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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 European Banking Authority (EBA) has published "guidelines" for stablecoin issuers as part of the MiCA regulatory framework. The document calls on companies to prepare businesses to comply with the legislation, which will come into force on June 30, 2024. “The announcement is intended to encourage timely preparatory action for MiCA to mitigate the risks of potentially disruptive and disruptive business model changes at a later stage, as well as to promote convergence with regulators and ensure consumer protection,” the press release said. According to the proposal of the regulator, organizations issuing stablecoins are required to: ensure full disclosure of information to clients; present a public business model; establish an effective management system, including risk management; establish a buyout mechanism and sufficient reserves; register with the EBA. The recommendations are still voluntary, but before the law comes into force, protection of investors is not guaranteed either. The EBA emphasized that “prior to the entry into force of the MiCA, stablecoins and e-money tokens are not regulated instruments, therefore consumers do...

Citi Bank запустив цифрову клієнтську платформу для клієнтів комерційного банку, об'єднавши всі продукти та послуги в одному місці. Source:https://t.me/uafic/2002 CitiDirect Commercial Banking обіцяє надати клієнтам консолідовану картину їхніх відносин на 360° за такими напрямками, як грошові кошти, кредити, торгівля, валютні операції, обслуговування та реєстрація. Система вже працює в США, де нею активно користується понад 2/3 клієнтської бази, а в другій половині року її випробують у Гонконзі, Індії, Сінгапурі та Великій Британії. За словами представників банку, CitiDirect дає змогу отримувати дані, необхідні для прийняття рішень та ефективного управління повсякденними...

The think tank Atlantic Council has released a major report on central bank digital currencies (i.e. CBDC). He notes that almost all countries have stepped up efforts to establish CBDC systems, and some of them are already at the stage of completion of this process. According to the report, 130 countries are considering implementing CBDCs. This is a fairly significant increase compared to May 2020, when only 35 countries worked in this direction. Together, these 130 countries produce 98% of the world's GDP. Among this list are 19 countries from the G20. The only exception is the United States, where the use of retail CBDC remains in question, especially against the backdrop of protests in many states. However, the US is advancing on wholesale (banking) CBDC. There are currently 12 international CBDC wholesale projects. Other G7 banks, including England and Japan, are developing CBDC prototypes and consulting with the public and private sectors on financial...

The Singapore Revenue Authority announced several important changes to the Companies Act, passed in 1967. The amendments have already entered into force (since July 1, 2023), detailed explanations of the regulator's experts and the full text of the document are available on the official IRAS website. Source:https://internationalwealth.info/news-of-the-offshore/v-singapure-prinjaty-vazhnye-popravki-k-zakonu-o-kompanijah/ Initially, the 1967 law established a rule according to which the offeror had the opportunity to redeem the company's securities if the acceptance threshold was 90%. Securities owned by the offeror's face value or dependent structure were not taken into account in the final calculation. The document provided for the legal possibility to eliminate this restriction if such shares were included in special companies registered not for doing business, but for subsequent takeover. The new amendments add alternative criteria for excluding shares from the 90% threshold. Now they will not take into account the securities they own: close relatives; companies and other structures that are directly or indirectly controlled by the offeror; final...

Until at least the end of 2023, the operating conditions of companies with debts on two types of taxes - corporate and at the source (conditional withholding tax) - will remain at the same level. Source:https://internationalwealth.info/news-of-the-offshore/procentnaja-stavka-8-za-prosrochku-platezha-v-niderlandah-sohranena/ The conditions also remain unchanged in matters relating to tax refunds. So the business will be able to prepare in advance for future innovations and minimize possible negative consequences. Earlier, the country announced an increase in the interest rate to 10.5% from March 1, 2023. Almost 4 months have passed since that moment, but official clarifications on further interest rate prospects followed only on June 26, 2023. The reason for the possible changes is the increase in the refinancing rate set by the financial regulator of the European Union (ECB), up to 2.5%. Under these conditions, an increase in interest on overdue tax payments would be quite logical. But in the Netherlands, they still decided to keep the rate at the same level. The country's government says that a prerequisite for any changes in this matter are appropriate adjustments...

LHV UK received a UK banking license one year after applying. Source:https://www.altfi.com/article/10667_lhv-bank-lands-uk-banking-license LHV Bank, as it is now known, is the UK arm of the Estonian financial services giant AS LHV Pank, but will now operate as a standalone bank. The bank will start accepting retail customer deposits later in 2023 when it transitions from the temporary permit regime as a branch of an Estonian bank. LHV has been operating in the UK since 2018 and says it works with over 200 fintech companies including Airwallex, Currencycloud, Truelayer and Wise. It is a member of all major UK and EU payment schemes, allowing it to provide real-time multi-currency cloud payments as well as broader banking infrastructure services such as checking and savings accounts, acquiring, indirect scheme access, open banking and FX services. “In addition to our existing banking and SME lending services, we plan to begin accepting retail deposits later this year and expand our banking services to offer e-commerce businesses while maintaining the same level of convenience, reliability and security that our existing clients receive. ”, said Erki Kilu, CEO of...

The Financial Services and Markets Act, which affects the regulation of the cryptocurrency sector in the UK, has been finally approved. Source:https://www.gov.uk/government/news/rocket-boost-for-uk-economy-as-financial-services-and-markets-bill-receives-royal-assent The approval was preceded by the adoption of a comprehensive document that updated the supervision of the financial industry after Brexit. The Financial Services and Markets Act allows regulators to develop a framework for the digital asset sector. It aligns with Prime Minister Rishi Sunak's ambition to turn the UK into a global crypto hub. The document allows the creation of regulatory sandboxes that allow experimentation with blockchain use cases in financial markets. It also secures the status of a means of payment for stablecoins. After parliamentary consideration, the bill was amended to consider all cryptocurrencies as a regulated activity and give authorities the power to oversee their advertising. “The passage gives us control over the financial services rulebook – the law supports businesses and consumers, and also stimulates economic growth. Repeal of old EU regulations will attract...