OREANDA-NEWS. January 9, 2012. Trasta komercbanka in cooperation with Ernst&Young organized a seminar for its clients and informed about the new act on disclosure of personal wealth and undisclosed income.

On 1 December 2011, the Saeima adopted the new Personal Wealth and Undisclosed Income Reporting Act. The Act entered into force on 15 December and it imposes an obligation to disclose personal wealth in certain situations, provides an opportunity to legalize income for which income tax has not been paid, and requires that any savings in cash exceeding 10,000 lats must be deposited in a credit institution. 

Due to the fact that the new Act brought about extensive discussions and arose many questions about the reporting procedure, TKB organized a seminar for its customers, where the Ernst & Young tax specialists explained the nature of the law and provided answers to topical questions on the procedure of filing the reports.

Those clients of the Bank who could not attend the seminar, however, who would like to learn more about this matter, may request the seminar materials from their private bankers.