Our Ambition: Leading Alternative to the Big Four
As of 1 July, Raitis Logins has assumed the role of Managing Partner of Grant Thornton Baltic in Latvia. Having successfully led the Accounting Outsourcing department for more than a decade, he now takes on the leadership of the firm. In this interview, he shares his vision for the future, key priorities and the opportunities ahead.
What changes are taking place from 1 July?
We are entering a new chapter in the firm's leadership. Our former Managing Partner, Dainis Tunsts, celebrated his 70th birthday this year and has decided to retire after many years of dedicated leadership. I am honoured to succeed him in this role.
This transition has been carefully planned over several years. We have also strengthened our leadership structure by appointing Raivis Irbītis and Aleksandrs Vellers as Partners in Latvia. Both also serve as members of the Management Board, ensuring continuity and a strong foundation for the firm's future development.
How are responsibilities divided among the partners?
I will continue leading our Accounting Outsourcing department while also representing Latvia on the Grant Thornton Baltic Partners' Council. The Managing Partner of each Baltic member firm—Latvia, Lithuania and Estonia—serves on the Council, which is responsible for shaping the strategic development of Grant Thornton Baltic across the region.
Raivis Irbītis continues to lead our Audit and Assurance practice, while Aleksandrs Vellers oversees Financial and Business Advisory, Tax Advisory, Legal Services and Valuation.
What are Grant Thornton's core service lines?
Today, Accounting Outsourcing and Audit are our two largest business lines, each generating approximately 40% of the firm's revenue. Business Advisory, Tax Advisory and Legal Services account for the remaining 20%. Our Latvian team currently consists of around 75 professionals, including 28 specialists in Accounting Outsourcing and 25 in Audit.
Our objective is to continue strengthening all of our service lines while expanding our capabilities in response to evolving client needs and market opportunities.
What is Grant Thornton's ambition in Latvia?
Our ambition is to be the leading professional services firm beyond the Big Four. Earlier this year, our market research confirmed that Grant Thornton is now the fifth-largest audit and advisory firm in Latvia, which means we have achieved that objective locally. Globally, Grant Thornton ranks as the sixth-largest professional services network, giving us a strong international platform on which to build.
Why is this ambition important? Is the goal to compete directly with the Big Four?
The Big Four have their own well-established market position, client base and business model. Many large international tenders specifically require a Big Four firm.
Our clients are looking for something different. They seek the same level of technical expertise, professional quality and trusted advice, combined with a more personal approach and competitive pricing. Competition among firms in our market segment is intense, so maintaining our position requires continuous investment in our people, expertise and client relationships. We are proud to be recognised as the leading alternative to the Big Four in Latvia.
You have spent much of your career with Grant Thornton. How did your journey begin?
My professional career began working alongside Dainis Tunsts when I was in my early twenties. Over the years I gained experience in tax advisory, audit and accounting outsourcing before joining Grant Thornton through the merger of three firms, representing BDO Invest Rīga.
One of my key responsibilities was developing our Accounting Outsourcing practice. Together with an outstanding team, we have successfully implemented significant organisational changes and built what I believe is one of the strongest accounting outsourcing teams in Latvia today. This achievement belongs to the entire team, and I am sincerely grateful for their professionalism, dedication and commitment.
Dainis Tunsts Retires from Grant Thornton
Leadership Team Structure
Introducing Our New Podcast Series: "Economic Focus"
Grant Thornton is launching a new tradition – our podcast series, Economic Focus. In each episode, our experts will discuss the latest economic trends, government and parliamentary decisions, and the developments shaping Latvia's business environment and economy.
In the first episode, Grant Thornton experts explore the new government's priorities, the key tasks to be accomplished before the upcoming elections, and debate whether introducing a "zero-based budget" would be the right approach for Latvia.
Grant Thornton Ranked Among the Top 5 in Latvia
News
Tax Update: 12% VAT Rate Introduced for Selected Food Products
As of 1 July 2026, Latvia will introduce a reduced 12% VAT rate for a one-year period on selected essential food products, including bread, milk, eggs and fresh poultry.
According to the government, the measure is intended to ease the burden of rising food costs on households while assessing the impact of the reduced VAT rate on consumer prices, purchasing behaviour and state budget revenues.
"A reduced VAT rate on essential food products may provide short-term relief for consumers. However, its effectiveness will ultimately depend on the extent to which the tax reduction is reflected in lower retail prices. At the same time, a lower VAT rate also means reduced government revenue, making it important to evaluate after one year whether the benefits for consumers have justified the fiscal cost," says Mārtiņš Lubgans, Head of Tax at Grant Thornton Baltic.
According to Grant Thornton Baltic experts, retailers and suppliers will play a crucial role in determining the effectiveness of the measure, as their pricing policies will ultimately determine how much of the VAT reduction reaches consumers. If the lower VAT rate is fully reflected in retail prices, it could help mitigate the impact of rising food costs on household budgets while also providing valuable insights for shaping future tax policy decisions.
Grant Thornton Partner Aleksandrs Vellers Elected to the Board of the Latvian Association of Property Valuers
At the Annual General Meeting of the Latvian Association of Property Valuers (LĪVA), a new Board of Directors was elected. Aleksandrs Vellers, Partner at Grant Thornton Baltic and Head of the Valuation and Financial Advisory Department, was elected as one of the Association's seven Board members.
Aleksandrs Vellers has extensive experience in the development and governance of the valuation profession. Within LĪVA, he has previously served as Chair of the Business Valuers Certification Committee, a member of the Standards Committee, and a member of the Competence Oversight Board, contributing to the advancement of professional standards and the continuous development of valuers' qualifications.
"Serving on the Board of LĪVA provides an excellent opportunity to continue strengthening professional standards and further enhancing the quality of the valuation profession. In today's rapidly evolving economic environment, the demand for high professional standards and reliable valuation services continues to grow. It is therefore essential to strengthen the profession's expertise and promote the implementation of best practices," says Aleksandrs Vellers, Partner at Grant Thornton Baltic and Head of the Valuation and Financial Advisory Department.
Grant Thornton Baltic's Head of Real Estate Valuation Renews Recognised European Valuer (REV) Certification
Raimonds Dommers, Head of the Real Estate Valuation Group at Grant Thornton Baltic, has successfully renewed his internationally recognised Recognised European Valuer (REV) certification.
The certification is awarded by The European Group of Valuers' Associations (TEGoVA) in cooperation with the Latvian Association of Property Valuers (LĪVA). It recognises a valuer's high level of professional competence and compliance with the European Valuation Standards (EVS). Raimonds Dommers' certification has been renewed until 31 May 2031.
The REV designation is one of the most prestigious professional credentials in the European real estate valuation profession. It is awarded only to valuers who meet rigorous requirements relating to professional experience, technical competence and ethical standards. The renewal of this certification reflects both the expertise of Grant Thornton Baltic's valuation professionals and the firm's ongoing commitment to delivering valuation services that meet internationally recognised quality standards.
Payroll Group Manager Zane Laganovska Participates in Grant Thornton International's Cultural Intelligence Leadership Programme
Zane Laganovska, Payroll Group Manager at Grant Thornton Baltic, participated in the Cultural Intelligence Leadership Programme organised by Grant Thornton International. The programme brought together 84 participants from Grant Thornton member firms across Europe and focused on developing cross-cultural communication and leadership skills.
"The greatest benefit was the opportunity to meet Grant Thornton colleagues from different countries and to strengthen the feeling of being part of a truly global network. The programme provided not only valuable theoretical knowledge about cross-cultural communication but also practical insights into building successful collaboration across cultures. These skills are especially important when working with clients and teams representing diverse backgrounds and experiences," says Zane Laganovska, Payroll Group Manager at Grant Thornton Baltic.
Grant Thornton Legal Professionals from Around the World Share Knowledge and Best Practices
Our legal professionals, Inese Lapaine and Dāvis Albergs, participated in the international Grant Thornton Legal meeting held in Düsseldorf, Germany, bringing together legal experts from Grant Thornton member firms across the globe. During the event, participants explored opportunities for cross-border collaboration, exchanged professional insights, and discussed initiatives aimed at strengthening international cooperation and knowledge sharing.
Participation in international events such as this enables Grant Thornton Baltic's legal team to further enhance their professional expertise, strengthen relationships with colleagues across the global network, and adopt international best practices. The knowledge gained and connections established help us deliver even greater value to our clients, particularly in matters involving cross-border transactions and the international business environment.