Recent News

The tax forces platforms such as eBay, Airbnb and Etsy to report their sellers' earnings directly to the IRS in an effort to curb tax evasion. Source:https://news.sky.com/story/new-side-hustle-tax-targets-britons-making-money-online-13040927 Those who earn more than £1,000 a year through online transactions, such as selling clothes, delivering takeaways or renting out homes, must submit information. Once the seller exceeds this threshold, he must register as a sole proprietor and file a tax return at the end of the year. HMRC could already request information from online firms based in the UK, but digital platforms will now be required to report sellers' financial details directly to the taxman. Bank account details and the number of transactions made by each user will be required to be reported, with large fines and other penalties for companies that do not...

In March 2023, a bill was published that provided for obtaining Serbian citizenship after one year of residence in the country on the basis of a residence permit. But the European Commission, in response to the bill, said that in this case there is a high probability of suspending the visa-free regime with Serbia. They did this “with the aim of preventing and mitigating possible risks to the security of the EU.” Thus, the European Commission was asked to refuse or refrain from adopting citizenship by investment schemes. And it was decided to abandon the bill. Thus, according to current legislation, in order to obtain a Serbian passport, you need to live in the country for three years and renounce your original...

In October 2023, the bank had more than 35 million customers in 37 countries. This rapid growth has attracted the attention of regulators. In December, the European Central Bank decided to add Revolut to its supervisory list. Now two Lithuanian companies are subject to monitoring – Revolut Holdings Europe UAB and Revolut Bank UAB. It is worth noting that the introduction of supervisory measures does not mean that Revolut has any financial or regulatory difficulties. This suggests that the bank is ripe for direct control by the ECB. In the same list you can see Deutsche Bank, BNP Paribas and other large...

Fintech company Paysera from Lithuania started its activities in Georgia. Paysera received a license for digital banking from the Central Bank of Georgia. One of the key advantages of the company is instant SEPA transfers, which is especially important and beneficial for Georgia, which is not a member of SEPA. Also, the Central Bank of Georgia has extended Paysera Georgia's banking license, so the institution will be able to provide loans in the future. Paysera offers various payment services for individuals and legal entities, including more than 100 payment methods for European online stores, international transfers, currency exchange, gold trading and much more. Currently, the system is present in nine countries: Lithuania, Latvia, Estonia, Bulgaria, Romania, Ukraine, Albania, Kosovo, and now in...

The new electronic portal is designed to search for information about registered companies and submit documents using a single integrated online platform. The previous site no longer works. In addition, a new unique business identification code (Unique Business Identifier, UBI) was introduced for all companies, instead of a registration number. The companies' UBI will be the first eight digits in the business license. Before the introduction of UBI, the Registrar of Companies updated 117 official forms for filing applications and submitting information to the registry. The new forms are applied from December 27, while the Registrar of Companies undertakes to accept the previous registration forms NNC1, NNC1G, NNC5, NN1 for the period until January 25, 2024, as well as other forms of documents provided for by the Ordinance “On Companies” - within six months from the beginning of the use of new forms of...

The agreement between the countries provides for joint access to markets for banks and insurance companies that manage exchange markets. The agreement is designed to increase trade turnover, mutual recognition of rules and supervisory authorities. The so-called Berne Agreement is still awaiting parliamentary approval. Once all the rules come into force, financial companies from both countries will be able to operate in each other's markets with simplified licensing and supervision procedures. The agreement applies to investment services, asset management, banks, and corporate insurance. And the rules for servicing clients from the “partner country” are...

We are talking about the Capital Investment Entrant Scheme. The so-called “golden visa” will be available from 2024, and the minimum investment threshold is set at $3.8 million. The updated version of the program has a number of conditions for applicants. Firstly, applicants must be over 18 years old. The program does not have a limited number of people who can apply. Cash investments must be invested for a minimum of 7 years and in sectors that are strategically important for Hong Kong. These can be securities, deposits, shares of the Hong Kong Stock Exchange, etc. At the same time, you can invest in land and non-residential buildings, but not in residential real estate. Investors must be reliable, have no criminal record and prove the legal origin of the capital. By resuming the program for the first time since 2015, Hong Kong authorities are trying to provide new opportunities for economic growth and...

The rules will come into force on May 1, 2024 and will apply to all payment organizations that process payments for Chinese customers. Depending on the availability or inability to open accounts and accept deposits, all payment organizations will be divided into two types: deposit account operators and payment processors. The issuance of prepaid cards is exempt from the new rules and will be regulated separately. Detailed rules for the classification and supervision of different types of payment institutions will be separately determined by the People's Bank of China. The activities of payment organizations require a license from the People's Bank of China. The minimum registered capital of a payment organization is 100 million yuan and must be fully paid by participants at the time of obtaining a license from their own capital; Depending on the type, territory and scale of activity, the People's Bank of China has the right to establish an increased amount of authorized capital to obtain a license. If fraud in the payment of the authorized capital is detected when submitting an application for a license, the applicant will be deprived of the right to re-submit the...

On January 1, amendments to the Corporate Transparency Act will come into force in the United States. The law should strengthen the liability of lawyers, accountants and other corporate service providers who assist individuals in laundering funds. In 2014, an investigator posing as a representative of a corrupt foreign government met with 16 Manhattan lawyers to help move millions in suspicious money to the United States. All but one of them essentially provided a roadmap for money laundering through shell corporations. There were no regulations that explicitly required lawyers or other corporate service providers to comply with KYC. The new legislation changes this situation. Under the Corporate Transparency Act, consultants providing legal entity formation services in the United States must report themselves to the government as “corporate applicants.” This means that corporate service providers will be forever linked in the federal database with the founders of such organizations. Violation of the requirements of the law in some cases may result in liability in the form of imprisonment for up to two...