Latvia MOF Seeks Comments on Draft Amendments to Regulation to Clarify AEOI on Nonresident Accounts

The Latvian Ministry of Finance Sept. 18 opened a consultation on a draft regulation with amendments to clarify procedures for the automatic exchange of information (AEOI) on the financial accounts of nonresidents. The draft regulation includes measures to: 1) adopt DAC8 and amendments to the OECD’s standard for AEOI on financial accounts; 2) require publication of the countries participating in AEOI in the Official Gazette, and application of the list from Jan. 1 of the following year; 3) allow financial institutions to use a participating country’s free electronic service to verify the identity and tax residence of account holders or ...