Tax risk diagnostics can be a crucial tool for ensuring the financial stability and sustainability of your company. In today’s fast-paced and evolving business environment, it is essential not only to comply with tax regulations but also to proactively manage potential risks. One of the most effective ways to achieve this is through a detailed tax risk analysis.

  This involves an in-depth examination of a company's financial and tax situation, during which experts identify potential risks and weaknesses. The audit includes more than 500 different criteria to assess tax compliance and prevent unexpected tax assessments. It is an excellent opportunity to ensure financial documentation is in order and minimize the risk of potential claims from tax authorities.

   There are several situations where tax risk diagnostics can be particularly important. For instance, when preparing annual reports to ensure accuracy and compliance with regulations. Similarly, if there is a change in management or the chief accountant, such an analysis can help facilitate a smooth transition and maintain process transparency. Conducting international transactions, buying, or selling a business can also lead to additional tax complexities, making diagnostics a crucial step in risk mitigation. Moreover, if tax authorities show increased interest in a company’s operations or a tax audit is expected, proactive tax risk assessment can help prepare and avoid unpleasant surprises.

   Tax risk diagnostics offer several significant benefits. It enables companies to identify and address errors in time, reducing the likelihood of unexpected tax assessments or fines. Additionally, this analysis helps optimize tax calculation and declaration processes, ensuring greater efficiency and transparency. Businesses can also discover additional financial opportunities, reduce unnecessary expenses, and enhance their profitability.

   Regular tax risk diagnostics is not just a precautionary measure – it is a strategic step that helps companies ensure stable and sustainable growth. Conducting this process in a timely manner can not only prevent potential issues but also strengthen the company’s reputation and improve financial management.

Legal Point provides a full range of legal support and consultations on tax risk diagnostics. We help your company conduct a comprehensive tax assessment, identify potential risks, and find the most effective solutions to mitigate them. Our experts offer a professional approach, detailed analysis, and practical recommendations to ensure tax compliance and financial security.

If you want to stay ahead of potential tax issues and ensure your company’s stability, contact Legal Point today!

This email address is being protected from spambots. You need JavaScript enabled to view it.
+371 22317588
www.legalpoint.eu

As of January 1, 2025, significant changes in inheritance law regulation have occurred in Latvia, affecting both heirs and creditors. This reform modernizes the inheritance process, making it more transparent and fairer.

Key Changes in Inheritance Law

Limitation of Heirs' Liability

From now on, heirs will only be responsible for the deceased's obligations within the limits of the inherited estate, not with their personal property. This means that by accepting the inheritance, heirs do not risk their personal assets if the deceased has outstanding debts.

New Procedure for Accepting Inheritance

A unified deadline for accepting inheritance has been introduced. It will no longer be possible to accept inheritance silently if any interested party has already initiated an inheritance case with a notary. This promotes clarity and prevents potential disputes among heirs.

If heirs have been invited, they must express their intent to accept the inheritance within the period specified in the inheritance announcement published by the notary.

If an heir does not claim their rights within the stipulated period, they lose the right to inherit. However, this does not apply to heirs who were unaware or could not have known that the inheritance had been announced.

Changes in Inheritance Inventory Procedures

As of January 1, the Civil Law has been supplemented with a new Article 6961, requiring the compilation of an inheritance inventory listing the inherited property and its value according to the regulations set by the Cabinet of Ministers.

The notary and the invited heirs record information about the deceased's property in the inheritance inventory, which can also be compiled by a sworn bailiff. Each inheritance case will have only one inventory.

How Legal Point Can Assist in this Process

Considering the new changes in inheritance law, ensuring professional and competent assistance in handling inheritance matters is crucial. Legal Point offers a wide range of services to facilitate the inheritance process:

• We collect the necessary documents to initiate inheritance proceedings

We assist in preparing and submitting all required documents to start the inheritance process, ensuring compliance with the new regulations.

• Determination of the inheritance estate and its value

We conduct a precise evaluation of inheritance assets and liabilities, ensuring that heirs are informed about the composition and value of the estate.

• Inheritance processing, application for inheritance, and distribution of inheritance

We provide consultations and assist heirs throughout all stages of the inheritance process, ensuring fair distribution of the estate.

• Legal assistance in inheritance processing and transfer of real estate to heirs.

We help draft inheritance distribution agreements to prevent unnecessary disputes and expenses in the future.

• Allocation of the compulsory share for reserved heirs and the spouse

We ensure that reserved heirs and the spouse receive the legally prescribed share of the inheritance.

• Contesting wills and inheritance contracts in court

We represent clients in court when they need to challenge a will or inheritance agreement.

• Inheritance disputes in court

We provide legal assistance in cases where inheritance rights must be disputed in court.

Legal Point team is ready to offer professional support and consultations to ensure that the inheritance process proceeds smoothly and according to the new regulations.

Contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. to learn more and receive an individualized approach to your situation, or visit our modern and welcoming office at Ernesta Birznieka-Upīša iela 13, Riga, 1st floor, Felicity project.

We are thrilled to announce that Legal Point is now offering clients legal services worldwide as part of the ASSOCIATION OF EUROPEAN ATTORNEYS (AEA). The AEA is the largest network of lawyers and attorneys in Europe, boasting an impressive presence with 1105 offices across 151 countries.

Legal Point's specialists share valuable insights based on their years of experience in due diligence. With years of knowledge and professional insights, we will explain why this process is integral to ensuring successful business transactions.