On 16 July 2020, the European Union Court of Justice (CJEU) passed judgment C-311/18 (Schrems II), invalidating the US-EU certificate programme Privacy Shield, which ensures data transmission security.
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Corporate accounting and outsourcing
Tax services
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Value added tax
We have extensive knowledge in the field of value-added-tax, excise duties and customs, both on the national and international level.
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Corporate income tax
We advise on all matters related to corporate taxation
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Transfer pricing
At Grant Thornton Baltic, our tax, legal and financial advisers assist you in all matters related to transfer pricing.
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Tax risk management
Tax risk management
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Due diligence
We identify the risks in different taxation areas (incl., corporate income tax, value added tax, payroll taxes, transfer pricing, transactions with non-residents). We prepare a report summarising any deficiencies and problems discovered and make proposals for their elimination.
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International taxation
Companies need clear strategies for tax efficient cross border business
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Taxation of private individuals
We provide our clients with integrated solutions. We advise clients in the preparation of income tax declarations as well as interpretation of different provisions regulating tax exemptions and tax incentives. For sole proprietors, we arrange accounting, prepare income tax declarations, and communicate with the tax authorities.
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Data protection and information security
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GDPR audit
GDPR audit
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DPO as a service
DPO as a service
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Data protection advisory services
Data protection advisory services
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Data protection impact assessment
Data protection impact assessment
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Information security audit
Information security audit
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Transmission of personal data to the US – mission impossible?
Business advisory and valuation services
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Business advisory
Experienced financial advisers assist clients in all stages of their companies’ life cycle.
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Vacancies for students
Tax
Single tax account
09 Dec 2020We would like to inform you that a new account for state budget payments administrated by the SRS will be introduced as of January 1, 2021 - a single tax account, that will replace current tax accounts. The most important:
- For all declarations due by the 20th day of the month, the current deadline will remain unchanged, e.g. declarations on value added tax, corporate income tax, excise duty and natural resources tax.
- New declaration deadlines - for electricity tax (date 20), lotteries and gambling tax (date 15) and for submission of the employer's report (date 17).
- There will be a single payment deadline for all regular internal taxes administered by the SRS on the 23rd day of each month.
- Taxes and fees payable to the single tax account are specified in Section 23.1, Paragraph five of the Law “On Taxes and Fees”.
- Customs duties will have to be paid into the single account from 2023 onwards. Until then, the current order remains.
- Real estate taxes do not have to be paid in the single account.
- To ensure the taxpayer’s awareness of which taxes are covered from the amount remitted to the single tax account, this information will be available in the SRS EDS system.
- The amount of money paid into the single account will be divided to cover the taxpayer's liabilities by types of taxes, following the FIFO principle - first in - first out.
- As of January 1, 2021, the accrual principle will be introduced in the accounting of state revenue administered by the SRS, which means that according to it accounting transactions and other events are recognized when they occur (and not when the Treasury receives or money paid). It will be possible to see both the calculated liabilities and payments made for each tax.
If you have any questions please do not hesitate to contact us at Martins.Lubgans@lv.gt.com.
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