Baltic Tax News Baltic Legal News Baltic Business News
23.01.2015
Estonia has listed 55 countries that are on so-called black list because of their tax policy. The aim of this list to proof that the person who is involved in business is not located at low tax rate...
20.01.2015
Beginning of new financial year is a need to review legal requirements applicable to taxation of 2014 year’s income. There were several substantial amendments of Personal income tax law in...
15.01.2015
According to the amendments made to the Income Tax Act, which became in force from the 1st of January 2015, all companies and permanent establishments located in Estonia...
06.01.2015
Option plans are good ways to reward employees for successful year or to bind them for the company. In Estonia option plans are taxed as fringe benefits. Fringe benefits are benefits received from the employer for...
05.01.2015
From January 1. 2015 EU will change the application of VAT rules in intra-community trades. The new rule will change current situation where...
17.12.2014
Taxable entities Taxable entities are individuals, legal entities and non-residents that own or have rights to Latvian real estate, including land. Tax rates Starting from January 1, 2014 the real estate tax rate is 0,2-3% from the...
09.12.2014
In September Estonian Foreign Minister Mr Urmas Paet signed convention between the Republic of Estonia and the Kingdom of Morocco for the avoidance of double...
20.11.2014
The law which determines the rules of payment of this tax is the Law on Real Estate Tax of the Republic of Lithuania (hereinafter – the Law). According to the provisions of the Law, Lithuanian and foreign natural persons as...
07.11.2014
Expatriates are liable for Latvian taxes depending on their tax residency. Latvian residents are taxable for their worldwide income. Non-Latvian residents are liable for their income derived in Latvia. Pursuant to the domestic...
05.11.2014
The Law on Value Added Tax of the Republic of Lithuania is the main legal act regulating calculation, payment and declaration of value added tax. Currently in Lithuania value-added tax (VAT) rate is 21%. It shall be...
30.10.2014
Estonian legislation defines Social (Security) Tax as financial obligation imposed on taxpayers in order to secure revenue for pension insurance and state health insurance. Social tax shall be paid on following: Wages and other remuneration...
29.10.2014
The Swedish Supreme Administrative Court have asked from European Court of Justice (C-264/14Skatteverket v. David Hedqvist) preliminary ruling on whether...
20.10.2014
On the January 1, 2006 a Law on Real Estate Tax has entered into force. The tax ranges from 0,3% to 3% and it is paid by real estates intended for certain purposes (administration, accommodation, trading, services, catering,...
02.10.2014
Relocating your business to another country or city is not only an excellent way to expand your company but it is also a great manner to reduce costs. The most common question is: which country (or city) to choose? While...
30.09.2014
According to the law“On Value-Added Tax”, adopted in March 1995, VAT has to be charged on any supply of goods or services, on the import of goods, as well as on self -consumption. Until June 30, 2012 VAT...
23.09.2014
It is important to bear in mind that in Estonia in contrast to a number of European countries there is no systematic monthly corporate tax. Instead a resident company shall pay income tax on profits distributed as dividends...
18.09.2014
The law “On State Social Insurance”, originally passed in 1998, sets out the application of mandatory statutory social insurance payments to salaries received by...
10.09.2014
Personal income tax is imposed on the income of a taxpayer from which deductions pursuant to Estonian tax legislations have been made. The income tax shall be paid by natural persons and by employers who are natural persons...
01.09.2014
The Law on Tax Administration, originally adopted in 13 April 2004, sets out the general taxation principles in Lithuania. This law sets basic concepts and regulations which must be observed in...
28.08.2014
European Union has not been a big player regarding taxation within member states. EU has considered that taxation is something the states should be complying with by themselves. The...
08.01.2015
In 11thof September of 2014 new amendments on law regulating Arbitration were adopted, these new regulations will be in force from...
16.12.2014
A court decision does not always satisfy the parties of the dispute. In such case, the best remedy might be to appeal the decision. However, for an appeal to be admitted by the...
21.11.2014
When a product released to the market causes injuries or damages, the first task of claimant is to determine a guilty party. Legislation of different countries may hold different parties responsible, hence sometimes it is hard...
13.11.2014
On September 6th Lithuanian Ministry of Culture has passed Regulation on movie financing...
04.11.2014
Estonia has taken another gigantic leap in proving that it is an E-State. Starting from 7th of October people from all over the world can pre-apply to become...
22.10.2014
From the beginning of 2015 Estonian Competition Act and Penal Code are amended. In Estonia misconducts according Competition law have been considered as...
16.10.2014
On Thursday, 25 September, 2014 the Saeima of the Republic of Latvia has approved in the last reading amendments in the Insolvency Law. According to approved amendments, in...
25.09.2014
As businesses grow internationally and companies are trying to offer their products worldwide, contracts of distribution become a valuable tool. With these contracts producers or suppliers can...
04.09.2014
General Rules about Daily and Weekly Working Time According to the Labor Law the working time means a period from the beginning till the end of work during which an...
22.08.2014
Our law firm is a member of ECTA since May 1st, 2004. We were the first...
05.08.2014
Nowadays every single business relies on advertising to inform customers about their products or services. Every company is trying to acquire a part of market using different media outlets. There is no doubt...
17.07.2014
On July 11, 2014 the President of Lithuania signed the changes on the Law on the Legal Status of Aliens. The afore mentioned law regulates...
14.07.2014
Estonian Tax and Customs Board took on new government regulation. From 1st of July, Tax and Customs Board created an employment register. According to that, all legal and natural persons have to register...
27.06.2014
On May 24, 2014 the Order No. 1V-354/V-76 of the Minister of Internal Affairs and the Minister of Foreign Affairs of the Republic of Lithuania took effect. The...
13.06.2014
Our lawyer Valters Gencs as the only representative from Riga, Latvia attended the 2014...
30.05.2014
We are glad to announce that the Law Firm Gencs Valters has recently moved to the World Trade Centre...
26.05.2014
On May 8, 2014 Latvian Saeima passed amendments to the Immigration Law. The law provides that a third-country citizen may apply for Latvia's temporary residence permit, valid for a period of up to five...
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...
11.12.2014
Successful business model or brand may be leased to another party for period of time; this practice is regarded as franchising. For lessor, otherwise known as franchiser, franchising opens an opportunity to increase the notoriety of the brand...
08.12.2014
Prohibited agreements The Competition Law prohibits and proclaims null and void all agreements...
04.12.2014
Ministry of Justice in Estonia have proposed that starting from 2016 failure to submit annual reports on time would lead to fines. Also, Ministry...
03.12.2014
Following January 1, 2015 all the companies registered in Lithuania are imposed with obligation to change their share capital as the country...
26.11.2014
Mergers, divisions and changes in the form of Latvian companies fall under the reorganization rules. Information further covers the main legal and...
24.11.2014
Framework of commercial competition in Estonia is provided in the...
19.11.2014
Relocating your business to another country or city is not only an excellent way to expand your company but it is also a great way to reduce and optimize costs and taxes. The most common question is: which country (or city) to...
10.11.2014
Relocating your business to another country or city is not only an excellent way to expand your company but it is also a great way to reduce and optimize costs and taxes. The most common question is: which country (or city) to...
06.11.2014
Successful business model or brand may be leased to another party for limited amount of time, this practice is regarded as franchising. For lessor, otherwise known as franchiser, franchising opens an opportunity to increase the notoriety of...
28.10.2014
The Latvian government introduced in August a new regulation enabling Latvia’s lotteries and gambling regulator to...
27.10.2014
Mergers and acquisitions form a part of corporate reorganizations. Reorganization is the process that terminates the legal person without liquidation. It shall be noted that reorganizations should...
13.10.2014
Annual reports The length of a financial year is estimated to twelve months (one calendar year, unless provided otherwise). There are several cases where the financial year may be shorter or longer than the previously mentioned term,...
07.10.2014
The main sources for false advertising claims are the Advertising Law and the Unfair Commercial Practice Prohibition Law. The Advertising Law prohibits misleading advertisements and contains general requirements for...
29.09.2014
Accounting records According to laws, accounting records shall clearly display the transactions and financial results of a company, and it shall give a true and fair view of its financial...

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


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