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(Sep 10, 2013) Latvia's tax authorities announced a new audit policy on September 5, 2013. In the future, taxpayers will be informed by mail of any planned audits before those audits actually begin. At present such notice is only sent ten days prior to the scheduled start of an audit. Under the new procedure, once a taxpayer receives an information letter, there would be a chance for the taxpayer to voluntarily fix any accounting mistakes and possibly end the need for an audit. The purpose of the change is to improve cooperation between taxpayers and the tax office and promote tax compliance. (Larisa Gerzova, Tax Authorities Will Inform Taxpayers About Audit Planning Prior to Making Decision to Commence Audit, TAX NEWS PLATFORM (Sept. 6, 2013), International Bureau of Fiscal Documentation online subscription database.)The new procedure will apply to both individuals and corporations; any taxpayer for whom an audit is planned will be given notice that such a procedure is scheduled for no later than two months from the date on the notice. The only exception is that no notice is sent if an audit is planned in response to a taxpayer requests a refund because, in the taxpayer's view, taxes have been overpaid. (
|Author:||Constance Johnson More by this author|
|Topic:||Taxation More on this topic|
|Jurisdiction:||Latvia More about this jurisdiction|
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Last updated: 09/10/2013