In Latvia, the register of beneficial owners will be publicly accessible from 01 April 2018.
The conditions for beneficial ownership registration became effective on 1 December 2017 requiring legal entities to file their registers before 1 March 2018.
BBP offers bank account openings for legal persons in the following Latvia banks: ABLV Bank, Rietumu Bank, Citadele Bank, Norvik Bank.
Banks have various restrictions regarding the jurisdictions its working with, the most of the Latvian banks are avoiding to work with typical tax-free jurisdiction companies located for example in Panama, Belize, BVI, Seychelles etc., where is not required to prepare annual Financial Statements. Recommended jurisdictions for account openings are the ones where is required to prepare and file Annually Financial statements like Hong Kong, Singapore, Gibraltar, Cyprus, UK.
There are following banks in Latvia: banks assets on 30.09.2017:
The European Union is discussing the possible exclusion of eight countries from the “black list” of offshore zones. It is reported by the IA Reuters, referring to the documents at its disposal. According to the agency, Panama, UAE, South Korea, Barbados, Grenada, Macau, Mongolia and Tunisia can be removed from the list.
Such a proposal is justified by the fact that these countries have agreed to change their tax policy. In addition, an exclusion from the list of Bahrain was discussed, but in the end, it was decided to leave it on the list.
On Tuesday, January 16, the issue was discussed at the ambassadorial level. And next week the proposal will be considered by the EU finance ministers. In early December, the last ones published a “black list” of countries that did not want to cooperate with the EU in the field of tax reporting, as reported by the UNIAN.
The list includes 17 countries, namely: American Samoa, Bahrain, Barbados, Grenada, Guam, Macau, Marshall Islands, Mongolia, Namibia, United Arab Emirates, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and South Korea. Offshore zones are on the territory of the most part of these states. We remind that the European Union decided to create a single “black list” after another leak of offshore documents called the Paradise Papers.
Switzerland introduced numerous significant changes to its value-added tax rules on January 1, including measures aimed at leveling the playing field for domestic businesses in competition with overseas, online retailers.
Under the changes, a company’s global turnover will now be taken into account when calculating its liability to VAT. Companies with a global turnover of at least CHF100,000 will be liable to VAT from the first franc of turnover in Switzerland.
Before the change, a foreign company providing services in Switzerland did not have to pay VAT on Swiss turnover up to a CHF100,000 (USD103,726) threshold. This led to competitive disadvantages for Swiss businesses, especially in the border regions.