Recent News

A recent report published by Genesis Analytics on behalf of Mastercard projects that Africa’s digital payments market will reach $1.5 trillion by 2030, driven by increasing internet access and financial inclusion. To support this growth, Mastercard aims to onboard 15 million users to its Community Pass platform over the next five years, focusing on small businesses and underserved populations. One of the key initiatives is the MADE Alliance: Africa (Mobilizing Access to the Digital Economy), launched in collaboration with the African Development Bank. It targets 100 million individuals and businesses for digital integration over the next decade. Internet penetration across the continent is expected to rise by 20% annually, while financial inclusion is projected to grow by 6%. Mastercard is also strengthening ties with regional banks like Access Bank, Equity Bank, and Bank of Africa to streamline cross-border transactions. The report highlights Morocco, where 75% of consumers already use modern payment methods. Statista estimates the country’s digital payment volume could exceed $8.46 billion by 2028. Source:...

Visa has announced that its newly formed fraud-fighting division has successfully intercepted fraudulent activity worth more than $350 million in 2024 alone. Operating within Visa’s Payment Ecosystem Risk and Control (Perc) unit, the team consists of AI engineers, data analysts, ex-law enforcement professionals, military intelligence experts, and cybersecurity specialists — all collaborating to dismantle complex fraud schemes. “Over the last five years, we’ve invested more than $12 billion in security technologies — but our people are our greatest strength,” said Paul Fabara, Visa’s Chief Risk and Customer Experience Officer. He emphasized the importance of combining proprietary tools with human insight. Using generative AI for correlation mapping and deep data visualization, the team recently uncovered a vast phishing scheme involving fake ID verification pages on dating websites. Victims were lured into providing sensitive information, which enabled recurring unauthorized charges. By linking transactions with IP data and using advanced analytics, Visa traced and dismantled the entire network — shutting down nearly 12,000 websites and...

Belvo, a prominent provider of financial infrastructure across Latin America, has introduced Biometric Pix — a breakthrough solution aimed at enhancing Brazil’s instant payment ecosystem through biometric authentication. With this system, users can authorize payments using a fingerprint or other biometric methods, eliminating the need for passwords or banking apps. The result is a faster, more secure, and seamless transaction experience. Biometric Pix is fully compatible with digital wallets, enabling consumers to pay with a simple touch at any point-of-sale terminal. The service also includes account tokenization, allowing credentials to be stored securely for future use without re-entry. Belvo offers this service under an infrastructure-as-a-service (IaaS) model, which makes implementation cost-effective for companies. OneKey Payments became the first client to adopt this technology and enhance their instant payment...

The U.S. Internal Revenue Service (IRS) has officially announced the beginning of the 2024 tax filing season. Over 140 million individual tax returns are expected to be submitted before the April 15, 2025 deadline. Taxpayers are encouraged to file their returns electronically and use direct deposit to speed up the refund process. The IRS estimates that those who file electronically can expect their refunds within 21 days. Filing deadline: April 15, 2025. Filing methods: electronic filing or paper return. Benefits of e-filing: faster processing, reduced risk of errors, and quicker refunds. Penalties for late filing: 5% of the unpaid tax amount per month of delay. Taxpayers who owe taxes to the IRS may also face additional penalties and interest charges for late payments. More information is available on the official IRS...

As of January 1, 2025, new personal income tax (PIT) rates have come into effect in Latvia. This government decision aims to increase tax revenues and ensure a fairer distribution of tax burdens among citizens with different income levels. Up to €105,300 per year – the base tax rate has increased from 23% to 25.5%. From €105,300 to €200,000 per year – the rate is now 33%. Over €200,000 per year – an additional tax of 3% applies. How will this impact citizens and businesses? For employees with an average income: the increase to 25.5% may result in lower net wages after tax deductions. For high-income individuals and entrepreneurs: the new rates may lead to higher tax burdens, prompting businesses to adjust their financial strategies. For foreigners working in Latvia: non-residents earning income in Latvia should take these new tax rates into account. What’s next for Latvia’s tax policy in 2025? The Latvian government states that these changes aim to create a more sustainable tax system and boost budget revenues. However, the business community fears that this may negatively impact the country’s...

On February 1, 2025, the DAC8 directive came into force in the European Union, fundamentally changing the rules for crypto asset holders and international businesses. Financial authorities now have expanded powers to monitor digital assets, offshore accounts, and international transactions. Let’s break down how this affects businesses. What Has Changed? Crypto platforms and banks must report all client transactions to tax authorities. This applies not only to exchanges but also to crypto wallets, DeFi platforms, and even NFT marketplaces. Stricter reporting requirements for individuals with offshore assets. All EU residents must now declare cryptocurrency transactions and foreign bank accounts. Failure to report could result in severe penalties. Expanded automatic tax information exchange between EU countries and third-party states. This means tax authorities will be able to track assets even outside the European Union. Risks and Opportunities for Businesses Risks: Crypto businesses must adapt to new reporting requirements or seek jurisdictions with more lenient regulations. Companies using cryptocurrencies for transactions will face increased scrutiny...

Spain Plans to Impose 100% Tax on Property Purchases by Non-EU Buyers Spanish Prime Minister Pedro Sánchez has announced the government's intention to introduce a tax equivalent to 100% of the property's value for buyers who are not citizens of the European Union. This initiative aims to address the housing crisis exacerbated by rising property prices and rents in the country. According to government data, in 2024, non-EU residents purchased approximately 27,000 residential properties in Spain, often for investment or vacation purposes. This trend has contributed to increasing prices and reduced housing availability for local residents. The proposed tax seeks to limit speculative purchases and prioritize housing access for citizens of Spain and the EU. However, experts have raised concerns about the measure's effectiveness and its potential impact on the real estate market. Details regarding the implementation of the tax and its mechanisms are currently being developed by the government. Additional measures, such as constructing state-owned housing and increasing taxes on short-term rentals, are also expected to be part of the strategy to resolve the housing...

The world of offshores is changing again. Starting in 2025, the OECD updated the list of jurisdictions now under close scrutiny. For businesses, this may seem like a challenge, but in reality, it’s a new opportunity. As experts in offshore structures, we aim to help you adapt to these changes and even benefit from them. What has changed The updated OECD list includes new jurisdictions that do not meet international standards of tax transparency. Some companies may face additional checks and restrictions. However, with properly constructed strategies, you can minimize risks and continue to enjoy the advantages of low-tax zones. Why this is not a problem for your business We know where opportunities remain: Even with stricter regulations, there are still countries and territories offering legal and safe tax optimization solutions. We know how to work with these jurisdictions and can guide you on where to establish a business today. Adapting to new standards: For many of our clients, transparency and compliance have become integral to their operations. We help implement processes that meet OECD requirements, so you can rest easy. ...

The Lithuanian government has approved a proposal by the Ministry of Social Security and Labour to increase the minimum wage effective January 1, 2025. Key Changes: Minimum Monthly Wage: The gross minimum monthly wage will rise from €924 to €1,038, marking a 12.3% increase. After taxes, this equates to approximately €777, providing minimum wage earners with an additional €69 in disposable income. Minimum Hourly Wage: The gross minimum hourly wage will increase from €5.65 to €6.35. Implications for Employers: Employers are required to adjust their payroll systems to accommodate these changes and ensure compliance with the updated wage standards. Social insurance contributions, both employer and employee portions, must be calculated based on the new minimum wage thresholds. Exceptions apply for certain categories of workers, including pensioners, individuals with disabilities, workers under the age of 24, and those receiving maternity, paternity, or child care benefits. Economic Context: This decision aligns with Lithuania's ongoing efforts to enhance living standards and reduce income inequality. The increase follows a...