20) (0)

07.02.2020

Practice

The tax filing season is approaching swiftly as we have less than one month to go until March. On 14 January 2020, we informed our MindLink.lv subscribers about the proposed amendments relating to the statutory form of the personal income tax (PIT) return and instructions for completing it. This article explores the filing obligation as well as the statutory filing and payment deadlines. Read more..

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Corporate Income Tax Act amended (3/6/20) (0)

07.02.2020

Passed

The long-awaited amendments to the CIT Act have been finally adopted. This article explores amendments that increase the number of items to be included in the tax base and expands the range of taxpayers. Read more..

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