Most Recent Developments in Russian ‘Deoffshorization’

Further to our blog post of 25 March 2014, Russian government has recently taken steps to introduce new regulations to shore up tax revenues and to make an attempt to bring home tax revenues from Russian owned offshore companies. On 27 May 2014 Russian Finance Ministry (FM) has published a revised draft of the proposed Read more

The UN CISG Convention to apply to oral contracts in Latvia

On 9 October 2012 an amendment to the Act ‘On the United Nations Convention on Contracts for the International Sale of Goods’ (hereinafter – CISG Convention) came into force, which excluded from the Act its 2nd Article. This Article contained a declaration that the CISG Convention does not apply to the contracts of Latvian commercial Read more

EU allows resale of used computer programs

On 3 July 2012 the Court of Justice of the European Union (the Court) has decided that the exclusive right of distribution of a copy of a computer program covered by licence is exhausted on its first sale (Case C-128/11, UsedSoft GmbH v Oracle International Corp. (the Case)). Read more

New Provisions in the Latvian Commercial Code on the Company’s Transactions with its Shareholders, Board and Council Members

Saeima has adopted amendments to the Latvian Commercial Code, which clarify and more strictly regulate transactions of a company with its founders, shareholders and related parties. If a company within two years after its incorporation acquires property from its founder, shareholder or a related party, and the value of the deal exceeds 1/10 of the Read more

On initial declaration of private individual’s financial standing

As of 15 December 2011 the Law on Declaration of Private Individual’s Financial Standing and Undeclared Income enters into force, which sets obligation of Latvian residents (private individuals, who are Latvian citizens or foreigners with permanent residence permit or permanent residence certificate in Latvia) to submit to the State Revenue Service declaration of financial standing, Read more