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Recent News

The Netherlands will pay compensation to 2,500 taxpayers

Published:   28.03.2024 | news

The tax authorities will pay compensation due to an error in the application, which was supposed to evaluate the persons to whom special scrutiny should be applied. Thus, unfounded audits of the tax returns of certain individuals were carried out. The selection was made based on incorrect criteria. To conduct a correct check, we had to check more than 10,000 declarations manually. It turned out that 2,500 taxpayers should not have been audited. Compensation will be paid as tax...

The US IRS is taking steps to combat unpaid taxes.

Published:   27.03.2024 | news

The IRS will take action against 125,000 high-income taxpayers who did not file taxes from 2017 to 2021. Starting this week, the IRS will be sending tax compliance letters to more than 125,000 taxpayers. Notices will be sent to approximately 25,000 taxpayers with income over $1 million. Taxpayers with incomes between $400,000 and $1 million will also receive notices. The plan is to send between 20,000 and 40,000 emails every week. Thus, the agency plans to receive a certain amount, but it is not yet...

New restrictions on anonymous transactions and cash are being developed in the EU

Published:   26.03.2024 | news

The EU Parliament adopted a decision that can have a qualitative impact on cryptocurrency operations in the Union. The new legislation is expected to strengthen anti-money laundering measures and introduce restrictions on anonymous transactions, including in the field of cryptocurrencies and cash settlement. According to the law, anonymous cryptocurrency transactions through custodial wallets without any amount threshold will be prohibited. In addition, the restrictions will affect cash payments in the amount of more than 10,000 euros and anonymous cash payments in the amount of more than 3,000 euros. The crypto community reacts to the adoption of this law in different ways. A considerable number of experts are sure that these measures will help fight against the abuse of the financial system and the financing of terrorism. But at the same time, they are worried. because there is a high probability of possible restriction of privacy and economic activity of citizens. One of the members of the European Parliament believes that the ability to carry out anonymous transactions is the right of every person. The new legislation can be fully implemented within three years after...

A single social contribution debtors will receive calls from the tax office

Published:   25.03.2024 | news

Within the framework of the pilot project, the State Tax Service of Ukraine will inform the payers of the single contribution about the existence of a tax debt. The project was created in order to increase the level of awareness of taxpayers and to voluntarily pay the tax. It is reported that this initiative will last up to three months. Debtors will receive information about the amount of debt and the territorial bodies of the State Tax Service, which take into account the debt. For 2023, 25 billion hryvnias were...

The EU is discussing the suspension of visa-free travel with countries that have a citizenship-by-investment program

Published:   22.03.2024 | news

The draft New Rules for Suspension of the Visa-Free Regime with Third Countries was agreed upon by the Committee of Permanent Representatives of Member States. Currently, 61 countries have a visa-free regime with the EU. Thus, one of the three grounds for suspending a visa-free regime with a third country is the presence of an existing citizenship by investment program. The period of temporary suspension of visa-free travel may increase to 12 months and be extended again to 24 months. The EU may completely revoke the visa-free regime if the reason for the suspension is not eliminated. This proposal will be submitted for discussion with the European Parliament and after that the final regulations will be...

Romania has recognized as constitutional a law that excludes criminal liability for tax evasion

Published:   21.03.2024 | news

On Tuesday, Romania's Constitutional Court upheld as constitutional a law that would abolish criminal penalties for tax evasion of less than €1 million. Thus, overcoming the last obstacle to the entry into force of criminal law reform. According to the law approved in Romania, tax evasion will no longer be subject to criminal penalties if the culprit, within 30 days of the decision by the tax authority, pays the amount of taxes with penalties and a fine of 15% of the amount of underpaid taxes. If all the money is paid before the first court hearing, the amount of the fine will be halved. Two opposition parties tried to appeal the law to the Constitutional Court, but the court found it constitutional. The law was passed in December 2023 and aims to help the country recover unpaid taxes. At the same time, criminal liability remains in case of repeated...

Ukrainians can once again apply for citizenship by investment in Antigua

Published:   20.03.2024 | news

For two years, the citizenship by investment program was unavailable. Previously introduced restrictions have been revised, and the acceptance of applications has been resumed. Representatives of the Department of Citizenship by Investment emphasize the importance of comprehensive verification of persons wishing to obtain citizenship. They should not be under sanctions and not be associated with sanctioned organizations. However, the program is not available to Russians and Belarusians. At the moment, the cost of joining the program is 100 thousand dollars, and the registration time will take 3-6 months. Ukraine also has a visa-free agreement with Antigua, which will allow potential immigrants to get to know the country. Some experts believe the cost of citizenship by investment may...

Trusts and foundations have become more secure in the UAE

Published:   19.03.2024 | news

On March 14, amendments to the DIFC Law were adopted, which formally establish the supremacy of DIFC laws, prohibiting the enforcement of a foreign judgment if it does not comply with DIFC laws. These provisions ensure that foreign courts or parties who do not wish to submit to the jurisdiction of the DIFC courts cannot circumvent the DIFC Trusts and Foundations Law. They provide that a fund or trust officer must cease to act with respect to the fund or trust if a foreign judgment has been entered against it, thereby preventing it from exercising the authority to manage assets under the foreign judgment. The amendments provide additional guarantees regarding the prior transfer of property by the founder to the trust or foundation. A creditor of a trust or foundation must prove that the settlor intended to defraud the creditor in transferring property to the trust or foundation and that the transfer resulted in the settlor's insolvency. Without this proof, the trust or foundation will be obligated to settle the creditor's claim only to the extent of the share that previously belonged to the settlor. A new protection was also the introduction of a three-year statute of...

France’s central bank uses reserves to cover €12 billion in losses

Published:   18.03.2024 | news

The Bank of France has tapped a special reserve fund to cover losses of 12.44 billion euros in 2023 after the ECB's rapid rise in interest rates pushed up the cost of servicing deposits. Source:https://www.reuters.com/business/finance/french-central-bank-taps-provisions-cover-12-bln-euro-loss-2024-03-15/ Many central banks are reporting losses as they raised rates over the past two years, leading to large interest payments on the excess liquidity commercial banks parked with them. Anticipating such circumstances, the Bank of France has built up rainy day reserves in recent years to cover potential losses, reaching €16.4 billion in 2022 before being used to offset pre-tax losses in 2023. Villeroy promises that the Bank of France will not need taxpayer help. Future losses could be covered by about 18 billion euros held in another reserve fund and potential asset...

Switzerland will hold a referendum on introducing an inheritance tax

Published:   15.03.2024 | news

At the moment, inheritance in Switzerland is not subject to tax. But members of the Swiss Socialist Youth movement and environmental activists have already collected 108,988 signatures in support of the initiative to introduce a 50% inheritance tax on assets exceeding 50 million francs. The initiators calculated that the innovation would bring in about 6 billion francs annually. In their opinion, this amount should be spent on climate protection and green transformation of the economy. A referendum is due to take place soon, where voters will be able to express their views. Let us remind you that consultations are also underway in Switzerland on the implementation of new rules to combat money...