Data Protection Directive to become Regulation (2/5/12)
31 Jan 2012
Draft
On 25 January 2012 the European Commission (EC) put forward a proposal for comprehensively reforming the data protection rules to increase the scope for data subjects to control their data and to reduce cost to businesses. The EC proposal has been submitted to the Council and Parliament, who have yet to make a decision on the relevant documents, optimistically forecasting that this could be done by the end of 2014. This article takes a brief look at the goals, principles and conditions of the proposed new Regulation. Read more..
Appendices to VAT return should separately show transactions with one party (1/4/12)
24 Jan 2012
Passed
Our earlier editions of Flash News have informed our subscribers of amendments to the VAT Act and to the Cabinet Regulation relating to the introduction of reverse-charge VAT on construction services. On 17 January 2012 Cabinet Regulation No. 1640 regarding the VAT return was supplemented with instructions for completing the return and its appendices as well as amendments to the return form. This article explores some of the key requirements for preparing the VAT return and its appendices. Read more..
Electronic data interchange (2) (2/4/12)
24 Jan 2012
Practice
This article picks up where we left off in our Flash News edition of 17 January 2012 on the subject of electronic interchange regarding the main requirements of current legislation for e-records. Read more..
Exit tax after relocating business within EU (3/4/12)
24 Jan 2012
Practice
On 29 November 2011 the European Court of Justice ruled on case No. C-371/10, recognising the freedom of the member states to charge an exit tax on companies that change their country of tax residence. This article takes a look at the reasoning and findings of the ruling. Read more..
Amendments to Excise Act (1/3/12)
17 Jan 2012
Passed
In late 2011 Parliament amended the Excise Act with effect from 1 January 2012. This article takes a brief look at what we perceive as key changes in excise treatment. Read more..
Electronic data interchange (1) (2/3/12)
17 Jan 2012
Practice
Unfortunately Latvia had no proper legislation on electronic data interchange between traders for many years. Last year, however, the lawmaker made efforts to improve the legislation on electronic data interchange, including the clause which states that traders’ e-documents and e-registers are governed by Cabinet Regulation No. 473 of 28 June 2005, which was previously applicable only to electronic data interchange involving central or local government agencies. This article summarises the main requirements of current legislation for electronic interchange of documents, including a delivery document that must be prepared for domestic carriage of goods (both delivery and internal movement of goods) from 1 January 2012 – we informed our subscribers of this new type of supporting document in our Flash News edition of 11 October 2011. Read more..
