Recent News

The Council of Ministers approved the new IRS Jovem regime, which includes paying one-third of the tax rate up to a maximum of 15% on all income from work for people under 35 years of age. Young people will also be exempt from paying IMT, stamp duty and registration fees when buying a home. Source:https://www.jn.pt/5144880284/governo-aprova-irs-jovem-com-taxa-maxima-ate-15-para-rendimentos-mais-altos/ The new regime differs from the previous one in that, rather than being exempt, it cuts by a third the rates currently applied to the first eight scales, meaning young people will pay between 4.4% and a maximum of 15% to the IRS. The Council of Ministers also launched a mechanism of state guarantees of up to 15% of the purchase price of real estate with a limit of up to 450 thousand euros, which applies to citizens aged 18 to 35 years who apply for lending and have not previously used state guarantees. The government plans to let the measures come into force on August...

Therefore, to qualify as a qualified free zone entity, qualified companies must meet a number of conditions. Qualified companies are subject to corporate tax at a rate of 0% on qualified income and 9% on other taxable income. As defined in the guidance, qualified income is income from transactions with other qualified companies or Free Zone companies, as well as from certain activities within the designated geographic boundaries of the Free Zone. Non-qualified income – income from a foreign or local permanent establishment, real estate and intellectual property is taxed at a rate of 9%. Qualified companies must comply with transfer pricing rules and the arm's length principle in related party transactions and are not entitled to the benefits available to non-qualified companies. All Free Zone companies, including qualified companies, are required to register with the tax administration and maintain audited financial statements for corporate tax...

1,396,828 voters took part in the referendum - this is 59% of the electorate. Of these, 1,014,304 (73.9%) voted for the change to allow dual citizenship, but this was not enough. The total number of citizens included in the voter list this year was 2,385,234. To make a positive decision, half of the total number of citizens had to vote “for”, and this is 1,192,617 people. This is the second time Lithuania has tried to adopt an amendment to Article 12 of the constitution and allow dual citizenship. In 2019, 1.24 million votes were needed, but 956,564 people voted...

All cryptocurrency mining farms will be disconnected from the national electrical grid. In this way the country will try to control demand. In the north of the country, 2,000 mining devices were seized as part of anti-corruption measures. The National Cryptocurrency Association of Venezuela has confirmed a complete ban on the mining of digital assets in the country. Venezuela has been experiencing an electricity crisis since...

The Ministry of Finance of the Czech Republic has published an updated Financial Bulletin, which contains information about jurisdictions that do not comply with the rules of tax interaction. Source:https://www.mfcr.cz/cs/dane-a-ucetnictvi/financni-zpravodaj/2024/financni-zpravodaj-cislo-3-2024-55060 This step should strengthen the fight against tax evasion. Countries included in the list may be subject to enhanced requirements and stricter monitoring, as well as higher tax rates for transactions. The list is updated twice a year. This time it included Panama, Trinidad and Tobago, Antigua and Barbuda, Fiji, Russia, Guam, Anguilla, Palau, American Samoa, Samoa, the US Virgin Islands and Vanuatu. Also excluded from the list were Belize, Seychelles, Turks and Caicos, and the...

The international publication Global Finance, which specializes in finance and the banking sector, has published a ranking of the best banks in the world. The bank competed among 23 Western European countries. The ranking takes into account various factors. For example, asset growth, innovation, international presence, profitability. In addition, various specialists and consultants working in this field gave their subjective assessment. The Spanish CaixaBank was recognized as the best bank in Western Europe. Bank of Cyprus was awarded as the best bank and best investment bank on the island. The bank demonstrated strong performance and made a profit of €487 million in...

On May 15, a law was passed allowing the use of frozen russian assets. We are talking about the Government's proposed Law on Amendments to the International Sanctions Law and, in connection with this, other laws. In order to decide on the use of property as compensation for damage, the existence of damage and the need for compensation must be proven in accordance with international law. The injured foreign state must make a corresponding claim to the state that caused the damage. To begin proceedings in Estonia regarding the use of Estonian property, a corresponding request must be sent. Estonia and the applicant state must agree on terms and conditions for the use of property as an advance payment for compensation for damages, as well as conditions for transferring the right of claim to the owner of the property. The connection between the owner of the property and the unlawful act must be sufficiently proven. The decision to use property as an advance payment for damage caused is made by the Ministry of Foreign Affairs during administrative...

One of the main changes was changes in reporting. From now on, only reports sent by email will be accepted. It is also required to provide reporting on blocked property that is unblocked or transferred within 10 business days from the date of unblocking or transfer of property. Transactions that must be reported include those involving securities, checks, foreign exchange, and the sale or purchase of goods or services. If the information required by OFAC is not available at the time the transaction is rejected, providing that information is not...

The NBU adopted Resolution No. 56, which cancels some currency restrictions introduced in connection with martial law. Thus, currency restrictions on transfers for operations on the import of works and services have been abolished. It is also allowed to transfer funds abroad to repay loans received from non-residents until June 20, 2023, which, according to the terms of the loan agreement, are payable in the period from February 24, 2022. In addition, restrictions on repaying loans received from non-residents after June 20, 2023 have been eased. Namely: it is allowed to buy foreign currency to pay interest on "new" loans, and the minimum term of using a "new" loan, after which it is allowed to buy foreign currency to repay such a loan, is reduced from three to one year. It is also possible to repatriate dividends for corporate rights or shares abroad. Transfers by representative offices of international card payment systems and foreign airlines are allowed. It is allowed to buy foreign currency and transfer funds abroad to pay airport and port fees, fines and membership...