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Tag: #Latvia

Latvian banks demanded the Ukrainian to disclose tax information

Published: Sergey Panov | 14/06/2016 | news
Rigensis Bank

Ukrainian clients of Latvian banks have received letters demanding to talk about his tax residence. These data are the local State Revenue Service promises to transfer FTS. Latvia Banks sent Ukrainians requirements to disclose tax and financial information about themselves. In one of these letters, which received a bank customer Rigensis (have RBC), said that since January 1, 2016 Latvia acceded to the standard automatic exchange of financial information (Automatic Exchange of Information or AEOI). In a letter to his client Rigensis Bank warns that it must pass the data of the State Revenue Service of Latvia (SRS). And that, in turn, is obliged to send this information to the tax authorities of the relevant jurisdiction. In other words, in those countries where the owners Rigensis bank accounts - tax residents, written in the letter. The first reports on the new (opened in 2017) and large accounts (balance at 31 December 2015 of more than $ 1 million) Rigensis transmit SRS in 2017, stated in the letter. For all the rest - in 2018. At the same time Ukraine is likely to begin to exchange tax information with Latvia within the AEOI, said in response to the SRS request RBC...

Hong Kong – Latvia, the avoidance of double taxation agreement

Published: Sergey Panov | 18/04/2016 | news
Hong Kong - Latvia

It has been signed an agreement on avoidance of double taxation between Hong Kong and Latvia on 13 April, Riga. This is the 35th contract that Hong Kong has signed with its trading partners. The Treaty establishes a clear allocation of taxation rights between the two jurisdictions and it helps investors better assess their potential tax liabilities. It has been signed an agreement on avoidance of double taxation between Hong Kong and Latvia on 13 April, Riga. This is the 35th contract that Hong Kong has signed with its trading partners. The Treaty establishes a clear allocation of taxation rights between the two jurisdictions and it helps investors better assess their potential tax liabilities. In the absence of an agreement on avoidance of double taxation the profits of Hong Kong companies which operate through a permanent establishment in Latvia, were taxed in both places if the income comes in Hong Kong. Similarly, revenues received Latvian residents in Hong Kong are subject to tax in Latvia. Under the new agreement, the tax rate in Latvia for royalty (currently different rates to 23 per cent in some cases) will be reduced to zero percent for companies and a maximum of...

Corporate Tax Rate 2016

Published: Sergey Panov | 17/03/2016 | news
Corporate tax in 2016

UK - The Corporation Tax main rate for 1 April 2016 is set at 20%. This rate will fall to 19% for the year beginning 1 April 2017, and to 18% for the year beginning 1 April 2020. Hong Kong - Profits tax levied at rate of 16,5% for companies carrying on business in Hong Kong (and 15% for unincorporated businesses) on relevant income earned in or derived from Hong Kong. Ireland - Standard corporation tax rate on trading income is 12,5% and 25% on non-trading income. Cyprus - Corporate tax rate is 12,5%. Certain types of income subject to Special Contribution for Defense at rates of 17%(dividends), 30%(interest) and 3%(rents). Latvia – Rate is 15%. Belize - All non-CARICOM residents, who have any taxable receipts originating from Belize, or in respect of any service provided in Belize, are required to pay business taxes as follows: Dividends - 15%, Insurance Premiums - 25%, Interest on Loans - 15%, Management fees - 25%, Rental of plant and equipment - 25%, Technical Services - 25%. British Virgin Islands - No income tax. United Arab Emirates - Income tax decrees currently enforced on oil and gas companies and branches of foreign banks. Oil and gas...