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Tax environment in Latvia: Latest developments and a view to the future

  • Latvia
  • Tax planning and consultancy - Information and guidance

11-11-2014

Authors: Māris Vainovskis and Jūlija Sauša

The Euromoney Corporate Tax Handbook,
2015

This article reviews a few general amendments to the Tax Laws made by the Latvian parliament aiming to develop the holding regime in Latvia and make it more attractive for establishing holding companies and attracting foreign investment, as well as highlighting the main anti-avoidance rules which are viewed through the designed domestic Tax rules in the changing international Tax environment.

As the Latvian highly honoured Dr. oec., professor and previous Director General of the Latvian State Revenue Service Mr. K. Ketners wrote in his recent article in relation to the Latvian tax environment, that global tax systems go further from the position of Lord Tomlin in the Duke of Westminster's case (1936), where he proclaimed that “every taxpayer has the right to order his affairs and to choose such an approach, so the result is not to pay an increased tax”. In this case it was ruled that the law must be interpreted narrowly, using the letter of the law, and that a taxpayer shall not feel a moral obligation to follow the spirit of the law and pay more taxes than it is necessary. Accordingly, this may be a starting point and this is the road where Latvia, thriving through challenging times, takes large steps, - to a more transparent tax system and honest and prosperous taxpayers.

Full article available here.

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