News

State revenue service (SRS), already 4th time, praises our tax payment discipline


15 May 2018
SRS regularly evaluates tax payments made by tax payers to the state budget to express gratitude to those who in a good faith comply with obligations set by tax laws and pay significant amount of tax to the budget. Merhels, fourth time in a row, has been praised by SRS in this regard. This recognition inter-alia has very practical consequences - SRS will not burden our Firm with any kind of detailed scrutiny at least until April 2019 unless we force them to do that by our actions.

Merhels advises B2Kapital with their acquisition of loan portfolio from Hiponia


15 January 2018
Merhels advised B2Kapital SIA in the acquisition of a non-performing loan portfolio from Hiponia SIA in Latvia.

B2Kapital procures and manages corporate and retail, secured and unsecured non-performing loans. The company is based in Riga, Latvia. It operates as a subsidiary of B2Holding ASA, a leading European distressed asset solution provider for banks and institutional vendors.

Within the acquisition process Merhels assisted B2Kapital with valuation of the loan portfolio.

Transparency report 2017


29 December 2017
Merhels has issued its Transparency Report for 2017. Transparency report is a public statement of our commitment to provide quality audit services. It briefly describes how we run the firm, perceive and perform audits.

Click here to access the report.

‘Acquisition International’ Finance Awards 2017


27 September 2017
On 26 September 2017 ‘Acquisition International’ (AI) has announced Merhels as the winner of the award ‘Best Accountancy Firm 2017 - Latvia’. 
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Tax reform 2018 - snapshot


18 September 2017
The Government in August 2017 approved changes to the Latvian income tax system to stimulate reinvestment of profits and implement progressiveness in taxation of personal income. Estonian corporate income tax system has been the source of inspiration when it comes to overhaul of Latvian corporate income tax system. Implementation of progressiveness of taxation of personal income has been long discussed. Government hopes that the new system will help combating the grey economy and will be fairer.
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Doing Business in Latvia - snapshot


28 July 2017
Merhels has issued its Doing Business in Latvia guide in the form of a snapshot. It contains only high-level considerations summarised on one page. The guide has been prepared for the assistance of those interested in doing business in Latvia. As a snapshot, it does not cover any of the subject in detail and is intended only to give the first feel about Latvia. The snapshot includes legislation in force as of 30 June 2017. As a piece of warning – Latvian income tax system is subject to overhaul and hence information contained regarding income tax may very soon become obsolete.

Click here to access the report.

Examination of EU funded projects


17 July 2017
In May and June of 2017 Merhels was contracted to assist European Commission’s Directorate-General for Regional and Urban Policy in execution of their audits and controls. Our tasks included verification and analysis of final control reports put together by national audit authorities covering EU funded programmes in planning period 2007-2013 and setting-up action plan to avert identified problems.
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State revenue service (SRS), already 3rd time, praises our tax payment discipline


09 May 2017
SRS regularly evaluates tax payments made by tax payers to the state budget to express gratitude to those who in a good faith comply with obligations set by tax laws and pay significant amount of tax to the budget. Merhels, third time in a row, has been praised by SRS in this regard.
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Lawyer Monthly Witness Award 2017


10 March 2017
Lawyer Monthly has selected Edvards Merhels, managing partner of Merhels, for a Lawyer Monthly - Expert Witness 2017 Award in recognition of his specialized knowledge and experience within the area of strategic business consultancy.
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BID Group One ISLQ Award


23 January 2017
On 12 January 2017 BID Group One (BID), whose international activity promotes Quality Culture, Innovation and Excellence, has chosen Merhels to receive the International Star for Leadership in Quality (ISLQ) Award.
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Public holidays in December and January


19 December 2016
Our Office will be closed for the holiday season for the following days:
  • 26 December 2016
  • 30 December 2016
  • 2 January 2017
The office will be open as normal on 27, 28 and 29 December 2016.
With best wishes for Great Festive Season and New Year!

‘Wealth & Finance International’ 2016 European Business Award


14 December 2016
On 14 December 2016 ‘Wealth & Finance International’ has announced of having presented Merhels with the ‘2016 European Business Award’.
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Transparency report 2016


08 December 2016
Merhels has issued its Transparency Report for 2016. Transparency report is a public statement to clients, audit committees, regulators and the wider public of our commitment and ability to provide quality audit services. It briefly describes how we run the firm, perceive and perform audits.

Click here to access the report.

‘Finest in Audit Services’ Award


08 November 2016
On 1 November 2016 ‘Corporate Vision’ announced that Merhels has been recognized as the exclusive winner in Latvia’s SME sector as the ‘Finest in Audit Services’.
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‘Wealth & Finance International’ 2016 Tax Excellence Award


21 October 2016
On 17 October 2016 ‘Wealth & Finance International’, following extensive research by their in-house team, has announced of having presented Merhels with the ‘2016 Tax Excellence Award’ as the exclusive winner in Latvia.
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Audit thresholds in the Baltics


17 October 2016
The basic statutory audit threshold criteria for standalone financial statements of private companies in the Baltic countries are the same and comprise net sales, total assets and number of staff. However, the numbers in each country are quite different.
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Initial reflections on the new Act on Annual Standalone and Consolidated Accounts


29 August 2016
The new Act on Annual Accounts applies to periods starting on or after 1 January 2016. One of the key drivers beneath it is reduction of administrative burden imposed on businesses. As the magnitude of changes is substantial, the compilation of accounts and audit thereof, at least initially, will be challenging both to accountants and auditors. Whilst we still continue forming the view about the new set of requirements, there are some issues that we would like to highlight.
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Finance Monthly Global Awards 2016


04 August 2016
Finance Monthly has announced Merhels as the winner of the award ‘Strategic Business Consultant Firm of the Year Latvia’. 

Finance Monthly says that voting notification email was sent to its entire readership database – over 195,880 contacts were emailed. In total Finance Monthly received an 8.1% response rate equating to 15,866 votes.
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Merhels assists BPM with their investment into Optometrijas Centrs


14 June 2016
BPM Mezzanine Fund SICAV-SIF, SCA (BPM), as managed by BPM Capital, has provided financing for the management buy-out (MBO) of SIA Optometrijas centrs ("Optometrijas centrs"). The transaction represents a buy-out of majority ownership held by a number of private individuals and adjusting financing structure of Optometrijas centrs to pursue further acquisitions for market consolidation in the Baltics. Optometrijas centrs is the leading eye care chain operator and eye care products and instruments wholesaler in the region, managing stores in Latvia and Lithuania under the brands Vision Express, Optio, Pasaules Optika and Lornete, as well as internet stores under the brand of dr.Lensor. Established in 1992, the company has built a very strong foothold in the Baltics over the years. Within the deal Merhels assisted BPM with execution of financial and tax due diligence of Optometrijas centrs.

State revenue service (SRS), once again, praises our tax payment discipline


07 April 2016
SRS regularly evaluates tax payments made by tax payers to the state budget to express gratitude to those who in a good faith comply with obligations set by tax laws and pay significant amount of tax to the budget. Merhels, once again, has been praised by SRS in this regard.

Edvards Merhels, managing partner of Merhels Revidenti Konsultanti, comments: “It is a great pleasure and honour to receive gratitude from SRS that Merhels is seen as a good taxpayer. The more pleasing though is the fact that SRS applies top-down risk approach and is serious about building relationships with taxpayers based on trust and cooperation.”

Merhels assists BaltCap with their investment into Uprent


10 February 2016
BaltCap, the leading private equity and venture capital firm in the Baltics, recently entered into an investment agreement with Uprent SIA, an industrial equipment rental company. Uprent is the leading pump and pumping system rental provider in Latvia. It has branches in Estonia, Lithuania and Poland. Within the deal Merhels assisted BaltCap with execution of financial and tax due diligence of Uprent group.

Affiliation with CBA Cross Border Associates


07 January 2016
At close of December 2015 Merhels became a member of CBA Cross Border Associates (CBA), a rapidly growing global network of business associates.
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