On 26 September 2006, the Cabinet of Ministers adopted a new Regulation on Application of the Law on Personal Income Tax. The Regulation entered in force retroactively as of 1 September 2006 and replaced the previously existing Regulation carrying the same name

It is expected that public procurement will become more flexible and simpler as a result of the adoption of the new Public Procurement Law, in effect as from 1 May 2006.

The adoption of the Financial Collateral Law last year has rendered the granting and enforcement of security interests over cash and financial instruments considerably easier.

On 26 October 2006, the Parliament approved a number of amendments to the law on Taxes and Duties, the most essential of which are liberalization of the tax penalty provisions and changes in the rules concerning cash payments.

A report by DrJur. Edward Lestrade, Director & Lead Lawyer, Lestrade Law Associates LLC (www.lestradelawassociates.com) following an interview on Friday 26th September 2005 with Mr Aivars Aksenoks, Mayor of Riga in connection with the City’s development plan for Riga in 2005 and beyond. The meeting took place at the City Hall in the old city and covered the frank view of Mr Aksenoks for the new shape of Riga and how that might be achieved, earlier rather than later, with the help of private inve

On May 1 2004 Latvia joined the European Union, and thereby undertook to obey EU law and implement its provisions into the national legislation.