Recent News

The UAE government has issued a Federal Law amending certain provisions of the "UAE Labor Law". This law is part of the development of the UAE legislative and legal framework. It is aimed at ensuring the efficiency and competitiveness of the labor market, regulating labor relations, clearly defining the rights and responsibilities of all parties and ensuring their protection by law. The law introduces fines of at least $27,200 and no more than $272,000 for employers who hire workers without the appropriate permit, hire employees and do not provide work, improperly use work permits, close an enterprise without respecting the rights of workers. The penalties also apply to the illegal employment of minors. The amount of the fine is multiplied by the number of workers who were fictitiously...

The document states that a taxable person established in another EU Member State is entitled to VAT exemption in Italy if its annual turnover in Italy does not exceed EUR 85,000, and its annual turnover in the EU does not exceed EUR 100,000. Small businesses established in Italy can also request VAT exemption in other EU Member States if their annual turnover in the EU does not exceed EUR 100,000, and their annual turnover in another EU Member State does not exceed the turnover threshold set in that other state. These rules will come into force on 1 January...

Law No. 1623, passed by the Peruvian authorities, establishes new tax rules for non-resident digital service providers and a VAT rate of 18%. The rules apply to the use of digital services through online platforms and the import of intangible assets via the Internet by individuals. Digital services are services that the user receives through the Internet, platforms or technologies that are automatic and depend on access to the Internet. Non-resident digital service providers will be required to withhold VAT. The VAT return must be filed and paid directly to the Peruvian tax authority on a monthly basis in PEN or...

The country has established a cash-based accounting scheme for qualified entrepreneurs. The update is set to come into effect on January 1, 2025. The scheme will be available to self-employed entrepreneurs, provided that their income in the previous tax year did not exceed the equivalent of 250,000 euros. In addition, it will also be available to those who are just starting their...

On August 14, the Federal Council of the country initiated consultations on the definition of partner states for the automatic exchange of information about crypto-assets. At the moment, it is being discussed from what moment Switzerland should automatically exchange information about crypto-assets and with which states. Consultations will be held until November 15. Back in May, the Federal Council began discussing expanding the exchange of tax information (AEOI). The actual exchange of information will be carried out only if the partner states are interested in the exchange of information with Switzerland and if they meet the requirements of the OECD Framework Program on reporting on...

Japan's National Tax Agency has released two Q&A documents that provide guidance on new rules for collecting consumption tax by online platform operators. The new rules are part of Japan's tax reform and will take effect on April 1, 2025. The new rules require online platform operators that act as intermediaries to be liable for consumption tax on services provided by foreign providers through their platforms. The documents are currently available in Japanese, and English versions of the Q&A documents will be released in the...

A new corporate income tax law has been drafted by the Ministry of Finance of Vietnam. The law is expected to be submitted to parliament for consultation in October 2024. The final approval of the draft is expected in May 2025, and it is expected to come into effect on January 1, 2026. Some key changes include adding new industries to the list of industries eligible for corporate income tax incentives, introducing new corporate income tax rates of 15% or 17% for micro and small enterprises depending on their total revenue for the previous year, and introducing new corporate income tax incentives in economic zones and high-tech...

The Department of Financial Services has suspended the requirement to file beneficial ownership information. This decision will remain in effect until a notice is published. The new regime came into effect on 31 July by virtue of the relevant Order. At the same time, the Department of Financial Services issued new rules governing its operation. However, the full details and administrative procedures for its operation have not yet been determined. According to experts, the Department does not plan to implement the new law until 1 January 2025. In the meantime, the old regime has effectively ceased to apply, and the Department has suspended the requirement to file beneficial ownership information until further...

The Italian Council of Ministers has approved a decree-law that introduces various “urgent fiscal measures.” One of these measures is to increase the replacement tax on income earned abroad under the flat-rate regime for individuals who transfer their tax residency to Italy from €100,000 to €200,000 per year. The flat-rate tax applies for the first 15 years after acquiring Italian tax residency. The increase will apply to new residents once the decree-law comes into force. The change will not apply to existing residents taxed under this...