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Baltic Tax News

17.11.2016
“Baltic Taxes” available on the Apple App Store and the Android Market Baltic Taxes is a tax planning and optimization application which helps the user to calculate the VAT, corporate...
23.08.2016
R&D tax incentive Lithuania levies flat 15% Corporate Income Tax. Since the 1st of January 2012small companies employing 10 employees or fewer, with an annual income of 300,000 EUR or less, have been subjected to 5%...
11.08.2016
Controlled Foreign Company rules in Lithuania are governed by the Law of Corporate Income Tax (20 December 2001 No. IX-675 Vilnius). CFC regulation applies to the Lithuanian residents...
13.07.2016
On July 1, 2016, amendments to the Immigration Law of the Republic of Latvia came into force, modifying the provisions for receiving temporary residence permit and reissuance of the...
05.07.2016
Corporate income tax in Estonia is paid by domestic companies – residents, permanent establishments of non-residents that perform economic activity in the country (including branches) and non-residents acting as...
29.06.2016
A micro company (MB) is a legal form of business that was introduced in Lithuania in 2012. MB is not required to have a minimum share capital, thus a micro company may be...
15.06.2016
In Latvia corporate income tax is paid by domestic companies – residents, non-residents and permanent representative offices of non-residents that perform economic activity in the country. Taxable objects in...
30.05.2016
Micro company tax starting from January 1st, 2016 did not change and the tax of 9 % is applicable for companies with turnover till 7000 EUR, but micro companies with turnover from 7001 EUR to 100000EUR are subject...
21.04.2016
A micro company (MB) is a legal form of business that was introduced in Lithuania in 2012. MB is not required to have a minimum share capital, thus a micro company may be...
07.04.2016
Starting fromJanuary 1st, 2016excise taxes for fuel has been increased. For example, excise tax for unleaded fuel increased from 411,21 EUR to 436 EUR (per 1000 litres), for petroleum gases and other gaseous hydrocarbons from...
22.10.2015
On 21stof May the Government of Estonia approved several bills for changing the tax laws. Please see below short overview of the relevant changes. National social insurance tax With the...
20.10.2015
Consolidated reporting is regulated by the Law on Consolidated Financial Statements of Enterprises. An entity having one or several subsidiary undertakings must draw up...
07.09.2015
Starting from 13th May 2015 new amendments in micro company tax are in force. The previous regulation of micro company tax Till the amendments the following rates of...
04.06.2015
The Law on Consolidated Annual reports applies to commercial companies and co-operative societies registered in Latvia (hereinafter – the company) if they are parent...
26.05.2015
As of 1 January 2013 the holding regime has been introduced in Latvia. Such regime provides less tax burden In Latvia from receiving and distributing profits. Receiving dividends and profit taxation In line with Latvian legislation...
27.04.2015
Taxpayers Corporate income tax is paid by: domestic companies – residents; permanent establishments of non-residents that perform economic activity (including...
13.04.2015
Taxpayers Corporate income tax is paid by: domestic companies – residents; non-residents; permanent representative offices of non-residents that perform economic...
02.04.2015
Taking into account that there are different corporate tax rates in European Union member states, corporate income tax is used as a tool to attract...
31.03.2015
It makes us proud to announce that Gencs Valters Law Firm, a full service law firm in Latvia, Estonia and Lithuania, has crossed another milestone. On March 9th, 2015 our firm celebrated 15 Year...
17.03.2015
Structure Personal income tax is imposed on income acquired by a natural person, and it consists of: income from employment; business income (self-employed income); gains from transfer of...

Baltic Legal News

01.12.2016
Currently gaps are not only in non-resident banking system, but violations are found as well in resident banks in Latvia. During last year Financial and Capital Market Commission in Latvia...
30.08.2016
Recent decision of the Board of Appeal in the European Union In the recent decision of the Second Board of Appeal in the European Union in Case R 259/2016-2, Applicant or Appellant Apple Inc....
04.08.2016
The most common form of a business presence in Lithuania is a limited liability company (UAB). The minimum share capital required to establish a UAB is 2500 EUR. The capital shall be paid when the company bank account is opened,...
09.06.2016
On March 26, 2016 the Office for Harmonization in the Internal Market (OHIM) became the European Union Intellectual Property Office (EUIPO) when theRegulation (EU) 2015/2424 of...
20.05.2016
EU trademark regulation No 2015/2424 As of the 23rd of March 2016 the Office for Harmonisation in the Internal Market will be renamed to the European Union Intellectual Property Office (EUIPO) by the Regulation (EU)...
16.05.2016
If you are planning to start a business in Latvia there are following possibilities: 1. To incorporate limited liability company in Latvia Limited liability Company (SIA) requires at least...
09.05.2016
There are many possible routes which you as a creditor may take for the purposes of the debt collection. Please find information regarding the possibilities below. Verifying the debtor in Estonia As a first step towards...
25.04.2016
How to collect debt in Lithuania? Regarding possibilities to request debt collection in Lithuania please be informed of the following. Verifying the debtor in Lithuania from...
19.01.2016
This guide will give you an overview about the key requirements for purchasing or selling real estate in Estonia. This summary is not complete or exhaustive, since each...
11.01.2016
In today's Latvia, a foreign national essentially stands in the same position as a Latvian citizen when it comes to the purchase of the real estate and to the costs associated...
21.10.2015
Upcoming changes in submission of annual accounts in Estonia The Ministry of Justice of the Republic of Estonia has sent to the Government of Estonia a bill regarding changes in submission of the...
05.08.2015
Part three Types Of Agreement Employment contracts may be: non-term; fixed-term, temporary, seasonal; on additional work, secondary job; with home workers; on the supply of servicesand other. As a rule, an employment contract...
03.08.2015
Every product has its own features such as lines, contours, colors, shape, texture and materials used, or its ornamentation. The design of a product is very important and can be protected by registering it as a...
08.07.2015
Nowadays word-of-mouth is not considered a reliable way to inform customers about company’s production. Advertising is crucial in order to get rapid sales of a product or service, and to have a successful...
11.06.2015
Legal Requirements As To The Form Of Agreement There is no legal requirement for a contract to be in writing. If a person does work for another person for remuneration, it is presumed to be an employment contract and...
14.05.2015
On Thursday, 7 May, the Parliament of the Republic of Latvia endorsed the new concept of the Repatriation law on the first reading. According to present version of...
10.04.2015
According to the Law on Citizenship, there are three ways how person can become citizen of Republic of Latvia- ancestors of...

Baltic Business News

08.09.2016
After internship at Gencs Valters Law Firm I became more excited about the field of international taxation. Due to the recent insecurities in the International taxation, and...
12.07.2016
In spring 2016 student from Georgia (Kutaisi) took part inGencs Valters Law firm'sinternship program. Intern took practical internship in Estonian...
23.10.2015
Some Estonian banks do offer also the possibility to open a bank account for the foreign company. In that case there are several documents that need to be presented to the bank. Please find...
06.10.2015
The government has approved the proposal submitted by the Ministry of Social Security and Labour to increase minimum wage following July 1, 2015. The new monthly minimum wage...
14.07.2015
Protecting EU market from counterfeit products is a constant struggle. For this reason, new systems to protect intellectual property right holders are...
08.07.2015
Location Of Work/Mobility The employee’s normal place of work must be specified by the employer in writing. Mobility clauses can be included in the contract ofemployment, but they cannot be...
16.06.2015
Registering your invention seems like a long and complicated process. Taken into account the administrative burden and patenting costs, inventors often ask “is it really worth it”?...
01.06.2015
Part one Forums For Adjudicating Employment Disputes The Labour Inspectorate has exclusive jurisdiction for most employment claims, but in certain cases and when the parties fail to reach...
12.05.2015
General principles Forums For Adjudicating Employment Disputes The Labour Dispute...
15.04.2015
Commission of European Union released 18 March 2015 new tax transparency package. The package is aimed to put down tax avoidance and transfer pricing arrangements...
24.03.2015
From January 2015 Estonian Commercial Code was amended. The most significant change was new simplified procedure for...
20.03.2015
On the 11th of February the Parliament of Estonia adopted new amendments to the Commercial Code. These...
10.02.2015
The ruling regarding minimum rate of interest on fringe benefits from the Minister of Finance was nullified and staring from2015 issuing loans on market terms to the employees or persons equal...
19.01.2015
Brokerage services are usually defined as buying and selling of financial securities (or financial instruments) which include research and advice for the clients of a brokerage firm. Not to be confused with investment...
14.01.2015
Minimum monthly salary and the minimum hourly wage rate According to amendments in the Regulations of the Cabinet of Ministers of the Republic of Latvia regarding the...
10.01.2015
Similar to the Green Card in the USA, the EU blue card offers highly educated employees from third countries the opportunity and the right to work and stay in...
22.12.2014
Concept of Franchise Franchise is regulated in Estonia under Law of Obligations act. The act defines that franchise is a contract where one person undertakes to grant to another person a set of rights and information that belongs to the...

For questions, please, contact Valters Gencs, attorney at law at info@gencs.eu


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