News

Our Office will be closed for the holiday season for the following days:

• 24 December - 26 December 2014
• 31 December 2014 – 2 January 2015

The office will be open as normal on:

• 29 December – 30 December 2014; and in addition
• 10 January 2015

With best wishes for Great Festive Season and New Year!

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Merhels Revidenti Konsultanti has issued its Transparency Report for 2014. 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.

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The majority of tax advisers expect corporate tax rates to remain relatively unchanged over the next three years, according to research by RSM, the seventh largest global network of independent audit, tax and advisory firms. This is in spite of global tax reform led by the OECD aimed at targeting tax avoidance by multinational corporations.
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Merhels Revidenti Konsultanti has issued its annual Doing Business in Latvia guide. This guide has been prepared for the assistance of those interested in doing business in Latvia. It does not cover the subject exhaustively but is intended to answer some of the important, broad questions that may arise. This guide contains only brief notes and includes legislation in force as of September 2014.

Click here to access the guide.

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SRS regularly evaluates tax payments made by tax payers to the state budget to express their gratitude to those who in a good faith comply with obligations set by tax laws and pay significant amount of tax to the budget. According to SRS statement published in EDS, Merhels is among those taxpayers who have made significant tax ​​payments to the state budget in 2013. The latter witnesses our considerable contribution to development of Latvia and faithful attitude towards tax compliance. SRS evaluates our collaboration approvingly and is grateful for our contribution to the state budget.
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Cyber security, once limited to the expertise of Information Technology specialists, has become a business-critical issue engaging senior corporate leaders worldwide – such conclusion stems from recent publication of RSM ‘Talking Points’ prepared by economic advisor David Bartlett.
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RSM, the seventh largest global network of independent audit, tax and advisory firms, was announced as the winner of the prestigious Network of the Year award on 16 September 2014 at the International Accounting Bulletin annual awards.
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Stock options are far from being a wide-spread instrument in Latvia. This does not come as a surprise given the shallowness of Latvian equity capital market and investor society traditions. Nevertheless, stock options do happen to pop-up at Latvian companies being part of international groups which offer stock options to their employees. And, given certainty provided by tax rules thereof, which were brought into use in 2013, it is worthwhile to consider stock options for planning remuneration policies.
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Such locations as Cyprus, Malta, Luxemburg and the Netherlands currently appear to be the top and most preferred choices for holding companies in Europe. There are good reasons for that. But this does not mean that this is it for Europe. Latvia has all technical pre-conditions to successfully compete with above mentioned jurisdictions thanks to favorable holding company regime introduced in 2013, skilled and motivated workforce, excellent banking system, direct flight options from Riga, capital of Latvia to more than 80 destinations to name the few.
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Member firms of RSM network agree to meet a number of high standards set by the International Board of Directors of RSM International. These standards relate to the quality and range of their services, as well as to other issues such as their size, location and branding. Member firms agree to apply global policies on quality assurance, auditing, ethics & independence and inspections, in compliance with applicable international standards. Once all the criteria are met a member firm is in a position to use the trademark “RSM”. New member firms are time-bound to implement requirements set by RSM International.
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The gap in growth rates of new business formation between the G7 and BRICS economies narrowed in the year to 2013, according to research of the most recent globally comparable data by RSM, the seventh largest global network of independent audit, tax and advisory firms. RSM reviewed 38 countries in its report, ‘Rebuilding the Global Economy’.
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April 30, being the deadline for filing of statutory accounts for most of the companies, is a magic date for accountants as it marks the end of the busy season. For us it is as well the trigger to reflect on achievements and start date for outlaying plans for the next busy season. Edvards Merhels, managing partner of Merhels Revidenti Konsultanti, says: “Every busy season is challenging and often difficult, the last one not being an exception. At the same time it is a special time as it really makes one stronger. I am proud to reflect that we at Merhels have an excellent team which can successfully handle all the challenges. It likewise is clear that Merhels can truly define itself as provider of solutions across a broad range of areas."
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The measures proposed for reform of the listed company audit sector in the European Union were approved by plenary vote in European Parliament on 3rd April, reaching another key milestone in the long, sometimes contentious process.
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The attached issue of Talking Points from RSM provides introduction to Islamic Finance. Whilst not relevant to Latvia, it should be noted that Islamic Finance has overgrown its geographical borders and is becoming more and more topical. The key to look at and think about are fundamental ethical concepts which underlie Islamic Finance.

Click here to access the issue of Talking Points.

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German farmers engaged in cultivation of wheat, rye and canola in Mecklenburg – Vorpommern federal state, with the view of enlarging their core operations, have acquired agricultural land in Latvia by purchasing 100% shares of the Latvian corporate vehicle holding the land. Within the deal Merhels assisted German farmers with execution of due diligence of the corporate vehicle and provided advice with regard to structuring of the transaction.

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B2Holding AS, a Norwegian company engaged in accounts receivable management business, has acquired 99.5% shares of Creditreform, one of the leading providers of debt collection and credit information services in Latvia. Within the deal Merhels assisted B2Holding with execution of financial and tax due diligence of Creditreform.

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Unfortunately no firms from Latvia have been announced as Ruban d’Honneur recipients in this year’s European Business Awards sponsored by RSM International. In a separate public vote Lattelecom SIA has been named as Latvia’s National Public Champion.
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