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Deemed Transfer or Not Deemed Transfer?

Tina Luse
The Baltic Times, 26 October 2006. In the course of doing business in Latvia, companies sooner or later may face the necessity to carry out some type of reorganization or so called "transfer of an undertaking" processes provided in the Commercial law of Latvia.
Besides share acquisition, one of the alternatives often used in business acquisiton transactions is merger. Reorganization is sometimes used in cases when it is necessary to legally separate one companies' business type from another. It is possible to make an acquisition by way of "transfer of an undertaking", i.e., alienation or acquisition of the assets and liabilities belonging to the business, without carrying out the reorganization as defined under the Commercial law.
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How Much can You Rely on Your Customs Broker?

Gints Pucens
The Baltic Times, 5 October 2006. When there is a need to deliver goods accross the border it is a common practice in Latvia that import/export formalities are carried out by customs brokers. Besides filling in customs declarations and acquiring insurance policies, the services provided by a customs broker may also include the payment of applicable taxes and customs duties on the behalf of a client. According to the agreement between the holder of goods and the customs broker, the customs broker may be authorized to receive money for the state budget on the behalf of their client and is obliged to pay the State Revenue Service. One might think that the holder of goods has performed its obligation to pay taxes or customs duties at the moment when the money is transferred to the broker. Such an assumption can be a mistake.
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