Industry News

Liquidator Andris Kovaļčuks in an Interview with the Newspaper Diena

Riga, Latvia, February 7, 2020, 14:44 / Industry News / Translation from Latvian to English. Newspaper Diena.

It is surprising, how much attention has been brought to events in one bank, despite the fact that according to articles we see that procedural activities were carried out in around 20 different places. I believe it is in everyone’s best interest to deal with all the investigations in order to reach the truth about what has happened and what has not, to finally put an end to all the speculations - the liquidator of ABLV Bank, AS and member of the Liquidation Committee Andris Kovaļčuks confirms to Romāns Meļņiks.

Dienas Bizness: Evidence of past transactions can be as valuable as gold

Riga, Latvia, January 7, 2020, 14:02 / Industry News / Translation from Latvian to English. Magazine Dienas Bizness.

In the context of anti-money laundering, transactions that took place in the distant past with no documentary evidence retained are increasingly being investigated. Entrepreneurs have many questions as to why this situation has arisen in Latvia and how to deal with it.

Fine tuning of Russian thin capitalization rules

Riga, Latvia, June 29, 2015, 15:20 / Industry News / Jurisdiction: Russian Federation

The draft federal law introducing amendments to the thin capitalization rules in Russia has passed the first reading in the Russian Parliament’s lower chamber. This document is in the early stages of the legislative process; it has two more readings to pass. Then it should be approved by Parliament’s upper chamber and by Russia’s President. The draft law likely will be enacted; legislators have tried to correct the thin capitalization rules several times. This time their attempt should be realized.

Russia sets new terms to report on controlled foreign companies

Riga, Latvia, March 30, 2015, 11:30 / Industry News / Jurisdiction: Russian Federation

According to the Ministry of Finance, in Russia the deadline to report on controlled foreign companies will be postponed from 1 April until 15 June, announced the Finance Minister Anton Siluanov.

Business may be granted a delay until autumn in respect of “anti-offshore law”

Riga, Latvia, March 2, 2015, 12:00 / Industry News / Jurisdiction: Russian Federation

The authorities may prolong from 1 April to 1 September the deadline for taxpayers to report assets in foreign companies. Earlier, business representatives asked for a delay for an “anti-offshore law” until the end of 2016.

Draft law on anti-offshore measures passed in Russia

Riga, Latvia, November 19, 2014, 15:00 / Industry News / Jurisdiction: Russian Federation

On Tuesday, in the second and third readings, the Russian State Duma passed the draft law on anti-offshore measures, which determines taxation rules for controlled foreign company (hereinafter — CFC) and foreign organizations. A new mechanism makes Russian residents, both companies and individuals, to pay taxes on retained earnings from their foreign assets. The target is so-called “purses” where dividends and interest on loans are being accumulated.

Disclosing dual citizenship or foreign residency permit by Russian citizens

Riga, Latvia, October 24, 2014, 13:00 / Industry News / Jurisdiction: Russian Federation

On 4 June 2014, the president Vladimir Putin signed Federal Law on Russian Federation Citizenship and legislative acts requiring Russian citizens with foreign passports to report their second citizenship or foreign residency permit to the Federal Migration Service (FMS) with the announced deadline of 2 October 2014.

BEPS Approaches Key Milestone

Riga, Latvia, September 17, 2014, 10:00 / Industry News / Jurisdiction: OECD

On July 3, 2014, New Zealand’s Revenue Minister Todd McClay revealed that the OECD has agreed the final recommendations for the first set of actions to tackle base erosion and profit shifting (BEPS) by multinational enterprises, which are due to be finalised in September. So as the BEPS project approaches a crucial juncture, this feature summarises key developments in its brief history.

Citizenship in Malta

Riga, Latvia, July 8, 2014, 15:00 / Industry News

Since February 2014, the Republic of Malta has started the citizenship programme by investment for foreigners. Today, this programme is the only official EU programme that allows obtaining citizenship within such a short period of time — 6 to 24 months.

The amendments to the law regulating the work of Latvian companies

Riga, Latvia, September 6, 2013, 11:00 / Industry News / Jurisdiction: Latvia

On 2nd May 2013 new amendments to Commercial Law of Republic of Latvia were adopted. Amendments became effective on 1 July 2013.

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