Latvia: Implications of EU “public” country-by-country reporting for Latvian groups

Companies part of a multinational group and located in Latvia will be included in a CbC report submitted by the responsible entity of the group

Companies part of a multinational group and located in Latvia

Text of Directive (EU) 2021/2101 (of 24 November 2021) introducing “public” country-by-country (CbC) reporting for certain undertakings and branches was published on 1 December 2021 in the Official Journal of the EU. Read TaxNewsFlash

The directive entered into force on 21 December 2021. The deadline for transposition by the EU Member States is 22 June 2023, and the rules are applicable from June 2024 (that is, they would apply with respect to financial years starting on or after June 2024). For calendar year taxpayers, the first reporting year will be financial year 2025, and the report will be due by the end of December 2026.

Despite the fact that there are not many Latvian-based groups of companies qualifying for CbC report submission, companies that are part of a multinational group and located in Latvia still will be included in a CbC report submitted by the responsible entity of the group. 

Read an April 2022 report prepared by the KPMG member firm in Latvia

 

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