Recent News

Bitget has partnered with Cointracking to develop a cryptocurrency tax management solution. Source:https://ffnews.com/newsarticle/cryptocurrency/bitget-partner-up-with-cointracking-to-provide-crypto-tax-solution-to-its-users/ Cryptocurrency taxation is a process that often confuses users. Bitget aims to simplify the complex procedure by offering users a convenient and comprehensive solution for taxing cryptocurrencies. The Cointracking platform will allow Bitget users to efficiently manage their tax obligations, ensuring compliance and optimizing their overall tax experience. “We are excited to partner with Cointracking to provide our users with an increased level of convenience and simplicity,” said Gracie Chen, Managing Director of Bitget. “Tax compliance is a critical aspect of the cryptocurrency landscape, and our collaboration with Cointracking underscores our commitment to providing end-to-end solutions that simplify the cryptocurrency trading process for our users.” The partnership with Cointracking opens the door to user trading opportunities. The integration of innovative trading products, including copy trading, will allow users to copy the trades of...

Many Ukrainian entrepreneurs who were/are in group 3 of the single tax with a rate of 2% are concerned about the question of whether the amount of income received during the period of stay at 2% will be taken into account in the annual limit, and how the limit itself will be calculated. It is worth noting that the income received during the period of application of group 3 with a rate of 2% is not included in the amount of income determined by the PKU for the corresponding group of single tax payers. However, Bill No. 8401 reduces the limits in proportion to the period of stay/refusal from 2%. If the FOP in 2023 was a single tax payer of group 3 with a rate of 2%, then after returning from August 1, 2023 to the group/rate of the single tax in which it was before the transition to 2%, the income limit for the period August - December 2023 is for single tax payers: for 1 group – UAH 466,208.33; for the 2nd group – UAH 2,328,250; for the 3rd group - UAH 3,257,875. The amount of income received before August 1, 2023 for the period January-July 2023 is not included in the limits. If the FOP refused the 3rd group with the 2% rate before August 1, 2023,...

On July 19, the Federal Reserve Board issued a $186 million fine for Deutsche Bank's failure to comply with regulator directives to improve AML mechanisms and sanctions compliance. It also found that Deutsche Bank had made insufficient progress in correcting the situation in accordance with the 2015 and 2017 orders. Deutsche Bank also maintained deficient internal controls and anti-money laundering management processes related to its previous relationship with the Estonian branch of Danske...

The Bahamas has introduced a bill that introduces taxation for international business companies (IBC) and their income received abroad. Previously, such enterprises enjoyed a number of tax benefits and paid only for a license to conduct business activities in the Bahamas, therefore they were popular with many businessmen. The bill provides that IBCs registered in the Bahamas will be required to pay tax on income received abroad from January 1, 2024. The updating of the legislation is caused by the country's obligations to the EU and the OECD. In 2022, the Bahamas were included in the list of non-EU countries. The Bahamas has agreed to end the practice of preferential treatment for international business in order to meet the demands of the international community for increased business transparency, deoffshorization and combating tax evasion. The bill repeals and replaces the Bahamas Business Licensing Act of 2010. It provides: new rules for applying the business license fee; new tax rates depending on the amount of income; a list of activities from which income would be classified as "derived from operations in the Bahamas". What taxes will an IBC have to...

The new program is mostly aimed at IT specialists who plan to live in the Czech Republic but work for foreign companies. Source:https://www.expats.cz/czech-news/article/czech-govt-greenlights-residence-permit-program-for-digital-nomads%20 Currently, the program is limited to eight countries. Citizens of Australia, Japan, Canada, South Korea, New Zealand, Great Britain, USA and Taiwan will be able to participate. An IT specialist usually works on several projects in different parts of the world at the same time. Due to the nature of their work, digital nomads cannot be in classic labor-legal relations both due to the one-time nature of assigned tasks and from the point of view of possible conflicts of several labor relations and related duties. The program applies to employees of a foreign company who work long-term remotely in the Czech Republic with the help of telecommunications. In this case, the foreigner remains in labor relations with his foreign commercial company all the time and does not enter into labor relations in the Czech Republic. The government's statement does not contain information on minimum wage...

The Financial Stability Board (FSB) recently published a global regulatory framework for crypto assets to promote comprehensiveness and international consistency in regulatory and supervisory approaches. Source:https://www.fsb.org/2023/07/fsb-finalises-global-regulatory-framework-for-crypto-asset-activities/ The Global Standards Body is concerned that further development of ties to traditional finance could increase the spillover effect of crypto assets on the wider financial system. Since the events of the past year have highlighted the inherent volatility and structural vulnerability of crypto assets and related players. The framework consists of two separate sets of recommendations: Recommendations for monitoring the activities and markets of crypto assets. Reviewed high-level recommendations on regulation, oversight of "global stablecoin" agreements. The recommendations focus on addressing financial stability risks and do not fully cover all specific categories of risks associated with dealing with crypto assets. Central bank digital currencies (CBDCs), which are treated as digitized central bank liabilities, are not subject to these...

On June 30, 2023, a law came into force in Latvia simplifying tax control and audit procedures. The main goal of the changes is to simplify and optimize the process of checking taxpayers, as well as to increase trust and cooperation between them and Valsts ieņēmumu dienests (VID), the Latvian State Revenue Service. Ultimately, four types of tax audits should be replaced by just one. And voluntary payment of taxes is aimed at reducing penalties. A new type of audit involves the control by the tax service of only specific inconsistencies, as well as obtaining explanations from the entrepreneur. The taxpayer is given the opportunity to correct the discrepancy. In case of non-compliance, payment is made in the form of a tax control invoice, which includes unpaid tax and late fees. After tax control, the penalty is usually not applied. The exception is illegal manipulations with cash registers. In this case, only the fine is included in the bill. All payments according to the invoice issued by the tax authorities: tax, reduced delay and interest must be paid to the state budget within a year from the date of conclusion of the contract. But at the same time, the taxpayer...

The operator of the international interbank information transfer system Swift and several international banks have successfully completed the first pilot project for real-world processing of instant payments between different currency areas. Source:https://ibsintelligence.com/ibsi-news/swift-iberpay-pilot-instant-payments-across-currency-zones/ Iberpay and leading Spanish banks BBVA, Santander and CaixaBank conducted the first European test of the innovative service ahead of the European Payments Council's (EPC's) One-Leg-Out Instant Credit Transfer (OCT Inst) scheme that officially went into effect on November 28. During the pilot phase of this service, dozens of real-world payments originating from banks in other currency areas (National Australia Bank, Australia and New Zealand Banking Group, Itaú Unibanco in Brazil and Lloyds Banking Group in the UK) and sent via the Swift GPI Instant service were processed, settled and credited to the account of the final recipient customer in a matter of seconds. As part of this pilot initiative, for the first time in the world, the instant transfer platform of the 24/7 real-time Spanish payment processor Iberpay was integrated...

The Office of Financial Sanctions Enforcement (OFSI) helps ensure that financial sanctions are properly understood, applied and enforced in the United Kingdom. At the moment, OFSI is experiencing high demand to consider applications for new licenses and amendments to existing licenses. Source:https://ofsi.blog.gov.uk/2023/07/12/an-update-to-our-licensing-process-returning-incomplete-applications/ When applying for a specific license or an amendment to an existing specific license, applicants must provide evidence in support of the application and demonstrate that all criteria for the relevant license ground have been met. If there is insufficient information or evidence in an application, the OFSI General Guidelines state that "incomplete applications will not be considered and will be returned to the applicant for resubmission". To reduce delays and ensure timely service to all applicants, OFSI will resume the return of applications that were not properly completed at the time of receipt. An incomplete application is an application that is missing key information, such as an adequate explanation of why the licensing objective applies. Applicants will be able to...