Tax and Legal news

The Register of Enterprises requires to update shareholders’ register information.

The Register of Enterprises requires to update shareholders’ register information.

The updated document should be submitted by 30th of June, 2015

The document should reveal the actual shareholder information and the signatures should be confirmed by the notary. The equivalent of notarial confirmation is a valid electronic signature.

The requirement applies to limited liability and joint stock companies registered till 30th of June, 2013.

There are long queues expected at the Register by the end of this June since many companies have not submitted the new shareholders register. If you need any assistance or legal advice to meet the new requirements, please contact Janis Miltuzis: janis.miltuzis@lv.gt.com.

New changes regarding the Board members are on track

The amendments to law On the Register of Enterprises of the Republic of Latvia introduce the new concept for registering the changes in the Enterprise register. Hereafter at least one of the members of the board should be a citizen or a non-citizen of the Republic of Latvia, or a citizen of any EU Member state of European Economic Zone as well as a citizen of the Swiss Confederation.

Transitional provisions provide that amendments shall only come into force if the Commercial law is amended accordingly. Amendments of the Commercial law are now being discussed at the Parliament and they are not yet effective.

Using licensed software

We would like to draw your attention and remind you to use only licensed software within your company. Software piracy harms software publishers, creates unfair competition for legitimate companies and exposes customers to a range of IT risks including malware, security breaches and data loss. This can also lead to suspension of all the activities of the company and a fine.

The rights to inspect the use of the software are given to State Police Economic Crime department and also to the employees of the State Revenue Service.

When purchasing any new software you should make sure that all the necessary requisites are provided in the invoice. All the software used within your company should be listed in the accounting documents.