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Monday 16.01.2017 | Name days: Lida, Lidija
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Starting from April, credit institutions to report suspicious transactions to SRS

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUFriday, 1 April, marked the coming into force of amendments to the Taxes and Duties Law. These amendments state that credit and payment service providers have to report suspicious transactions to the State Revenue Service.

Signs described in the law as suspicious financial activities include the following: a private person declares income, savings, properties or property value with a suspicious origin; such a client has an uncharacteristically large volume of transactions; incoming transactions all have small amounts and outgoing transactions all have large amounts of money involved. In addition credit institutions have to report instances when transactions do not have a clear and justifiable legal reason, if transactions include the use of forged documents, if a client carries out a suspicious transaction using electronic money, if a private person carries out an investment in a commercial company with a large amount of cash or if a private person decided to lend another private person cash amounts worth more than EUR 60,000. Other signs of suspicious financial activities include tax avoidance, suspicious changes to a client’s account balance (increased turnover and others), the client has a large number of additional accounts, the account is far away from the client’s stated place of residence, the client works as cover for another person’s financial transactions, the client carries out unusual transactions, the client carries out complicated or unusual transactions (such transactions usually do not have any clear economic or legal reason) and if the credit institution cannot determine the origin of finances used in a client’s transaction.

Experience shows that receiving information only after filing a specific request does not allow authorities to detect tax breaches in time. In addition, tax inspections in banks often reveal that actual bank account information often differs from the tax-payers’ information provided to SRS in declarations. Considering that suspicious money flow is critical information that can help authorities reveal tax avoidance schemes, prevent illegal activities with money. It is highly important for the State Revenue Service to receive such information in order to be able to combat tax frauds. Information from credit institutions will be used to analyse tax-payers data, which will help better control the personal income of tax-payers in Latvia and better supervise financial activities, SRS reports.

Ref: 102.109.109.3738


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