Šajā tīmekļa vietnē tiek izmantotas sīkdatnes. Turpinot lietot šo vietni, jūs piekrītat sīkdatņu izmantošanai. Uzzināt vairāk.
Teksta versija
LEGAL ACTS OF THE REPUBLIC OF LATVIA
home
 
The translation of this document is outdated.
Translation validity: 01.01.2011.–31.12.2011.
Amendments not included: 15.12.2011.

The Saeima1 has adopted
and the President has proclaimed the following Law:

Financial Stability Fee Law

Section 1. Purpose of the Financial Stability Fee

The objective of the financial stability fee (hereinafter - fee) is to strengthen the whole financial system in order, if necessary, to finance measures which would decrease the negative impact of the credit institutions having entered into financial difficulties on the other participants of the financial market, as well as partially compensate for the State budget financing diverted in order to stabilise the situation in the financial sector from which the banking sector as a whole gained a direct or indirect benefit.

Section 2. Fee Payers

Fee shall be paid by the credit institutions (excluding electronic money institutions) registered in the Republic of Latvia and their branches in the Member States and foreign countries, as well as the branches of the credit institutions registered in the Member States and foreign countries located in the Republic of Latvia (hereinafter - fee payers).

Section 3. Tax Period

The tax period for the fee shall be one calendar year.

Section 4. The Fee Object and Rate

(1) A fee object shall be the total liabilities of the fee payer at the end of the tax period from which the following shall be deducted:

1) deposits included in the deposit guarantee scheme of the Republic of Latvia or another Member State;

2) mortgage debentures issued by the fee payer;

3) underlying obligations included in the calculation of own capital as the subordinated capital in accordance with the regulations of the Financial and Capital Market Commission.

(2) The fee rate shall be 0.036 per cent per year of the amount referred to in Paragraph one of this Section.

Section 5. Procedure for Calculation and Payment of the Fee

(1) Payment of the fee shall be divided for quarters in the tax period, paying one fourth of the calculated payment each quarter.

(2) The fee payer shall calculate the fee in accordance with Section 4 of this Law and pay into the State budget revenue account indicated by the State Treasury by the 15th day of the month following the accounting quarter, submitting a document certifying the payment to the Financial and Capital Market Commission.

(3) The fee payer shall calculate the quarterly fee payments of the tax period on the basis of the data of the financial accounts included in the annual account of the previous tax period, correcting the total liabilities shown at the end of the previous tax period in accordance with Section 4, Paragraph one of this Law and dividing the calculated payment amount proportionally into quarters, and compile a quarterly fee payment schedule.

(4) The fee payer shall harmonise the quarterly fee payment schedule for the tax period with the Financial and Capital Market Commission by 15 April of the tax period.

(5) If it is determined that the fee amount paid in the accounting quarter is less than the amount which should be paid in accordance with the quarterly fee payment schedule referred to in Paragraph four of this Section or the rate prescribed in this Law, the fee payer shall, within 30 days following the receipt of an account from the Financial and Capital Market Commission, pay the remaining fee amount into the State budget revenue account indicated by the State Treasury.

(6) The fee payer shall, by 15 April of the next tax period, draft and submit to the Financial and Capital Market Commission the financial stability fee declaration for the tax period (hereinafter - declaration). The specimen for the declaration and procedure for completion thereof shall be determined by the Cabinet.

(7) When drafting the declaration, the fee payer shall perform the final calculation of the fee for the tax period in accordance with Section 4 of this Law, on the basis of the data of the financial accounts included in the annual account of the tax period.

(8) If following the performance of the calculation referred to in Paragraph seven of this Section it is determined that the fee amount paid for the quarterly payments is less than the amount which should be paid in accordance with the rate prescribed in this Law, the fee payer shall, within 30 days following the submission of the declaration of the tax period to the Financial and Capital Market Commission, pay the remaining fee amount into the State budget revenue account indicated by the State Treasury, submitting a document certifying the payment to the Financial and Capital Market Commission.

(9) The Financial and Capital Market Commission has the right to request the fee payer to make an additional fee payment within 30 days, informing the fee payer thereof in writing, if it following the control (inspection) of the fee payable by the fee payer has determined that the fee payer has not performed a complete payment of the fee and has taken a decision regarding the justification of an additional fee payment.

(10) If following the performance of the calculation referred to in Paragraph seven of this Section it is determined that the fee amount paid by the fee payer for the quarterly payments is greater than the amount which should be paid in the tax period in accordance with the rate prescribed in this Law, the overpaid fee amount shall be included in the payments for the following tax period.

(11) The Financial and Capital Market Commission has the right to delay the inclusion of the overpaid fee amount into the payments for the following tax period, informing the fee payer thereof in writing, if following the receipt of the declaration of the tax period the decision is taken to commence control (inspection) of the fee payable by the fee payer, - until the day, when the Financial and Capital Market Commission has taken a decision regarding the justification of the overpayment.

(12) If a fee payer commences or terminates its activity in the middle of a tax period, the fee amount shall be determined proportionally to its period of activity during the tax period.

(13) If a fee payer commences its activity in the middle of a tax period, the quarterly fee payments for the first tax period shall be calculated from the total liabilities indicated in the accounts balance of the last month of the accounting quarter of the fee payer, making the relevant adjustment in accordance with Section 4 of this Law.

Section 6. Fee Administration

(1) The fee shall be administered by the Financial and Capital Market Commission.

(2) The Financial and Capital Market Commission:

1) shall harmonise the calculated quarterly fee payment schedule for the tax period by 15 April of the tax period;

2) shall control the payment of the fee;

3) shall control the completeness and accuracy of the information indicated in the declaration referred to in Section 5, Paragraph six of this Law;

4) shall prepare and send an account to a fee payer for an incompletely performed fee payment.

Section 7. Liability for Exceeding the Time Limit for Payment of the Fee

If a fee payer does not make a fee payment within the time limit prescribed by this Law, the late charge for the delayed period shall be calculated to it in accordance with the Law On Taxes and Fees.

Transitional Provisions

1. The Cabinet shall, by 1 July 2011, assess the options of applying fees to other financial and capital market participants and other consumer credit service providers in future tax periods and, if necessary, draft the relevant amendments to this Law.

2. The Cabinet shall, by 31 January 2013, assess the options of channelling the fee payments into a specially established stability fund in future tax periods and, if necessary, draft the relevant amendments to this Law.

This Law shall come into force on 1 January 2011.

This Law has been adopted by the Saeima on 20 December 2010.

President V. Zatlers

Riga, 30 December 2010

 


1 The Parliament of the Republic of Latvia

Translation © 2011 Valsts valodas centrs (State Language Centre)

 
Document information
Status:
In force
in force
Issuer: Saeima Type: law Adoption: 20.12.2010.Entry into force: 01.01.2011.Theme:  Taxes and dutiesPublication: Latvijas Vēstnesis, 206 (4398), 30.12.2010.
Language:
Related documents
  • Amendments
  • Legal basis of
  • Annotation / draft legal act
  • Other related documents
223539
{"selected":{"value":"01.01.2012","content":"<font class='s-1'>01.01.2012.-...<\/font> <font class='s-3'>Sp\u0113k\u0101 eso\u0161\u0101<\/font>"},"data":[{"value":"01.01.2012","iso_value":"2012\/01\/01","content":"<font class='s-1'>01.01.2012.-...<\/font> <font class='s-3'>Sp\u0113k\u0101 eso\u0161\u0101<\/font>"},{"value":"01.01.2011","iso_value":"2011\/01\/01","content":"<font class='s-1'>01.01.2011.-31.12.2011.<\/font> <font class='s-2'>Pamata<\/font>"}]}
01.01.2012
84
0
  • Twitter
  • Facebook
  • Draugiem.lv
 
0
Latvijas Vestnesis, the official publisher
ensures legislative acts systematization
function on this site.
All Likumi.lv content is intended for information purposes.
About Likumi.lv
News archive
Useful links
Contacts
For feedback
Terms of service
Privacy policy
Cookies
RSS logo
Latvijas Vēstnesis "Everyone has the right to know about his or her rights."
Article 90 of the Constitution of the Republic of Latvia
© Official publisher "Latvijas Vēstnesis"
ISO 9001:2008 (quality management system)
ISO 27001:2013 (information security) Kvalitātes balva