Forum: The new VAT Law as of 1 January. Are we ready for it?

Place: Radisson Blu Daugava Hotel, Kuģu iela 24, Riga, Latvia
Time: 4 Dec 2012 10:00 - 16:30
Working language: Latvian

The Value Added Tax Law is expected to come into force on 1 January 2013 replacing the currently effective law on Value Added Tax; thus the related regulatory enactments will also lose their force. A couple of months remain until the law comes into effect; however, are the norms of the new law understandable and can they be implemented in real life? Will the new law solve currently unclear issues and cast light on grey areas or will it cause even more uncertainty?

Taking into account that the VAT Law is one of the cornerstones of the Latvian tax system, iFinanses.lv and co-operation partners were inviting participants to a forum entitled “The new VAT Law as of 1 January. Are we ready for it?” on 4 December 2012.

The forum lecturers included: Solvita Āmare-Pilka (Indirect Taxes Department director at the Ministry of Finance of the Republic of Latvia), Marina Kuzenko (head of the main tax administration’s VAT Methodology Development Department at the State Revenue Service) and Sabīne Vuškāne (senior tax manager at SORAINEN).

The target audience for the forum was company managers, finance directors, chief accountants, tax consultants, auditors and other financial specialists for whom this issue is particularly topical.

Agenda:

  • General overview: why the new VAT Law was prepared, what norms remain in force, what are the new norms, what norms are excluded. Structure of the law and explanation of terms.
  • Changes in organisation of tax invoice circulation and identification of market price to determine the transaction value subject to VAT.
  • Changes in preparation of VAT returns and appendices.
  • Changes in conditions for deduction of VAT input tax.
  • Application of VAT to real estate transactions.
  • Place of EU transactions.
  • Summary – discussion: has the new VAT Law solved the problems existing in the old law?

 

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