Recent News

A new corporate income tax law has been drafted by the Ministry of Finance of Vietnam. The law is expected to be submitted to parliament for consultation in October 2024. The final approval of the draft is expected in May 2025, and it is expected to come into effect on January 1, 2026. Some key changes include adding new industries to the list of industries eligible for corporate income tax incentives, introducing new corporate income tax rates of 15% or 17% for micro and small enterprises depending on their total revenue for the previous year, and introducing new corporate income tax incentives in economic zones and high-tech...

The Department of Financial Services has suspended the requirement to file beneficial ownership information. This decision will remain in effect until a notice is published. The new regime came into effect on 31 July by virtue of the relevant Order. At the same time, the Department of Financial Services issued new rules governing its operation. However, the full details and administrative procedures for its operation have not yet been determined. According to experts, the Department does not plan to implement the new law until 1 January 2025. In the meantime, the old regime has effectively ceased to apply, and the Department has suspended the requirement to file beneficial ownership information until further...

The Italian Council of Ministers has approved a decree-law that introduces various “urgent fiscal measures.” One of these measures is to increase the replacement tax on income earned abroad under the flat-rate regime for individuals who transfer their tax residency to Italy from €100,000 to €200,000 per year. The flat-rate tax applies for the first 15 years after acquiring Italian tax residency. The increase will apply to new residents once the decree-law comes into force. The change will not apply to existing residents taxed under this...

On August 7, Italy doubled its flat tax on foreign income for new residents. The move came as a nasty blow to wealthy expats who were looking to avoid higher taxes elsewhere in Europe. In 2017, Italy introduced the so-called "football scheme." Thanks to it, the country has attracted a fair number of super-rich people to live there. New residents and Italian citizens who had lived abroad for nine out of the last 10 years paid a flat tax of 100,000 euros on any foreign income or assets for 15 years. Thanks to this scheme, Italy opened its doors to many wealthy people, entrepreneurs, and financiers (more than 2,700 multimillionaires in total, according to the Financial Times). Now the tax for them will be 200,000 euros. Switzerland has also begun to consider raising taxes. The country is home to 22 of the 500 richest people in the world. The initiative was put forward by the youth wing of the Social Democrats, Juso, which proposed using inheritance tax to finance measures aimed at mitigating the effects of climate change. They propose to levy half of the wealth transferred that exceeds $59 million. Citizens will be able to vote on these changes in about two...

A large-scale package of economic reforms has been approved by the National Congress. It concerns a new regime for stimulating large investments and a regime for streamlining taxation. As part of the regime for stimulating large investments, some tax incentives and exemptions should be established. Such incentives for investors in large Argentine projects imply a rate of 25% corporate income tax compared to the current rate of 35%. As well as exemption from currency rules and a stable exemption from new taxes for a period of 30 years. At the same time, the minimum investment threshold that will allow using this regime is 200,000,000 USD. A settlement of tax, customs and social obligations, as well as an asset settlement regime are also expected. The proposed law, in addition, introduces changes to the personal income tax and reduced rates of property tax for...

The temporary measures were announced by Thai Customs. Now, almost all goods imported into Thailand will be subject to import duty and VAT, regardless of their value. The temporary measures will be in effect from July 5 until the end of the year. Previously, all goods that were defined as low-value goods were exempt from duty and 7% VAT. Under these conditions, import purchases of low-value goods from overseas suppliers are not subject to VAT and excise tax (in the case of excisable goods), while purchases of such goods from local suppliers are subject to these taxes. Thus, domestic goods and local business operators were put at a disadvantage compared to foreign goods and suppliers. On June 4, 2024, the Thai Cabinet approved the introduction of VAT on imported goods worth more than 1...

This initiative will enable importers and exporters in Dubai to correct errors in customs declarations. This will facilitate procedural compliance and simplify the process of paying customs duties. In addition, importers and exporters will be able to partially or fully waive customs fines for violations that they self-report before they are detected by Dubai...

The changes will apply from August 1st for transactions carried out from July 1st. The pre-filled RO e-VAT return contains information on business transactions declared by taxable persons and transmitted to the computer systems of the Ministry of Finance and the National Agency for Fiscal Administration. Pre-filled returns will be issued by the 20th of each month. The VAT return must be submitted by the 25th of each month. In case of significant differences between the pre-filled RO e-VAT return and the VAT return, taxpayers will be notified electronically via the "Virtual Private Space". After that, they will have to justify the...

The struggle with the regulators for the license lasted more than three years. The company first submitted a request in early 2021, but faced numerous problems. Auditors warned that they could not fully verify the turnover figures in the group's 2021 accounts. The Bank of England required Revolut to simplify its share structure to qualify for regulation as a bank, sparking a dispute with Japanese investor SoftBank. Currently, Revolut is licensed with restrictions. But this is a common status for new lenders and allows them to develop their banking operations in the UK before they launch. Previously, Revolut received a European banking license from the authorities of Lithuania and also in Mexico. But the British license was key to the future prospects of the company. Revolut will now be able to expand the range of products and services in the country, including mortgage loans, increase trust in the company and protect deposits of up to £85,000. In addition, the company's chances of obtaining banking licenses in other important markets, such as the United States, will...