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.
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.
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.
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.
Thema von BalticLegal im Forum Dies ist ein Forum in...
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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05.03.2023 12:16
