Newsletter Latvia Archive

​Foreword

Procedure of registration of stock and availability of information

• Type, form and conversion of stock
• Accounting for registered stock
• Accounting for bearer stock
• Stockholder’s right to receive information

​What companies should keep in mind and do by the year-end?

​Introduction of mandatory electronic invoices

​Amendments to the Labour Law

​Support for Latvian companies in light of the war in Ukraine

Supply-chain compliance and due diligence in Latvia

• EU legal framework as a set of minimum requirements
• General obligations on supply-chain analysis in Latvia
• Supply-chain sustainability risk analysis as a part of corporate governance

 Read as PDF file

​Latvian eID card for foreigners

Mandatory e-address for legal persons

Recovery of training expenses from the employee

• Type of training
• Presence of a written agreement
• Amount to be claimed back
• Grounds for claiming the expenses back
• Employee’s liabilities towards the employer

 Read as PDF file

​New requirements in respect to protection of consumer rights

• New requirements for selling online
• Consumer rights and unfair commercial practices prohibition will also apply to free digital
  products
• Restricting distribution of “dual-quality” products
• Additional legal remedies for consumers
• Significant changes in application of fines

 Read as PDF file

Aid for companies regarding the Covid-19 restrictions

• Grant for Working Capital
• Wage subsidy
• Table 1: Unsupportable sectors

​Employee’s obligation to receive vaccination

Obligation to determine how the work is organized

Three categories of epidemiological safety environment

• Epidemiologically safe environment
• Epidemiologically partially safe environment
• Epidemiologically unsafe environment

Obligations of service providers and employers

• Obligations of service providers
• Internal control system for implementation of epidemiological safety measures
• Appointment of the responsible person
  

Conditions for travel to Latvia

• Split of countries and sources of information
• Prohibition of incoming travel and conditions

Provision of compliant work conditions for employees in summer

• Permissible temperature for working indoors
• Work conditions for working outside work premises
• Provision of compliant work conditions if an employee works remotely
• Additional measures to be implemented at the work place for ensuring employee well-being
• Employees may refuse to perform work if the work conditions are not compliant

Covid-19 vaccination and the employer’s rights and obligations

• Voluntary nature of the vaccination
• Measures available to the employer to protect other employees and customers from Covid-19
• Promotion of vaccinations of employees at a company
• Processing of vaccination information

Remote work from abroad - the employer's rights and obligations

• Applicable legal provisions
• Immigration issues
• Taxes
• Labour safety
• Data security and protection

Obligation to maintain trade secret

• Employers’ obligations to define the trade secret and introduce measures for its protection
• Notifying the employee
• Employee's obligations
• Consequences of disclosing the trade secret

​Covid-19: Changes following lifting of the state of emergency in Latvia »

• Which stores are open »
• Restrictions at trade sites »
• Aid program for shopping centres for compensation of the decrease of lease revenue »
• Remote working »
• Compensation of employees‘ expenses in case of remote working »
• More stringent epidemiological safety requirements for travellers »
• Aid to merchants and employees »
• Furlough benefit during the Covid-19 pandemic »
• Aid for the wage subsidy to part-time employees during the Covid-19 pandemic »
• Grant for providing the flow of current assets »

Labor Law amendments in relation to posting of workers

• Working conditions and pay
• Obligation to notify
• Workers of temporary work agencies
• Long-term posting

Unified account for tax payments

• Unified tax account
• Deadline for regular tax payments

How companies can prepare for effective and efficient audit

• Selection of the proper timing
• Preparation of the required information
• Procedures to be followed throughout the year
• Closing procedures at the year end

Trading online - what should be taken into account

• Content of the website of an e-shop
• Concluding transactions online
• Copyright
• Data protection
• Food

Use and circulation of electronic documents

• Legally binding electronic document
• Compliance requirements for E-documents
• Use of E-documents for company’s internal processes
• Use of E-documents in external communication

Optimization options by fast accounting document delivery

• Ensuring of Statutory compliance
• Preventing of extra costs
• Facilitation of financial supervision and decision-making by the undertaking
• Ensuring of immediate response in unforeseeable situations
• Preparation of annual reports is facilitated

Covid-19: Update

• Amendments to the “COVID-19” law
• Amendments to the procedure of granting Downtime compensation

Covid-19: Updates and a reminder on the most essential

• Extension of Emergency situation
• Downtime payment for authors and performers
• Practical issues for downtime compensations
• Support to media
• Exemption from VAT and import duties

Update on tools available for overcoming the crisis

• Tax holidays, tax administration processes
• Availability of downtime compensation
• Alleviation for lease payments
• Updates regarding civil law matters

Transfer pricing during crisis

• Transfer pricing regulation and reality
• Strategy during crisis and transfer pricing regulation
• Justification of transfer pricing methods

Covid-19: Sectors affected by the crisis and criteria for other sectors

• Sectors affected by the crisis
• Criteria applicable to companies of other sectors in order to receive state-aid measures

Covid-19: State Aid measures in Latvia

• Stateaid measures regarding taxation due to Covid-19
• Legal state-aid mechanisms and financial instruments due to Covid-19