Latvia Gazettes Income Tax Disclosure Law Implementing EU Directive on Tax Reporting Requirements

The Latvian Official Gazette Sept. 27 published a law implementing EU Council Directive 2021/2101, on tax information declaration requirements for specified entities. The law includes measures: 1) requiring ultimate parent companies in multinational groups with consolidated revenue of at least 750 million euros (US$789.5 million) in the relevant periods, to publish annual income tax information; 2) requiring EU-based medium and large subsidiaries of a non-EU parent company to publish a report of the parent company; 3) exempting subsidiaries from reporting when net turnover doesn’t exceed 8 million euros (US$8.4 million) for the last two financial years; 4) establishing the content ...