Latvia to Introduce Master and Local File Documentation Requirements

The Latvia Cabinet of Ministers has approved a draft law for the introduction of Master and Local file requirements in line with BEPS Action 13. Key aspects of the requirements are as follows:

• The requirements apply for resident taxpayers and, including PEs of nonresidents, that conduct transactions with related foreign enterprises, with other enterprises located in low or no-tax jurisdictions, or with related domestic enterprise if transactions are economically linked to transactions with …