Category Taxation in Latvia

Immigration to Boost Latvian Economy

August 30, 2010 Taxation in Latvia

Latvian flagIn order to bolster economy activity and government revenues Latvia has relaxed several of its immigration restrictions in an attempt to bring in greater levels of foreign capital and skilled employees into the country.

In July 2010 the Latvian Government amended its immigration policies to make it easier for non-European Union investors to obtain legal residency within the country. Under the new rules, non-EU residents can be granted a five-year residency permit if they meet any of the pre-set conditions. Currently the options include investing at least LVL 25 000 (approx. EUR 35 300) in a local business, purchasing real estate exceeding LVL 100 000 (approx. EUR 141 225), or depositing at least EUR 300 000 in a national savings account...

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Serious Security Breach in Latvian Tax Office

February 16, 2010 Taxation in Latvia

Money at handThe Latvian State Revenue Service (SRS) has admitted that a possible 7.4 million documents have been leaked from its computer system. The information is reputed to have contained tax codes, rates of pay and income levels for individuals, corporate entities, and known public figures.

Spurned by a television report, the SRS released a statement on February 15th confirming that the service had experienced a data leak, but declined to provide any further detail on the extent of the security breach. Speculation has surfaced that over 120 gigabytes of tax return information has been downloaded from the department’s databases over a three month period.

The responsibility for the leak was claimed by the previously unheard of UK-based group 4ATA, which claims to have been established “to fight f...

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