What you should know in advance of using the accounting services in Latvia?
Mon, 14.04.2014.
Of course, before purchasing a company or having it in this Baltic state the main thing is to introduce with the Latvian Tax Legislation, with the basic taxes that are defined by a State. Let‘s start a general overview about accounting services in Latvia.
-Payroll taxes – the salary is expressed in gross amount.In order to get the net amount one must deduct The Personal Income Tax(that is 24%0 and The Social Tax(11%).For non-residents working in this Baltic state the rules depends on the agreements Latvia has with the employees‘s country of origin. Payment also depends on what number of days non-resident worker is spending in Latvia.
-Corporate Income Tax – Latvia has a 15% flat Corporate Income Tax rate.
-Instead of paying before mentioned taxes like Social Tax, Personal Income Tax and Corporate Income Tax small enterprises can select to pay a Micro Tax in the amount of 9% their sales.
-Value Added Tax (or VAT) – standard rate of this tax is 21%. Most companies register for VAT automatically when establishing the enterprise.
-Property Tax – for commercial lands and buildings is 1,5% of the property‘s cadastral value, mentioned Tax for residential property ranges among 0,2% and 0,6%. There are more taxes that defined by the State like Capital Gains Taxes(15%),Vehicle Tax and other.
So, if you are planning to start a business and use the accounting services in Latvia, please be able to introduce and be well informed on local tax legislation.
Money-back guarantee
Long-term experience accumulated our experts are fully responsible for their quality of work and results. Good relationship with the Department of Immigration, Tax Inspectorate, the Social Insurance Inspectorate, Centre of Registers and other state and non-state institutions helps to ensure the highest quality services.
We do not operate in automatic machine principle and look deeper into the needs of each client. Whether it is business acquisitions, advice on migration, finance, accounting, or other issues - this is a unique process.
Only in this way we can ensure the highest quality services. Therefore, we provide our clients 100% money back guarantee if due to our fault you do not receive a temporary residence permit. We also guarantee that the company You will purchase has no debts or other liabilities. Our accounting services are insured, so if fees are wrong calculated, we or our insurance company will cover all losses.
RESIDENCE PERMIT
Process time for a temporary residence permit for each country depends on that country's laws. Usually it takes 2-6 months. If you have additional questions, the Migration Department may extend length of the proceeding up to 3 months. The answer may be a negative if the client:
- Was deported;
- Punished for crime;
- Has records in the police department;
- Other negative entries of personal biography;
- The information about the client is false, untrue;
- Going to false immigration.
If it turns out that the negative response to the temporary residence permit is due to one of these reasons, we will not return your money.
If the client has a clean biography and correct data about him/her, but due to our fault do not receive a temporary residence permit, in this case within 30 days we will return 100% of his/her money and will not ask for any compensation concerning experienced costs.
Business acquisitions and start-up
All of our sales companies do not have any debts or obligations. If you buy a new company (without any history), the company has absolutely no bookkeeping records. If you are going to buy an existing company with a history of activity, in this case you will provide the company financial reports and you will be able to assess the Company's status. If after the acquisition of the company, there would be unforeseen events and it would be our fault, we will take all the responsibility on ourselves.
Accountancy services and consultations
We take full responsibility for the provision of accounting services. Our accountants have many years of experience, good skills in preparing various reports to the state institutions; also we provide representation during an inspection. We look very responsibly to our work that is why we insured our employees from the possible errors, so if fees are calculated wrongly, we or the insurance company will compensate them.
