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(f) Gain derived from the Purchase and Sale of Real Estate, Securities and Personal Property

In Latvia, there is a tax on exceptional profits or on increased value. This tax is imposed, in particular, when property is sold at a profit, whether the transaction is an occasional or a regular one.

Income-tax will only be levied if these transactions in real or personal property, corporeal or incorporeal, are directly or indirectly included among the receipts of a business or industry carried on in Latvia.

If these receipts are not connected with a business or industry, they are not liable to income-tax, even if the operation was in the nature of speculation.

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