Tax accounting and consulting in Latvia

The goal of Wisecounter's tax accounting and consulting services is to help customers navigate the Latvian tax system as smoothly as possible. We offer tailored tax advice based on your company's specific needs, conduct financial analysis, and aid in establishing a strategic plan to help your company achieve its objectives while maximising financial efficiency.

Why choose us?

• Our advisors understand the nature and subtleties of the Latvian tax system and can offer the best solutions for you. Latvia's tax system comprises corporate and personal income tax, social security payments, solidarity tax, micro-enterprise tax, VAT, excise, and various taxes on specific goods or activities (real estate, transportation, etc.). In Latvia, the State Tax Office (Valsts iēmušų dienests) handles all tax problems, except for real estate tax, which is managed by local governments. Latvia began implementing a progressive income tax in 2018. Higher-income individuals are also subject to the solidarity tax, which includes, for example, contributions to the social security system.

• Our knowledge of international tax regulations enables us to assist enterprises that import or export. We also advise on transactions involving related parties. Latvia's transfer pricing policy is based on the OECD norm, and it establishes the requirement to retain and submit paperwork as well as mechanisms for establishing price fairness. Latvia has tax treaties with several countries to avoid double taxation.

• Accuracy and deadline adherence are critical in tax proceedings and serve as the foundation for risk minimization. Declarations are filed with the Latvian Tax Office electronically, and the official language is Latvian. Accounting reports must meet Latvian laws and standards, as well as be linguistically correct, to prevent wasting time and raising further concerns. Because the Latvian language has a distinct character system, hiring an accountant or consultant who speaks Latvian fluently will be really helpful.

• Our accountants and advisors have many years of experience managing matters with the Latvian Tax Office. It can be possible to understand the provisions of the law in one way or another. Long-term experience working with clients from diverse spheres of business has provided us with practical information on how to resolve any tax issue in the most efficient manner. We may provide substantial support to our customers and, if necessary, handle correspondence with the tax office.