Recent News

Coinbase is introducing a new feature that allows purchasing cryptocurrency through Apple Pay in third-party applications. Yesterday, the cryptocurrency exchange announced its integration with Apple Pay, enabling app developers to embed cryptocurrency purchase functionality directly into their products. This was made possible by the Coinbase Onramp program, which facilitates the seamless conversion of traditional currencies, such as US dollars, into cryptocurrency. Previously, this process was quite complicated: Users had to pay additional fees. Switch between multiple apps or websites. The integration with Apple Pay significantly simplifies this process, making cryptocurrency transactions more accessible to regular users. This move is also aimed at expanding Coinbase's audience by easing access to cryptocurrencies. Interestingly, the integration of Coinbase with Apple Pay may indicate a shift in Apple's approach to cryptocurrencies. In the past, the tech giant demonstrated caution towards this sector: In 2019, Apple launched its own credit card but prohibited its use for purchasing cryptocurrency. The company removed apps...

Chinese banks are tightening control over legal entities in response to global sanctions. This new measure focuses on enhanced client checks, particularly for companies whose registered addresses match those of sanctioned organizations.Key aspects of the new regulations:Major banks, such as Chouzhou Commercial Bank and Bank of China, are forming "blacklists" of addresses.Restrictions apply even to companies not directly linked to sanctions but sharing similar registered addresses.Banks are strengthening compliance mechanisms to avoid violations of international sanctions.This creates risks for international companies cooperating with Chinese banks.For businesses, this means the need for careful monitoring of their data, legal addresses, and partners. Regular screening for sanction risks and compliance with requirements becomes critically important.If you operate in international markets and collaborate with Chinese banks, our company is ready to assist with legal support, risk monitoring, and the implementation of effective compliance solutions.Contact us to learn more about how to protect your business in the current...

Portugal offers unique opportunities for international entrepreneurs, particularly for business registration on Madeira and the Azores. These regions are characterized by attractive tax benefits, simplified registration procedures, and support from local authorities. Key advantages: Reduced corporate tax rate of 14.7%, significantly lower than on the mainland (21%). Companies with an International Business Centre of Madeira (IBCM) license benefit from a tax rate as low as 5%. Corporate tax refund programs allow shareholders to recover up to 100% of the paid taxes. Easy access to the European market with minimal barriers and costs. Business registration simplifies obtaining residency permits for business owners and their families. Developed infrastructure, including access to a highly skilled workforce and modern IT solutions. The use of English as a business language, facilitating partnerships with international clients. Additionally, entrepreneurs benefit from stable legislation, accessible administrative services, and investment programs tailored to support international businesses. These conditions make Madeira and the Azores an ideal platform for...

In October 2024, the Philippines passed a new law aimed at taxing digital services. The goal is to ensure a level playing field for both local and foreign companies and increase tax revenue from the digital economy. Key provisions of the law: Filing and VAT payment: Non-residents providing digital services in the Philippines must register as VAT payers. A 12% VAT applies to digital services consumed in the Philippines, including: Cloud services; Online advertising; Sale of digital goods (books, music, movies); Activities on marketplaces. Taxation mechanism: In cases where VAT-registered buyers consume services in the Philippines, a reverse charge mechanism is applied, where the VAT is withheld by the buyer. Requirements for foreign companies: Registration as a VAT payer is mandatory for non-residents whose revenue exceeds a certain threshold. They must submit tax returns...

In 2019, the United States enacted the Corporate Transparency Act, requiring most legal entities registered in the U.S. to disclose information about their beneficial owners. This measure aims to enhance business transparency and combat financial crimes. What Does the Law Require? Filing reports with FinCEN – the U.S. Financial Crimes Enforcement Network. Creating a non-public database accessible only to authorized entities. Reporting deadlines: 1. For companies registered before 2024, reports must be submitted by January 1, 2025. 2. For companies established in 2024, reports are due within 90 days of registration. Who Must File a Report? The law applies to most legal entities, but certain categories are exempt. These include: Banks, insurance companies, accounting firms. Nonprofit organizations with tax-exempt status. Inactive companies that meet specific criteria. A full list of exemptions is available in the FAQ FinCEN. Penalties for Non-Compliance Fines: $500 per day of delay (up to $10,000 total). Criminal liability: Intentional non-compliance may lead to imprisonment. How to File a Report? Reports can be...

The Central Bank of Turkey (CBT) has kept its key interest rate at 50% per annum for the eighth consecutive time—a 20-year high. This decision aims to curb inflation, which reached 48.58% in October The CBT emphasizes that such a high rate is a crucial tool for controlling price growth. The regulator's goal is to reduce inflation to 5% in the medium term, though achieving this amidst current economic instability and external pressures is a significant challenge. Why is the rate so high? Inflationary pressure: Turkey is experiencing one of the most challenging economic periods in its history. Rapidly rising prices for food, energy, and services necessitate a strict monetary policy. Support for the national currency: A high interest rate makes the Turkish lira more attractive to investors, helping to stabilize its exchange rate. Control over lending: The 50% rate limits excessive loan growth and helps curb consumer demand, which is essential for reducing inflation. What’s next? Experts believe that while this monetary policy helps slow inflation, it imposes significant strain on businesses and households. The high cost of loans restricts economic...

Starting December 1, 2024, China will cancel its 13% export tax rebate on aluminum and copper, a move that is expected to significantly impact the global market. Chinese companies, including Aluminum Corp. of China Ltd. and China Hongqiao Group Ltd., saw their stock prices fall by 5-10%, while international competitors saw an increase in their stock values. Experts believe that this decision is part of China’s strategy to reduce excess production capacity in the metallurgical sector, which could help decrease the global surplus of aluminum. Specifically, the removal of the tax break will make Chinese aluminum more expensive on international markets, potentially reducing its exports and creating demand for products from other producers. So far, the response to the copper market has been less significant, as China is not as dominant a supplier of copper as it is of aluminum. However, the increase in copper exports abroad this year suggests that we may see changes in the...

Luxembourg continues to strengthen its position as a financial hub, attracting startups, particularly in the fintech sector. As of November 2024, the country has announced several new initiatives aimed at fostering financial innovation: CSSF Innovation Hub (Commission de Surveillance du Secteur Financier). This platform serves as a single point of contact for entrepreneurs to discuss innovative financial projects. It is designed to simplify the launch of financial technologies and address key regulatory challenges. Simplified Regulations for Cryptocurrency Companies. Luxembourg has updated its rules for cryptocurrency operators, maintaining strict measures against money laundering (AML) and terrorism financing. The new regulations include clearer licensing requirements and alignment with the EU’s DORA directive (Digital Operational Resilience Act). Eased Requirements for Startups. Luxembourg has introduced tailored support mechanisms for young financial companies, reducing bureaucratic hurdles and optimizing tax procedures to encourage new business formation. Enhanced Financial Crime Prevention. Alongside regulatory updates, Luxembourg emphasizes...

The European Union has announced the implementation of new requirements starting in 2024 as part of the BEPS (Base Erosion and Profit Shifting) initiative, aimed at combating tax evasion. Companies operating through holding structures or registered in offshore jurisdictions will now need to demonstrate substantial economic presence in their registered country. This requirement includes evidence of assets, personnel, and management activities within the jurisdiction. Additionally, new rules mandate transparency in tax reporting, including the automatic exchange of information about ultimate beneficiaries. These measures apply to both existing businesses and new entrants planning to expand into the EU market. Experts note that the reforms could complicate tax planning and increase operational costs but aim to level the playing field for all companies. Recommendations for Businesses: Conduct an audit of ownership structures and tax reporting Develop a strategy to adapt to the new requirements. Consult legal experts to mitigate potential risks. The EU continues to pursue stricter tax regulation, focusing on combating aggressive tax...