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  • COVID-19
Article:

Latest news and useful tips for protecting your business

16 March 2020

The global spread of COVID-19 (coronavirus) is having significant impact on businesses and economic forecasts, operations and employees. Undoubtedly, companies will more than ever have and for the foreseeable future need the advice of professionals on various issues arising from these exceptional circumstances.

What does a coronavirus pandemic means to you and your business? Although it is rather impossible to foresee the full-scale effect of COVID-19, BDO closely follows this rapidly changing situation both globally and nationally, offering useful suggestions that may help your business during this time of uncertainty. To find out more, see the publications below.  


Idle-time benefit

Immediately following the declaration of an emergency, the government has appealed to enterprises to avoid hasty decisions on redundancies and promised to draw up a special idle-time regulation.​

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Tax incentives to support entrepreneurs

On March 20, 2020, Parliament (Saeima) adopted the Crisis Act “On measures to prevent and manage national threats and consequences of Covid-19” which includes a series of proposals aimed at mitigating the negative consequences of the COVID-19 epidemic for businesses.

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Corporate governance

On 20th March 2020 Latvian Parliament has adopted amendments to the Commercial Law providing for remote participation and voting in the shareholders' meeting by means of written notification and electronic means of communication. The notice convening the meeting will specify the arrangements and the time limit within which the member or shareholder will be able to exercise his / her right to attend the meeting by electronic means.

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Coronavirus and data protection

The health data of an individual is a special category of personal data within the meaning of Article 9 of the General Data Protection Regulation (GDPR).This may seem counter intuitive, but the company cannot ask employees to tell whether they have been infected with the coronavirus in order to reduce risk in the work environment. 

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Labor law issues

The state of emergency, the closed borders in many parts of Europe, the disappearance of foreign visitors – these factors have raised concerns among employers and employees about remuneration, work organization and other employment issues. Here is an overview of COVID-19 labor law issues.

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Cooperation with national authorities and courts

During the emergency, the Cabinet of Ministers has imposed a duty on state and local government institutions to evaluate and, as far as possible, ensure the provision of face-to-face services remotely.

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Does and how the state will support entrepreneurs in times of crisis and what precautionary measures should be taken by the entrepreneurs themselves now?

The global pandemic of the Covid-19 virus is currently the most-discussed topic in the world. Global panic is caused by the spread of the virus – while last week on March 12, 129,000 people were infected with the virus and 4,751 died, then four days later, on March 16, those numbers have reached 174,000 infected and 6,694 dead. European countries have become the epicenter for the uncontrolled spread of the virus, with over 24,000 registered infections in Italy and over 9,000 in Spain. The uncontrolled spread of the virus has forced countries around the world to take drastic measures that are unlikely to be found in world history. Closed national borders, closed air traffic and passenger traffic, certain internal movement bans – such global precautionary measures have not been experienced by the modern world.

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Coronavirus and Force Majeure

Various restrictions and quarantine measures significantly slow down or even completely interrupt production processes for many businesses. What should businesses do if contract performance is not possible due to production downtime?

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