Introduction In Latvia,  the accounting practices are primarily governed by national laws which are mostly aligned with EU directives, thus ensuring both local relevance and international compatibility. This article explores the accounting process in Latvia, outlining the regulatory framework, bookkeeping practices, financial reporting standards, tax obligations, and the role of technology and outsourcing. Whether [...]

Introduction Latvia is regarded as an attractive location for investors looking for a gateway to the European Union. One of the first questions that many foreign entrepreneurs ask is: Do I need a Latvian partner to register a company in Latvia? The short answer is “no, you don’t”. Foreign nationals and legal entities can register [...]

In an increasingly interconnected European market, the construction industry frequently operates across national borders. Companies involved in construction services and material supplies often engage in cross-border transactions to meet the growing demand for infrastructure development, commercial projects, and residential buildings. Whether it is a Latvian company purchasing construction materials from a foreign supplier or a [...]

Due to events known to all, at least some Latvian companies have been forced to suspend business with their Russian partners. Even if business has not stopped completely, transactions are hampered and may require additional exit actions. Recognising this situation, the Latvian Tax Authority (VID) has issued guidelines on transactions with Russian companies which outline [...]

The article outlines the tax implications arising from the international assignment of an employee from the European Union company (home company) to Latvia (host company). In such situations, there are usually two options that could be considered: (1) secondment to Latvia and (2) local employment contract. 1. Employee is seconded to Latvia In this [...]