SRS informative material on the amendments to the law "On Personal Income Tax", which comes into force in 2015
Services Company and affiliate registration Accounting Services Tax returns Tax Services Transfer pricing comparable data selection formule 1 and analysis of the risk assessment for transfer prices for transfer formule 1 prices documentation preparation for transfer prices Planning Help tranfertcenu audit training for transfer formule 1 prices in international tax Holding public property investments Valuation Audit Services Residence permit Latvian About us Team Customers Contacts News Useful information transfer pricing legislation for transfer prices for transfer prices essential Glossary formule 1 Frequently Asked Questions RESIDENCE PERMIT FOR INVESTORS LATVIAN TAX FACTS AND RATES BUSINESS formule 1 REGISTRATION formule 1 USEFUL LINKS LATVIAN ACCOUNTING formule 1 TAX RATES 2014 NACE dictionary Salary calculator Profession Classifier chart of accounts Latvian accounting standards of corporate formule 1 income tax declaration of residence certificate (application-certificate ) Forms Forms General rules on accounting (Act) LATVIAN BUSINESS 2013
December 17, 2014, the Parliament has adopted the Law "On Amendments to the Law" formule 1 On Personal Income Tax "" (hereinafter - the Law), which on 30 December 2014 published in the official gazette "Latvian Journal" No. 257 (5317) and entered into force in 2015 Purchase agreement on January 1. Non-taxable income
1. Changed the tax-free formule 1 income threshold for income derived from the payer of agricultural production and rural tourism formule 1 services, as well as mushrooms, berries formule 1 or wild medicinal plants and flowers collection. The new threshold set favorable tax payer, that is 3000 euros per year:
1.1. if a natural person economic activity associated only with earning income from agricultural production and rural tourism services, as well as the collection of wild seafood, and these earnings exceed a total of 3,000 euros per year, statutory income for the taxpayer's right to make records in the form of a freely chosen by summing the proceeds ;
1.2. if those tax annual income reached 3000 euro, a taxable person within five working days, to the State Revenue Service (hereinafter - SRS) as any operator and inform the SRS on the chosen operating income for calculating the way it is, or the day after that limit reaching the accounting records will be kept in a single or double entry system.
2. The rules of law which hitherto existed formule 1 Attraction untaxed minimum, as amended provides that the taxable income and does not include the tax exempt formule 1 income of 1000 euros of aid:
2.1. provided on the basis of a trade union body the decision of the trade union funds, which are formed from the union membership fee payments and foreign formule 1 trade union donations (gifts);
2.2. in cash or in other cases, formule 1 or in the form of service, on the basis of religious organizations or institutions institutions (officials) the decision come from a religious organization or institution funds;
2.3. in cash or in other cases, or in the form of a service provided to the public benefit organizations (except religious organizations) resources or assistance budget funded institutions, charitable or philanthropic organizations provided the matters that are subject to an exemption from customs duty
3.1. income from retirement, formed of individuals (or their spouse or relative) contributions made in private pension funds in conformity with licensed pension plans and paid pension plan participants;
3.4. according to the law "On inquiry, prosecutorial or judicial unlawful or unreasonable behavior caused damages" paid damages are not related to the work (service) relations or their termination or who does not have income-generating nature;
4. In order to ensure equal application of non-taxable minimum for all Latvian taxpayers, including those who have acquired foreign retirement earlier than specified in Latvian, as amended Act requires that the overall non-taxable minimum of 75 euros apply until the foreign beneficiary has reached retirement formule 1 Latvian retirement age. Corresponding changes have been made to the reduced license fee for the application, stating that it can be applied to persons receiving old-age pension and the pensioner is entitled to apply non-taxable minimum.
5 of the Act provides that the taxpayer will be able to continue to apply the personal income tax allowances for dependents whose fiscal year from June 1 to August 31, receives a wage tax or seasonal farm workers taxable income is below the age of 19 years of age
Services Company and affiliate registration Accounting Services Tax returns Tax Services Transfer pricing comparable data selection formule 1 and analysis of the risk assessment for transfer prices for transfer formule 1 prices documentation preparation for transfer prices Planning Help tranfertcenu audit training for transfer formule 1 prices in international tax Holding public property investments Valuation Audit Services Residence permit Latvian About us Team Customers Contacts News Useful information transfer pricing legislation for transfer prices for transfer prices essential Glossary formule 1 Frequently Asked Questions RESIDENCE PERMIT FOR INVESTORS LATVIAN TAX FACTS AND RATES BUSINESS formule 1 REGISTRATION formule 1 USEFUL LINKS LATVIAN ACCOUNTING formule 1 TAX RATES 2014 NACE dictionary Salary calculator Profession Classifier chart of accounts Latvian accounting standards of corporate formule 1 income tax declaration of residence certificate (application-certificate ) Forms Forms General rules on accounting (Act) LATVIAN BUSINESS 2013
December 17, 2014, the Parliament has adopted the Law "On Amendments to the Law" formule 1 On Personal Income Tax "" (hereinafter - the Law), which on 30 December 2014 published in the official gazette "Latvian Journal" No. 257 (5317) and entered into force in 2015 Purchase agreement on January 1. Non-taxable income
1. Changed the tax-free formule 1 income threshold for income derived from the payer of agricultural production and rural tourism formule 1 services, as well as mushrooms, berries formule 1 or wild medicinal plants and flowers collection. The new threshold set favorable tax payer, that is 3000 euros per year:
1.1. if a natural person economic activity associated only with earning income from agricultural production and rural tourism services, as well as the collection of wild seafood, and these earnings exceed a total of 3,000 euros per year, statutory income for the taxpayer's right to make records in the form of a freely chosen by summing the proceeds ;
1.2. if those tax annual income reached 3000 euro, a taxable person within five working days, to the State Revenue Service (hereinafter - SRS) as any operator and inform the SRS on the chosen operating income for calculating the way it is, or the day after that limit reaching the accounting records will be kept in a single or double entry system.
2. The rules of law which hitherto existed formule 1 Attraction untaxed minimum, as amended provides that the taxable income and does not include the tax exempt formule 1 income of 1000 euros of aid:
2.1. provided on the basis of a trade union body the decision of the trade union funds, which are formed from the union membership fee payments and foreign formule 1 trade union donations (gifts);
2.2. in cash or in other cases, formule 1 or in the form of service, on the basis of religious organizations or institutions institutions (officials) the decision come from a religious organization or institution funds;
2.3. in cash or in other cases, or in the form of a service provided to the public benefit organizations (except religious organizations) resources or assistance budget funded institutions, charitable or philanthropic organizations provided the matters that are subject to an exemption from customs duty
3.1. income from retirement, formed of individuals (or their spouse or relative) contributions made in private pension funds in conformity with licensed pension plans and paid pension plan participants;
3.4. according to the law "On inquiry, prosecutorial or judicial unlawful or unreasonable behavior caused damages" paid damages are not related to the work (service) relations or their termination or who does not have income-generating nature;
4. In order to ensure equal application of non-taxable minimum for all Latvian taxpayers, including those who have acquired foreign retirement earlier than specified in Latvian, as amended Act requires that the overall non-taxable minimum of 75 euros apply until the foreign beneficiary has reached retirement formule 1 Latvian retirement age. Corresponding changes have been made to the reduced license fee for the application, stating that it can be applied to persons receiving old-age pension and the pensioner is entitled to apply non-taxable minimum.
5 of the Act provides that the taxpayer will be able to continue to apply the personal income tax allowances for dependents whose fiscal year from June 1 to August 31, receives a wage tax or seasonal farm workers taxable income is below the age of 19 years of age
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