Jānis Taukačs Partner janis.taukacs@sorainen.com

We remind you about filing asset and debt status declarations to the State Revenue Service (SRS).

• Deadline for filing declarations is 1 March 2012 to 1 June 2012 (inclusive).
• Declarations must be filed by natural persons who are Latvian tax residents as at 31 December 2011 or who become Latvian tax residents later and who own any of the asset types that need to be declared. Assets and debts must be declared by tax residents under Latvian domestic law. However, a more beneficial status of a tax resident may be determined by tax conventions that prevail over the domestic law, when deciding whether a person is a Latvian tax resident.
• A tax resident (natural person) holding cash (in banknotes) exceeding LVL 10,000 (approx EUR 14,229) on 31 December 2011 must pay the excess into their account at any credit institution/s by 24 o'clock on 1 June 2012 and held until the next day.
• More detailed information on reporting requirements is available in a presentation on “Declaring property and debts” here.

Should you have questions or require legal assistance (incl. preparation of the declaration), please contact Jānis Taukačs, regional head of the SORAINEN Tax & Customs Team, by e-mail: janis.taukacs@sorainen.com.