Marek Helm, head of the Estonian tax authority, is questioning claims that hundreds of Estonian businesses have been set up in Latvia because Latvia offers them better tax benefits than Estonia, reported Delfi today. Speaking in Reporter, an investigative TV journal of Kanal2, Helm said that he does not believe… – Continue reading
In order to curb the shadow economy and tax evasion, the State Revenue Service in Latvia will continue active control measures at companies in those national economy sectors that are the most exposed to the shadow economy; amendments have been drawn up in cooperation with the Finance Ministry in order… – Continue reading
European finance ministers have backed efforts to fight rampant tax avoidance by multinationals in the wake of the LuxLeaks scandal. But European Union members face tough negotiations to work out the details. Under a new plan the bloc’s 28 countries would share tax deals agreed with some of the world’s… – Continue reading
It has become increasingly fashionable to compare the results of Greece and the Baltic States’ response to the financial crisis of 2008, most recently last month with the Financial Times’ column with John Dizard. This, however, is a classic textbook case of comparing apples to oranges. Greece’s crisis was chiefly… – Continue reading
Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading
Riga, 2015-03-31 08:32 CEST (GLOBE NEWSWIRE) — In the audited financial report of AS “TRASTA KOMERCBANKA” has been made some changes in the design of the document. These changes do not affect the important financial information about the Bank. In 2014, Latvia’s GDP grew by 2.4%, and this growth was… – Continue reading
Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading
On 9 March 2015, the State Secretary of the Latvian Foreign Ministry, Andrejs Pildegovics, met with the members of the South Korean Parliament, Byun Jae Ill and Park Young-sun, who are visiting Latvia from 9 to 11 March in order to strengthen cooperation between the Latvian and South Korean Parliaments,… – Continue reading
Companies will be forced to disclose their ultimate owners on national registers in European Union nations as the bloc seeks to clamp down on tax dodging, money laundering and terrorism financing. European Parliament legislators and representatives of 28 EU national governments struck a deal late yesterday to upgrade the bloc’s… – Continue reading
Last March MEPs voted overwhelmingly to introduce a new transparency disclosure rule that would compel all 28 European states to make publicly accessible the real owners of companies and trusts. The decision was hailed as a major breakthrough by anti-corruption campaigners fighting financial crime and tax abuse. Lawyers working for… – Continue reading
On 16 October, the Saeima (Parliament), in its final reading, passed the “Public Persons Enterprises and Capital Shares Governance Law” in order to promote more effective governance of companies owned by the state and local governments. The Secretary-General of the Organisation for Economic Cooperation and Development (OECD), Angel Gurría, has… – Continue reading
Some 19 British firms are at the center of an investigation into in a mammoth global money-laundering operation. The scheme was allegedly contrived to make $20bn (£12.5bn) worth of ill-gotten gains appear legitimate. The illicit funds are thought to have originated from criminal gangs and corrupt officials across the globe,… – Continue reading
On the sidelines of the UN General Assembly in New York yesterday, Latvian Foreign Minister Edgars Rinkevics (Unity) met with the economy minister of Qatar Sheikh Ahmed bin Jassim Al Thani, during which the two sides signed an agreement on the avoidance of double taxation, LETA was informed by the… – Continue reading
Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading
Northern Ireland looks set to be handed the power to slash corporation tax in a move with the potential to significantly boost our stuttering economy. In a development which could transform international investment, senior sources in London and Belfast predict that an announcement will be made no later than October… – Continue reading
May 7th, 2014 (InsideCostaRica.com) Tax evaders and privacy advocates beware – Costa Rica and 46 other countries signed up yesterday to automatically share banking, financial, and tax information in what the OECD is touting as a major step towards cracking down on global tax evasion. The Declaration on Automatic Exchange… – Continue reading
People who used to know young billionaire-in-exile Serhiy Kurchenko say that if he ever started drawing his financial “chain” on a piece of paper, it would finish up on the ceiling. Kurchenko’s chain is made up of hundreds of fake Ukrainian companies, dozens of offshore firmsand more than 600 people who… – Continue reading
The Treasury Department added 19 nations to its list of countries that have reached agreements with the U.S. on carrying out a far-reaching law aimed at preventing offshore tax dodging by American citizens. The Treasury and the Internal Revenue Service said the 19 nations – including Australia, Brazil, South Africa… – Continue reading
The draft double taxation agreement between Cyprus and Latvia has been published by the Latvian authorities, allowing practitioners a “sneak preview” of its provisions. The draft agreement requires the approval of the Latvian Cabinet of Ministers before signature. After signature it will need to be ratified by both countries before… – Continue reading
Negotiations between the governments of Cyprus and Latvia on a new double taxation agreement, which began in 2006, appear to be reaching the final stages. The Latvian authorities have now published the text of the final draft agreement, which requires the approval of the Latvian Cabinet of Ministers before signature…. – Continue reading
February 14 — The Latvian finance ministry on February 6 presented a draft agreement for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income with Cyprus. The agreement aims to promote trade, foreign investment and facilitate investment from both Latvia and Cyprus. The draft DTA… – Continue reading
