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  • Thema von BalticLegal im Forum Dies ist ein Forum in...

    Obtaining a residence permit
    The uniqueness of these amendments lies in the fact that a new method for obtaining a residence permit was introduced – investing in real estate. It has attracted a large number of investors, as a foreigner investing in real estate has the possibility to move freely within the Schengen area. Citizens of the Russian Federation are especially interested in using this possibility, as Latvia is located in its vicinity and is a popular tourism destination due to its unique cultural monuments, well-known resorts and international festivals.

    Benefits of holding temporary residence permit
    to stay in the Republic of Latvia for a period of time not exceeding five years
    to freely cross borders between EU Member States and non-EU countries
    to move and stay up to 90 days within a 6 month period to other EU countries except for the United Kingdom, Ireland, Cyprus, Bulgaria and Romania
    to obtain a Latvian or EU permanent residence permit after five years
    to obtain temporary residence permits for the spouse and children
    What is residence permit?
    A residence permit is a document that gives a foreign citizen the right to temporarily (a temporary residence permit) or permanently (a permanent residence permit) stay in the Republic of Latvia. Invest wisely, invest in real estate which value is predicted to increase!

    Temporary residence permit
    Issued for up to 5 years
    Must be re-registered every year
    Notice: According to amendments to the Immigration Law of the Republic of Latvia, adopted on 1 July 2010, expanding the possibilities to obtain a residence permit in Latvia for foreign nationals who want to stay and move freely within the Schengen area. Conditions on investing in real estate.

    What documents are needed for submission of residence permit
    There is a procedure every applicant has to do and documents to submit before residence permit is granted.

  • Thema von BalticLegal im Forum Dies ist ein Forum in...

    Official Name: Republic of Bulgaria
    Capital: Sofia
    Total area: 110 994 km2
    GDP per capita: $14,312
    Native Language: Bulgarian
    Government: Unitary parliamentary republic
    Population: 7,364,570
    Major Religion: Bulgarian Orthodox Church
    Monetary Unit: Lev (BGN)
    Bulgaria, officially the Republic of Bulgaria, is a country located in Southeastern Europe. It is bordered by Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, and the Black Sea to the east. With a territory of 110,994 square kilometres (42,855 sq mi), Bulgaria is Europe's 14th-largest country. Its location has made it a historical crossroad for various civilisations and as such it is the home of some of the earliest metalworking, religious, and other cultural artifacts in the world.

    Located in the heart of the Balkans, Bulgaria offers a highly diverse landscape: the north is dominated by the vast lowlands of the Danube and the south by the highlands and elevated plains. In the east, the Black Sea coast attracts tourists all year round.

    Founded in 681, Bulgaria is one of the oldest states in Europe. Its history is marked by its location near Europe’s frontier with Asia. Some 85% of the population are Orthodox Christians and 13% Muslims. Around 10% of the population are of Turkish origin while 3% are Roma. Similarly, its traditional dishes are a mixture of east and west. The most famous Bulgarian food must be yoghurt, with its reputed gift of longevity for those who consume it regularly.

    The Bulgarian National Assembly (a single chamber parliament) consists of 240 members who are elected for a four-year period.

    Bulgaria’s main exports are light industrial products, foods and wines, which are successfully competing on European markets.

    Fans of folk music will be familiar with a number of Bulgarian musicians. A Bulgarian folk song was included on the Voyager Golden Record which was sent into outer space by NASA. Famous Bulgarians include philosopher Julia Kristeva, Elias Canetti, Nobel Prize winner for literature in 1981, and Christo Javachev (“Christo”), the creator of many unorthodox outdoor sculptures.

    Bulgaria has an emerging market economy in the upper middle income range, where the private sector accounts for more than 80 per cent of GDP. From a largely agricultural country with a predominantly rural population in 1948, by the 1980s Bulgaria had transformed into an industrial economy with scientific and technological research at the top of its budgetary expenditure priorities. The loss of COMECON markets in 1990 and the subsequent shock therapy of the planned system caused a steep decline in industrial and agricultural production, ultimately followed by an economic collapse in 1997. The economy largely recovered during a period of rapid growth several years later, but individual mean income remains one of the lowest in the EU at 768 leva (393 euro) per month. More than a fifth of the labour force are employed on a minimum wage of 1 euro per hour. Wages, however, account for only half of the total household income, owing to the substantial informal economy which amounts to almost 32% of GDP. Bulgarian PPS GDP per capita stood at 45 per cent of the EU average in 2011 according to Eurostat data, while the cost of living was 49 per cent of the average. The currency is the lev, which is pegged to the euro at a rate of 1.95583 levа for one euro. Bulgaria is not part of the eurozone and has abandoned its plans to adopt the euro.

  • Taxes in LithuaniaDatum22.05.2024 15:09
    Thema von BalticLegal im Forum Dies ist ein Forum in...

    The Republic of Lithuania implements a business-friendly taxation policy, and the taxation system is adapted to the legislation of the European Union. Since 1990, the Lithuania's taxation system has drastically changed to support foreign investments and labour market development.

    Taxes and other payments are collected to the budget based on the order by the Supreme Council; however, regional and city councils act separately in matters of tax collection. In Lithuania, basic principles of tax payment and their regulation is governed by the Law on Tax Administration stipulating the rights and obligations of a tax administrator and tax payer, as well as the tax calculation procedure and chargeable amounts.

    There are 7 main types of taxes in Lithuania:

    corporate income tax
    personal income tax
    real estate tax
    land tax
    inheritance and gift tax
    value added tax
    excise duty
    lottery and gaming tax
    The state collects also social insurance contributions, taxes on state natural resources, petroleum and natural gas resources tax, tax on environmental pollution, consular fees, state fees.

    Corporate income tax
    Corporate income tax payers are enterprises pursuing commercial activities, and this tax is also paid by non-profit organisations obtaining profit from commercial activities.

    The general corporate tax rate is 15%, although companies with fewer than 10 workers and less than EUR 300,000 in gross annual revenue may opt for a smaller corporate tax rate of 5%. Additionally, such small companies benefit from

    NB! Corporate tax rate in 2009 was 20%, nevertheless in 2010 tax rate was reduced to 15% and still is at the same level.

    For 2010 year the basic contributions amount to 40.7 % of the total income before tax, thus covering all risks (except for accidents at work and occupational diseases), out of which 31.7 % is paid by an employer, but the remaining 9 % – by an employee.

    Agricultural and farming enterprises, non-profit organisations, small enterprises, enterprises with foreign investment and enterprises employing the disabled person can apply for tax relief. Lithuania actually ensures the most preferable conditions for business growth for micro-enterprises comparing to other Baltic States.

    Personal income tax
    Progressive reduction of the personal income tax was commenced in 2006. Today every natural person is obliged to pay the personal income tax in the amount of 15 % if this person is employed or self-employed. If the person can be considered a permanent resident, the income tax is calculated from the person's income received in Lithuania and abroad. Foreign residents must pay tax only from that part of income which is received in Lithuania. To consider someone a resident of Lithuania, this person has to live in Lithuania for at least 183 subsequent days within a 12-month period.

    Persons receiving a salary lower than the minimum non-taxable income are practically exempt from the personal income tax. The minimum non-taxable income is calculated as STANDARD NON-TAXABLE INCOME AMOUNT - 0.15 * (WAGE - MINIMUM WAGE). Currently, the standard non-taxable income amount is EUR 300, and the minimum wage is EUR 555. Below you will find an example for calculating non-taxable income sums for a wage of EUR 555 and a wage of EUR 1000.

    EUR 555 wage
    EUR 555 wage - EUR 555 minimum wage = EUR 0
    0.15 * EUR 0 = EUR 0
    EUR 300 standard non-taxable amount - EUR 0 = EUR 300 of non-taxable income
    EUR 1000 wage
    EUR 1000 wage - EUR 555 minimum wage = EUR 445
    0.15 * EUR 445 = EUR 66.75
    EUR 300 standard non-taxable amount - EUR 66.75 = EUR 233.25 of non-taxable income
    Also disabled persons and single mothers (fathers) are exempt from personal income tax, and the tax is not deducted from pensions and scholarships.

  • Business environment in LatviaDatum06.03.2024 18:22
    Thema von BalticLegal im Forum Dies ist ein Forum in...

    According to the World Bank Group, Latvia ranks 22nd out of 189 countries in terms of the ease of doing business. The country ranks in top 20 for acquiring credit for companies; in top 30 starting a business, constructing and registering real estate, ease and efficiency of paying taxes, international trading, and enforcing contracts; and in top 50 for resolving insolvency and protecting minority investors. The weakest point of Latvian business environment is by far the ease of getting electricity for newly-built real property, for which the country ranks 65th.

    Overall, it could be said that Latvia is most favourable for businesses that are not planning to engage in building new infrastructure. The ease of company formation, paying taxes and getting credits make a good combination with cheap but skilled and educated workforce and low infrastructure and facilities cost. Thanks to this, Latvia is a very popular country to start a business at, especially for entrepreneurs outside of the EU, because in total, it takes a lot less investments to open a company in Latvia than in most of the other EU-member states, while the end-result (in terms of quality) is the same. The business risks for such entrepreneurs are comparatively low, provided they take note of the possible competition on the local market.

    Legal framework
    Since Latvia joined the European Union in 2004, it adopted the majority of the Union's laws and policies. One of the examples is the Schengen area agreement, which allows an unhindered international trade with other EU member-states (more about Latvian market access from EU here).

    Latvian policies favour free-market and accordance with EU policies. Some analytics classify Latvian legislation as conservative, meaning that new policies take a long time to be accepted by the government, and they are generally treated with caution. The exception in this case are legislative initiatives proposed by the EU. Latvia strives to be an active member of the European economic area, trying to adapt its policies to European standards.

    Business geography
    Most of the businesses are concentrated in the capital of Latvia, Riga, and the cities surrounding it. Other major cities are often devoted to a particular market sectors, e.g. the port cities of Ventspils and Liepāja provide ice-free ports (read more about the logistics in Latvia), while Daugavpils is an important railroad hub.

    Cities of regional importance also play their part in the economic environment of Latvia. The city of Rezekne, for example, is where the Rezekne Free Economic Zone is located. The FEZ contributes to the development of the region, attracting companies with up to 100% real estate tax relief, corporate tax relief of 80% and the return of investment cost by tax incentives of up to 55%. Rezekne is also an important railroad hub.

    The most urbanized regions of Latvia are the central, Eastern and Westerns regions. It must be noted, though, that if the central region is thoroughly urban, the East and the West are urban in the sense that the majority of population lives near major cities, with pockets of rural areas in-between. The Southern and the North-Eastern regions are mostly rural.

    Market freedom
    Latvia is a free market economy, meaning that economic policies are aimed to lessen government intervention and prevent the creation of monopolies. According to the Wall Street Journal and the Heritage Foundation, Latvia is world's 37th most free economy. Latvia's score in this case is upheld by the high levels of fiscal, trade, investment and business freedoms, but is somewhat dragged down by corruption and government spending.

    In Europe, Latvia takes up the 17th place in the rank of market freedom. This position becomes stronger and stronger each year, as Latvia takes steps to integrate into the European economic zone and be on par with major member-states.

  • Immigration to CzechiaDatum11.11.2023 14:09
    Thema von BalticLegal im Forum Dies ist ein Forum in...

    Introducing Czechia, colloquially known as the Czech Republic, a country that can be described as an average sized European country can be described as a middle-sized European country having a rich cultural heritage with influence from many countries that have surrounded it and have occupied this area historically. Statistics show that the population of the Czech Republic is currently estimated at around 10,6 million people. The biggest ethnic group is Czech (63%). The official language is Czech, however, there are 14 minority languages, which are officially recognized.

    Czech nominal GDP per capita is estimated at around 24 938 USD. The Official currency is the Czech Koruna (CZK). The Czech Republic is a proud member state of the European Union and the Schengen area, which provides many benefits to its residents.

    Immigration legislation states that if you are a non-citizen of the European Union and you intend to stay in the Czech Republic for more than 90 days consecutively or if you want to conduct business activities or work, then you must apply for a long-term visa or a residence permit.

    Immigration services
    Immigration services in the Czech Republic are not as well developed as in many other European countries, and also compare poorly with other Eastern European states, such as Latvia. However, the Ministry of the Interior, which is responsible for issues related to immigration, does offer residence permits for qualifying company formation. Still, it may be quite difficult to obtain a residence permit in the Czech Republic. However, it is still possible to acquire a long term visa if you want to live, work or study there.

    Immigration service providers
    When dealing with immigration authorities while already on the territory of the Czech Republic it is essential to have the support of a Czech speaking individual or a translator, since the 'Foreign Police', assigned locally by the Ministry of the interior, rarely speak any language except Czech – you might be 'lucky' but you should not rely on finding an official that will understand you.

    Here are three email address of companies which offer immigration services in the Czech Republic:

    Lawful immigration
    In order for immigration to be lawful, an immigrant needs to adhere to all the requirements set out in Czech law. The main law, which regulates the immigration of non-citizens of the EU in the Czech Republic, is the Law on Residence of Aliens in the Czech Republic. There are several possible options, depending on the purpose of your visit. You may need a work permit, visa or Schengen visa in order to visit the country. If you plan to reside there for a long period of time – you need to acquire a residence permit or a long term visa.

  • United Kingdom company registrationDatum03.06.2023 14:44
    Thema von BalticLegal im Forum Dies ist ein Forum in...

    United Kingdom of Great Britain and Northern Ireland (UK) is a constitutional monarchy located off the north-western coast of continental Europe. The country includes the island of Great Britain, the north-eastern part of the island of Ireland and many smaller islands of the British Isles. Large portion of the United Kingdom's GDP comes from the service sector. United Kingdom also has a large automotive business, millions of tourists every year and well developed air traffic.

    Company formation
    When you start a business in the UK you must choose a structure for your business. Most businesses in the UK are: sole traders, limited companies, partnerships. When setting up business in the UK you may need to apply for a licence, depending on what your business is.

    Please check the expected company name and address with us to learn if such is available.
    Details about company Director and Secretary
    Share Capital and Shareholder Details
    You must register for VAT with HM Revenue and Customs (HMRC) if your business turnover is more than £79,000.

    Maintaining a company
    Returns must be filed annually, failure to do so is considered a criminal offence and may result in a fine depending on the company type and duration of delay.
    Your Corporation Tax rate depends on how much profit your company makes and may change on 1 April each year.
    Corporate tax rate
    In United Kingdom corporate main tax rate is changed from year to year in 1st April.

    Rate From 1 April 2014
    Profits £300,000 or less (small profits rate) 20%
    Profits above £300,000 (main rate) 21%

  • Banks in LithuaniaDatum12.05.2023 16:54
    Thema von BalticLegal im Forum Dies ist ein Forum in...

    This is full list of major banks in Lithuania.

    Citadele Bank
    Danske Bank
    DNB bank
    Medicinos Bankas
    Nordea Bank
    Pohjola Bank
    Šiaulių bankas

  • Taxes in EstoniaDatum20.04.2023 13:48
    Thema von BalticLegal im Forum Dies ist ein Forum in...

    The Baltic Sea region is the fastest growing business region in Europe. The trade flow among the states in this region has been steadily increasing year by year. The taxation system of Estonia is considered one of the most liberal taxation systems in the world. In 2000, Estonia implemented a comprehensive tax reform with an aim to create the simplest, most comprehensible and most convenient taxation system possible. The main advantage of Estonia is the low-tax system that can be described as a simple system with no hidden surprises and that was basically established to promote business and increase profits.

    The taxation system of Estonia includes state taxes stipulated by the tax legislation and local taxes imposed by local governments or city councils in the respective territories according to laws and regulations.

    The state taxes are the following:

    excise duty;
    income taxes;
    gambling tax;
    value added tax;
    land tax;
    social tax;
    customs tariffs;
    heavy goods vehicle tax.
    Corporate income tax
    As a result of reforms, the main benefit of entrepreneurs was the exemption from the corporate income tax in the event of reinvesting the profits. Thus, Estonian enterprises must pay the income tax only on their distributed profits, namely, dividends. The corporate income tax (tax on distributed profits) is 21 % of gross dividends.

    This taxation system is conceptually different from the classic income tax system, because the tax is levied on distributed profits (also hidden distributed profits) instead of company profits.

    Value added tax (VAT)
    The value added tax payers are enterprises the taxable supply (except for import) of which does not exceed EUR 16,000 during a calendar year. The tax is levied on transactions with goods and services in Estonia and on the import of goods. The tax rate is 20 % of the taxable value.

    The taxable period is one calendar month, and the value added tax must be paid into the state budget by the twentieth day of each month. The tax is fully paid into the state budget.

    The registration of enterprises is carried out by the Tax and Customs Board also administering the VAT levied on domestic goods and services.

    Personal income tax
    In 2010, the tax rate is 21 % of taxable income, and residents must pay the tax on their income received both inside and outside Estonia. The taxable income includes the income from employment (salary, wage, bonus and other remunerations), business income, interest, royalties, rent, capital gains, maintenance support, pensions, scholarships (except for scholarships paid from the state budget or pursuant to law).

    Social tax
    This tax is imposed to ensure state pensions and health insurance. It is paid by legal persons, natural persons and non-residents with regular income. The tax rate is 33 % of the taxable amount. The tax must be calculated monthly, and a corresponding amount of money must be transferred no later than by the tenth day of each month.

    Since 1 January 1999 the social tax payments have been personalised, and they form pension funds which will be considered in each specific case. The tax is accumulated in a special account of health and pension insurance funds within the state budget.

    Excise duty
    In Estonia, the excise duty is levied on tobacco, alcohol, fuel, packaging and vehicles.

    The excise duty helps to control the amount of a specific product or provision of a specific service seeking to adjust the consumption of domestically sold goods.

    Like value added tax revenues, also excise duty revenues are affected by changes in domestic demand, increase in imports of excise goods, as well as changes in excise duty rates.

    Gambling tax
    The gambling tax is levied on income from games of skill, totalisators, betting and lotteries, as well as gambling tables and machines used for organising games of chance in licensed places. The tax is based on payments out of which the winnings are paid. The taxable period for organising lotteries, games of chance and skill is one calendar month. The taxable period for totalisators is the period during which the betting is organised (it must be within the same financial year).

    Tax rates are the following:

    EUR 447 per one gambling machine;
    EUR 1278 per one gambling table.
    The tax rate on betting is 5 %, on totalisators - 5 %, on games of skill - 18 %, and on lotteries - 18 %.

    Land tax
    The tax rate is 0.1-2.5 % of the taxable value. The tax on land where the economic activity is restricted has been determined by the decision of Estonian government in the amount of 25 %, 50 % or 75 % of the tax rate. The land tax is paid three times a year - by 15 April, 15 July and 15 October.

    The national land tax is paid on all land except:

    land where economic activity is prohibited;
    land adjacent to buildings or parts thereof of diplomatic missions and consular representations of foreign states;
    cemeteries and land under churches and temples of congregations;
    land in the use of a foreign state or international organisation. In addition, the municipal land tax is not paid on land in municipal ownership or land in public use based on the decision of the local government.
    The value of land is stipulated by the Land Valuation Act. There are exemptions which are the following: the rate of land tax for areas under cultivation and for natural grasslands and forest land is 0.1 % to 2.0 % of the assessed value of the land annually.

    Recipients of pensions may be exempted from the obligation to pay land tax on up to 0.1 hectares in cities and 1.0 hectare in rural municipalities on the condition that the applicant for the tax exemption uses the land for living and does not receive rent on the basis of the right of use of land.

    The tax is fully paid into the municipal budget of the local government at the primary level. The tax is administered by the Tax and Customs Board.

  • Accounting in LithuaniaDatum05.03.2023 12:16
    Thema von BalticLegal im Forum Dies ist ein Forum in...

    A company in Lithuania must submit reports to the Tax Inspectorate, the Social Insurance Fund, the Department of Statistics, the Center of Registers, the Customs Department and the Migration Services. It can be difficult for a foreigner to keep records and bookkeeping - he needs to know the Lithuanian language, Lithuanian legislation and understand the requirements for accounting and bookkeeping. Failure to comply with the requirements for the annual report or non-payment of taxes will lead to problems with the authorities. Every Lithuanian company should have an accountant who will help prepare the necessary reports and submit them to the state authorities, as well as advise on what taxes need to be paid.

    Accounting reforms in Lithuania
    Lithuania has been one of the leaders in the transition to the International Public Sector Accounting Standards (IPSAS) with consolidated financial statements at the state and municipal levels. The transition to this system was a difficult task and required preparation.

    The reforms included not only changing the principles of accounting, but were also aimed at improving the efficiency of the accounting function itself. Politicians at the central and municipal levels began working on reforms five years earlier. The preparatory phase included pilot programs of several public sector organizations, as well as the development of rules, detailed accounting guidelines and transition guidelines. Conducted extensive training for public sector accountants and improved standardized IT solutions. Implementing a centralized IT solution for national financial reporting for more than 4,000 government entities was another matter.

    Public reception
    These changes are not a painless process of transformation. They demanded a change in the qualifications of all public sector accountants and initially met with a high level of resistance. Strong political support and strong leadership from the Ministry of Finance have played a critical role in ensuring their successful implementation. There was still a one year delay from the original launch date. This was due to a lack of training on the part of the public sector organizations.

    Current status and results
    The system is well established and two IPSAS-based financial reporting cycles have already been prepared. To protect the reforms, the Ministry of Finance is currently in the process of amending standards and other regulations. This is the deployment of a call center support set up to handle IPSAS inquiries and on-site training to improve the quality of financial data.

    Future prospects
    The implementation of reforms has become one of the steps in the transformation of the state financial system. To maximize the potential benefits of this system, a country needs to have a coherent vision for public finance reform as a whole. Lithuania, by implementing IPSAS, improved the skills of public sector accountants and IT systems used for public accounting. The process is ongoing and the country is still facing many challenges; The successful implementation of IPSAS has given a decisive impetus to achieving excellence in public finance.

  • Thema von BalticLegal im Forum Dies ist ein Forum in...

    The Denmark embassy in Riga is located in the city center. The Embassy's working hours are from 09:00 to 17:00 (Monday - Thursday) 09:00 to 16:00 (Friday) by local time. National Day is the 5th June.

    Address of the embassy
    Location of embassyThe Denmark embassy in Latvia is located at Pils street 11 in Riga. The Embassy's postal code is LV 1863.

  • Commercial Register of EstoniaDatum17.02.2023 13:26
    Thema von BalticLegal im Forum Dies ist ein Forum in...

    Center for Registers and Information Systems (RIK)
    RIK is a government agency that reports to the Ministry of Justice.

    The main purpose of RIK is to ensure an innovative and integrated environment of e-services for more efficient implementation of public administration and application of laws and jurisprudence. RIK is one of the largest IT organizations in Estonia.

    It develops and manages various registers and information systems. This includes the commercial register, e-notary, land register and information systems from other areas (court information system, e-files, etc.). Around 50 registers are under the supervision of the RIK.

    The Commercial Register of Estonia (a place for the registration of companies in Estonia) has been in operation since September 1, 1995.

    The portal of the Estonian Business Register is considered unique in Europe as it ensures quick and convenient establishment of companies. For example, it is possible to register a limited liability company in just a few hours with an ID card, without leaving home. In addition to the company search, the company portal can also be used to change a company's registration data and transmit annual reports electronically.

    The Commercial Register of Estonia offers the following services.

    Business Registration Portal (CReP - Online site for business formation in Estonia)
    It is a portal for entrepreneurs, with the help of which the registration departments of courts as well as the Central Commercial Register can be contacted, so that it can carry out various tasks in this portal.

    In this portal, entrepreneurs can submit an application for membership, a list of the board members with their personal details and relevant changes, contact details, information about relevant changes and annual reports.

    Residents of Estonia can access the portal using an ID card, Mobile ID or authentication through an Internet bank.

    Residents of Portugal, Finland and Belgium can access the portal by using an ID card, but citizens of Lithuania - by using a Mobile ID.

    Information system - the central commercial register
    It is an online service of the Center for Registers and Information Systems and this register is based on the database of the courts' register departments.

    This central database includes digital data from the commercial register, the register of non-profit associations and foundations and the commercial register of liens. It is a paid service with a monthly subscription fee of 10 EUR plus the request fee.

    By paying the subscription fee, a person can access the information contained in the land register, commercial register, register of non-profit associations and foundations, and commercial register of pledges.

    A value-added tax (VAT) payment is added to the service fee. For their part, users of the commercial register can search for information on their affiliated companies, non-governmental organizations and foundations free of charge.

    To access this information, a user must authorize themselves with an ID card.

  • The Republic of LatviaDatum23.12.2022 08:24
    Thema von BalticLegal im Forum Dies ist ein Forum in...

    The Republic of Latvia was proclaimed on November 18, 1918. The next steps that the new state took were the creation of the financial system and the introduction of the national currency of Latvia.

    On November 2, the Bank of Latvia issued temporary banknotes in the denomination of 10 lats – 500 ruble notes with overprint. The Bank of Latvia included both the functions of a central bank (issuing currency, controlling currency hedging and cash circulation) and a commercial bank (lending to and financing public and private companies, institutions and individuals).

    The structure of the bank was worked out in 1924 as follows: a head office (2A K. Valdemara Street, Riga), eight branches, which handle all banking business, and fourteen branches, which act as treasury and accept deposits. This was the structure of the bank until 1940.

    The law nationalizing banks and large industrial companies was passed on July 25, 1940. The nationalized credit institutions were merged and reorganized into branches of the Bank of Latvia.

    On March 2, 1990, the Supreme Council of the Latvian SSR (then entity of the USSR) passed the Law on Banks and the Resolution on the Bank of Latvia.

    Latvia joined the IMF on May 19, 1992. The legal basis for cooperation between Latvia and the IMF is the Law of April 15, 1992 on the Accession of the Republic of Latvia to the International Monetary Fund (IMF). The International Monetary Fund is an organization of 188 countries working to promote global monetary cooperation, ensure financial stability, facilitate international trade, promote high employment and sustained economic growth, and reduce poverty around the world. In 1992 there were 50 active banks, with the number of active banks increasing to 80 the following year.

    The 2008 Latvian financial crisis, which emerged from the 2008–2009 global financial crisis, was a major economic and political crisis in Latvia. Interestingly, despite the crisis, the number of officially registered banks in Latvia has increased from 28 to 29. The crisis was triggered by a bursting of the easy credit market, which led to an unemployment crisis and the bankruptcy of many companies.

    Economic activity has recovered since 2010 and Latvia's rate of economic growth in the first three quarters of 2012 was the fastest among EU Member States. 29 active banks resumed their activities on Latvian territory in 2012. On October 12, 2011 the Bank of Latvia opened its annual conference on economic development. This year it was entitled Global Challenges and Local Opportunities: Achievements and Prospects in the Baltic States.

    In early July 2013, EU finance ministers approved Latvia as the 18th member of the eurozone, a formality that put the country on track to use the currency on January 1, 2014.

  • Accounting in Lithuania Datum18.11.2022 14:01
    Thema von BalticLegal im Forum Dies ist ein Forum in...

    A company in Lithuania has to submit reports to the Tax Inspectorate, Social Insurance Fund, Statistical Office, Register Center, Customs Office and Migration Offices. It can be difficult for a foreigner to keep accounts and bookkeeping – he needs to know the Lithuanian language, Lithuanian legislation and understand bookkeeping and bookkeeping requirements. Failure to comply with annual report requirements or non-payment of taxes will cause problems with the authorities. Every Lithuanian company must have an accountant who will help prepare the necessary reports and submit them to the state authorities, as well as give advice on what taxes to pay.

    Accounting reforms in Lithuania
    Lithuania has been one of the frontrunners in the rapid transition to International Public Sector Accounting Standards (IPSAS) with consolidated state and local government financial reporting. Transitioning to this system was challenging and required preparation.

    The reforms not only included a change in accounting principles, but also aimed to increase the effectiveness of the accounting function itself. Policy makers at central and local levels started working on reforms five years earlier. The preparatory phase included pilot programs by several public sector organizations, as well as the development of regulations, detailed accounting manuals and transition instructions. Extensive training for public sector auditors and the completion of standardized IT solutions took place. Another was the implementation of a centralized IT solution for national financial reporting for more than 4,000 public organizations.

    Public Reception
    These changes are not a painless transformation process. They called for changes in the qualifications of all public accountants and initially met with strong resistance. Strong political support and determined Treasury leadership were critical to ensuring their successful implementation. There was still a one-year delay from the original launch date. This was due to a lack of preparation on the part of public sector organizations.

    Current status and results
    The system is well established and there have already been two cycles of awards based on IPSAS. To secure reforms, the Treasury Department is now focused on changing standards and other regulations. This provides support for a call center set up to handle IPSAS requests and offers on-site training to improve the quality of financial data.

    Future prospects
    The implementation of reforms was a step in transforming the public finance system. To maximize the potential benefits of this system, the country must have a consistent vision for public finance reform as a whole. Following the implementation of IPSAS, Lithuania has strengthened the qualifications of public sector auditors and the IT systems used for its government accounting. The process is ongoing and the country still faces many challenges; The successful implementation of IPSAS has given a critical edge on the road to excellence in public finance.

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    The business register offers the following services:
    The business register has a power to register businesses or companies (names of companies are subject to special regulations. For example, it is necessary to draw up a name that does not contain misleading information about important conditions of entrepreneurship, in particular, the legal form of a company (an enterprise) or business volume. It should also be noted that the name is not translatable.), mass media, commercial liens, significant influence, marital property, representative offices and missions abroad companies and organisations, European companies, European cooperatives and public and private partnership agreements;
    The business register is authorized to ensure the maintenance of the following registers of entities: the register of public organizations, the trade register, the trade union register, the register of associations and foundations, the register of European economic interest groups, the register of arbitral tribunals, the register of political parties, the insolvency register and registers of religious organizations and their institutions;
    The Business Register has the authority to receive and examine the documents to be submitted for registration from legal persons and facts referred to in laws and regulations, and stores these documents;
    The business register has the authority to certify signatures (signatures are certified only by natural persons registered in Latvia and representatives of legal entities whose rights of representation are registered in the Latvian Public Register.
    When confirming an individual's signature, a business registry officer verifies the identity and legal capacity of the signer. The business registry officer who certifies a person's signature is not responsible for the content of the documents.);
    The business register has the power to verify the names (companies) entered in the registers maintained by the business register and the relevance of this information;
    The business register has the authority to examine and prepare responses to the submissions and requests for information received, prepare derivations of registration files and official business register documents and provide interested parties with the opportunity to access the registration files;
    The business register has sanctioning powers defined by international organizations and deals with cross-border mergers of corporations.

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