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(a) BOOK-KEEPING AND ACCOUNTING REQUIREMENTS

Latvian fiscal law has no provisions as to how the books and accounts of taxable enterprises shall be kept. When, therefore, enterprises are being taxed on the basis of their accounts, the regularity of their books and documents is to be tested according to the rules of the Commercial Code and those of ordinary commercial practice.

Only companies need be assessed on the basis of their balance-sheet and accounts. Other enterprises are assessed on this basis only at their request; otherwise their profits will be determined by means of coefficients — that is, empirically (see page 289).

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