In 2023, the UAE seized assets worth $639 million as part of its anti-money laundering efforts. The Central Bank carried out the inspections. Thus, fines were imposed for almost $31 million. In addition, the Ministry of Finance carried out its own inspections and fines were imposed for $27...
The country's Finance Ministry is working on a detailed proposal. A temporary solidarity contribution may be introduced for credit institutions. Such a contribution has already been introduced in Lithuania. It is assumed that the contribution rate will be 60% of net interest income. Such a contribution is intended to regulate the very high profits of credit...
This is how the country is implementing a strategy to implement the rules of the eurozone; within a year, it is planned to introduce the euro instead of the lev. The law on the euro has already been adopted, and the process and consequences are described in detail. The changes assume that a salary of, for example, 1,500 leva, will be converted into approximately 767 euros after joining the eurozone. One of the main problems is the high level of inflation. The exchange rate mechanism in the country was introduced back in 2021, this is just a preparatory stage for accession. But at the moment, the full implementation of the euro can be realized in 2025, previously plans were for 2023 and...
The government has approved a bill that outlines future tax measures. These include increasing the corporate tax rate from 21% to 22% for tax payers with taxable income exceeding 5 million euros. The standard VAT rate may also increase from 20% to 23%. But the withholding tax rate on dividends paid to individuals may be reduced from 10% to 7%. The list of goods and services that are taxed at reduced rates may also be...
The government has presented a bill on the corresponding reform. If the bill is adopted, the capital gains tax will be increased, and a progressive corporate income tax rate will be established. The reform proposes to establish a corporate income tax at a progressive rate depending on the size of the company. The 35% rate is planned to be reduced to 33% for companies with the largest turnover by 2029. And for small companies, this rate will be 27%. In addition, the minimum corporate tax rate will have to increase from 15% to 20%. Also, the maximum income tax rate for individuals may increase from 39% to 41%. This applies to tax residents of Colombia with an income of over 31,000 tax units. The income tax may increase from 15% to...
The deadline for Country-by-Country notifications will be changed by a presidential decree. Initially, it was established that this notification must be submitted electronically no later than June of the year following the reporting year. And it must contain information about the ultimate parent enterprise and the reporting entity. Now the provision has been changed to 6 months after the end of the reporting financial year. The deadline for submitting CbC reports is 12 months after the end of the reporting financial...
The Bahrain National Revenue Bureau has published a VAT guide for real estate. The document outlines the principles of VAT in the real estate sector in Bahrain. The main update concerns the VAT taxation of rental of advertising and retail spaces. From 1 January 2025, the rental of retail/advertising stands will not be exempt from VAT, regardless of the lease term. Such activities will be subject to VAT at a rate of 10% if the person providing the premises is a VAT...
CEAL is an extraordinary contribution for local accommodation. The country has already published a law that abolishes it. This tax was to be levied at a rate of 15%. The taxable base is determined by the economic coefficient of local accommodation and the coefficient of urban pressure to the total private area of residential property. The first payment of CEAL was to be made in June 2024 for the year ending December 31, 2023. But the payment was suspended until the abolition of the tax, which is to be applied retrospectively. The abolition should come into force on December 31, 2024. But changes are possible, and the abolition can be applied retroactively from December 31,...
convention was agreed upon by UN members on August 8. Negotiations on this agreement have been ongoing since August 2022. The goal of the convention is to strengthen international cooperation and combat cybercrime while respecting international law. The new convention complements the Budapest Convention, which has been ratified by all EU members except Ireland. The convention is to be submitted to the UN General Assembly for final approval at the end of the year, and it can be signed by the end of...
The Enterprise Investment Scheme and Venture Capital Trust have been extended by 10 years to April 2035. These are the flagship investment schemes. This is how the government aims to support entrepreneurs. The schemes encourage investment in young companies by offering tax breaks and supporting innovation and job creation. One of the incentives is an advance income tax relief of up to 30% and also an exemption from capital gains tax. The EIS has attracted more than £41 billion since its launch. The schemes continue to bring in significant amounts of investment. During 2022-23, the schemes have raised £2.9 billion, with 1,280 companies taking advantage of the EIS for the first time during this...
