Recent News

On August 7, Italy doubled its flat tax on foreign income for new residents. The move came as a nasty blow to wealthy expats who were looking to avoid higher taxes elsewhere in Europe. In 2017, Italy introduced the so-called "football scheme." Thanks to it, the country has attracted a fair number of super-rich people to live there. New residents and Italian citizens who had lived abroad for nine out of the last 10 years paid a flat tax of 100,000 euros on any foreign income or assets for 15 years. Thanks to this scheme, Italy opened its doors to many wealthy people, entrepreneurs, and financiers (more than 2,700 multimillionaires in total, according to the Financial Times). Now the tax for them will be 200,000 euros. Switzerland has also begun to consider raising taxes. The country is home to 22 of the 500 richest people in the world. The initiative was put forward by the youth wing of the Social Democrats, Juso, which proposed using inheritance tax to finance measures aimed at mitigating the effects of climate change. They propose to levy half of the wealth transferred that exceeds $59 million. Citizens will be able to vote on these changes in about two...

Thus, from July 15, 2024, a single integrated rate of 5% will be applicable on all aircraft and aircraft engine parts. The previous rates caused inconvenience and confusion, as they were different for all components (5%, 12%, 18% and 28%). Now, the new single rate is intended to solve the problems with tax incentives, attract investment in the MRO...

A large-scale package of economic reforms has been approved by the National Congress. It concerns a new regime for stimulating large investments and a regime for streamlining taxation. As part of the regime for stimulating large investments, some tax incentives and exemptions should be established. Such incentives for investors in large Argentine projects imply a rate of 25% corporate income tax compared to the current rate of 35%. As well as exemption from currency rules and a stable exemption from new taxes for a period of 30 years. At the same time, the minimum investment threshold that will allow using this regime is 200,000,000 USD. A settlement of tax, customs and social obligations, as well as an asset settlement regime are also expected. The proposed law, in addition, introduces changes to the personal income tax and reduced rates of property tax for...

The temporary measures were announced by Thai Customs. Now, almost all goods imported into Thailand will be subject to import duty and VAT, regardless of their value. The temporary measures will be in effect from July 5 until the end of the year. Previously, all goods that were defined as low-value goods were exempt from duty and 7% VAT. Under these conditions, import purchases of low-value goods from overseas suppliers are not subject to VAT and excise tax (in the case of excisable goods), while purchases of such goods from local suppliers are subject to these taxes. Thus, domestic goods and local business operators were put at a disadvantage compared to foreign goods and suppliers. On June 4, 2024, the Thai Cabinet approved the introduction of VAT on imported goods worth more than 1...

This initiative will enable importers and exporters in Dubai to correct errors in customs declarations. This will facilitate procedural compliance and simplify the process of paying customs duties. In addition, importers and exporters will be able to partially or fully waive customs fines for violations that they self-report before they are detected by Dubai...

The struggle with the regulators for the license lasted more than three years. The company first submitted a request in early 2021, but faced numerous problems. Auditors warned that they could not fully verify the turnover figures in the group's 2021 accounts. The Bank of England required Revolut to simplify its share structure to qualify for regulation as a bank, sparking a dispute with Japanese investor SoftBank. Currently, Revolut is licensed with restrictions. But this is a common status for new lenders and allows them to develop their banking operations in the UK before they launch. Previously, Revolut received a European banking license from the authorities of Lithuania and also in Mexico. But the British license was key to the future prospects of the company. Revolut will now be able to expand the range of products and services in the country, including mortgage loans, increase trust in the company and protect deposits of up to £85,000. In addition, the company's chances of obtaining banking licenses in other important markets, such as the United States, will...

Ibrahim Tasyapan, Director General of the Civil Registry and Citizenship Department, explained that the department has increased security checks to include a two-stage Interpol check. The check also includes investigations by the National Intelligence Organization and the General Directorate of Security. He stressed that “there is also a condition of connection with the intelligence unit of the applicant’s country of citizenship.” The increased complexity of the process will not affect the number of documents required for an investor, but it may affect the timing of...

Fabian Picardo delivered a budget message based on which tax changes are coming to Gibraltar. It is about raising the corporate tax rate to 15% and also introducing VAT. Thus, Gibraltar plans to bring the rate in line with the OECD minimum corporate tax rate. Such a decision will increase tax stability and compliance with international standards. The bill on VAT should be presented already in September. In addition, the Government of Gibraltar will work on implementing the income inclusion rule in...

The Government allows for an increase in military duty and a number of innovations. The Verkhovna Rada must vote for the proposals. Legislators are considering establishing a special excise tax rate of 0.1 euros per 1 liter of drink. This includes both mineral waters and drinks with added sugar or sweeteners. In addition, discussions are being held about monthly contributions of half the minimum wage for fuel retailers. Military duty may also be charged in a new way. 1% for legal entities from income from any activity, corporate income tax payers and single tax payers of groups 3 and 4. 5% for individuals - entrepreneurs, single tax payers of the first, second and fourth groups. 15% for enterprises, institutions, organizations and individuals who acquire ownership of passenger cars subject to the first state registration in Ukraine. 30% for those engaged in the retail trade of jewelry made of gold, platinum and precious...