Recent News

In August, the country published an updated list of countries with which it will exchange tax information. Both individuals and legal entities operating internationally should pay attention to the update. The updated list includes 157 jurisdictions. The list can be found on the website of the Czech Ministry of Finance. When a country is included in the list, it means that information about accounts will be transferred, the movement of funds will be monitored, and tax information will be transferred between countries. With the updated list, the Czech Republic is strengthening tax...

Revolut recently received a banking license in the UK and has now announced the launch of special cryptocurrency payment cards in the country to pay for purchases. The new virtual cards are integrated with Apple Pay and Google Pay. Online and offline purchases can be paid with cryptocurrency. Including goods with a large budget and essential items: daily commutes and coffee. Setting up the card takes place in a few clicks in the Revolut app, and you can choose from more than 180 available cryptocurrencies for payment. Revolut assures that users will not be charged an exchange fee when making...

According to statistics, there has been a significant increase compared to the 2023 figures, when 198,000 applications were registered. Last year, out of around 200,000 citizenship applications, 116,000 were approved. Source:https://schengen.news/portugal-receives-over-63000-citizenship-applications-in-first-4-months-of-2024/ In May this year, it was reported that over 500,000 applications for Portuguese citizenship were awaiting processing within two years. The government has stated that the main reason for the ongoing delay is high...

The corresponding order was issued by the Portuguese Secretary of State for Tax Affairs on August 26. Including the amendments, the thresholds and rates of personal income tax are revised and changes are made to the tax deduction. For example: up to 7703 euros - rate 13.00% (previously 13.25%) 7703 euros - 11623 euros - rate 16.50% (reduced from 18.0%) 11623 euros - 16472 euros - rate 22.00% (reduced from 23.0%) 16472 euros to 21321 - rate 25.00% (reduced from 26.0%) 21321 euros to 27146 - rate 32.00% (reduced from 32.75%) 27146 euros to 39971 - rate 35.50% (reduced from 37.0%) 39971 euros to 43000 - rate 43.5% 43,000 euros up to 80,000 - rate 45.0% more than 80,000 euros - rate...

The government has already issued a reminder regarding the payment deadlines. Property tax is due between September 1 and November 30. And the lists of taxpayers are publicly available. Property owners can even dispute the amount of tax. To avoid a 20% penalty, payment must be made within the prescribed...

The country's government has issued new anti-money laundering guidelines and plans to amend the legislation by proposing a bill to this effect, which is expected to come into force in June 2025. The bill contains 25 measures. Among them are proposals to remove mandatory enhanced customer verification, but at the same time to introduce a ban on international wire transfers where there is incomplete information about the parties. And three breaches of regulations will be added to the list of civil penalties. Among them are failure to file a suspicious activity report, an annual report and a risk...

The assessment should be completed by the end of November 2024. The reform should simplify the tax system, taking into account the transition to a green and digital economy, making it fiscally neutral. Ordered a relevant study by the Ministry of Finance of Cyprus. The main questions for researchers are what will be the impact of the reform on the country's economy and finances in general, as well as on the activities of companies, the lives of citizens with different income levels, investments, the labor market, productivity and competitiveness. Developers believe that the new tax reform will attract foreign investments to the island, stimulate entrepreneurial activity, make the Cypriot labor market more attractive, offer business tax benefits, help reduce the dependence of the Cypriot economy on expensive types of electricity, help fight tax evasion and the shadow economy more actively...

Irish export control regulations are being updated with the Export Control Act 2023, which comes into force on 22 August 2024. This new law makes important changes to the licensing and enforcement processes. While no new dual-use controlled items are being introduced, there are some key updates that businesses need to be aware of. The law introduces a more detailed process for issuing, revoking, varying and suspending licences, with clarified application requirements. DETE can refuse a licence without justification if it would jeopardise national security or public order in Ireland. Clear requirements are introduced for transaction-related records to be retained for 5 years after the transaction. In addition to the standard licence use reports, Irish authorities can now request additional reports detailing the activities licensed. New obligations require immediate reporting of any “material matters” such as errors, changes in circumstances or other important information relating to...