LATVIA – Tax zones
On Tuesday, 20 December, the Cabinet of Ministers (MC) approved amendments to the Cabinet Regulation on Low Tax or Tax-Free Countries and Territories. It is designed to ensure the application of protective measures under direct tax regulations (anti-avoidance measures defined in law) to jurisdictions on the European Union (EU) list of non-cooperative tax jurisdictions.
Given that the EU list is regularly updated and revised, it is necessary to update the list of countries and territories included in the regulation so that everything is in line with the current EU list. In order to provide legal certainty and reduce the administrative burden on both the State Revenue Service and taxpayers with respect to the application of taxes to transactions with the listed jurisdictions, the changes will take effect on 1 January 2023.
The draft amendments are available on the portal of legal acts: tapportals.mk.gov.lv
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