Latvia Gazettes Law Partly Transposing EU Directive on Global Minimum Taxation

The Latvian Official Gazette June 20 published a law transposing specific measures of EU Directive 2022/2523, on ensuring a global minimum tax rate of 15 percent for multinational enterprise (MNE) groups and large domestic groups in the EU. The law includes measures: 1) applying to Latvian constituent entities of MNE groups if the ultimate parent’s annual revenue on consolidated financial statements in at least two of the preceding four fiscal years, including from excluded entities, is at least 750 million euros (US$803.4 million); 2) defining “minimum tax level” as a 15 percent effective tax rate, and defining other terms; 3) ...