Latvia: State Revenue Service Issues Reminder to Implement Internal Control System

On April 15, 2019, the State Revenue Service (SRS) issued a reminder to supervised persons that they must have implemented an internal control system by May 1, 2019.

As per the amendments made to the International and Republic of Latvia National Sanctions Act, all SRS supervised persons are required to implement internal control systems in addition to their existing systems to perform risk management of national and international sanctions. Supervised persons include tax advisors and the management of client money, financial instruments and other assets.

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