News

Licensing of Fintech companies and Finance Institutions in single European market
06.09.2017 | Fintech companies, banks, payment service providers, electronic money institutions, insurance companies, investment funds and investment managers, securities and forex brokers, crowdfunding and peer-to-peer platforms, other finance institutions in Europe are subject to higher regulatory requirements. Licensing of the Finance Institution in one of the member states within the European Union (EU) opens business opportunities to…
More power to copyright owners in a digital world
08.08.2017 | In June 2017, the Court of Justice of the European Union (CJEU) delivered a long awaited judgment which is being widely celebrated by copyright owners throughout Europe. The Pirate Bay (TPB) is a well-known file-sharing platform that allows people to download illegal or, at the very least, unauthorised copyright-protected content. It is effectively a search…
Greater access to Chinese market
08.08.2017 | If you are a foreign investor in China, we have got good news for you. And if you are not, it is time to think about expanding. The new negative list allows foreign businesses greater access to Chinese market. Since 2010, China’s economy has been slowing1. In 2013, to turn the tide, China started testing…
Quo vadis, Switzerland?
08.08.2017 | Where are you heading, Switzerland, with your tax reform? The Swiss are being asked this question today, because in recent years Switzerland has come under intense pressure from OECD nations, the G20 and the European Union (EU) to abolish its special tax breaks for multinational firms, such as holding, domiciliary, principal and mixed companies. Following…
Logistics enterprise turns to Ecovis for support
08.08.2017 | Background During the 2017 financial year ECOVIS Clark Jacobs took on a client previously with a major global consulting firm. This client has operations in Australia, China, Hong Kong, New Zealand and the United States and their head office is in Australia. Issue Part of the brief for ECOVIS Clark Jacobs was to facilitate communications…
European banking heaven – Lithuania boosts efforts to improve licensing regulations for international finance institutions
24.07.2017 | Lithuanian authorities making further steps to turn Lithuania into one of the most attractive jurisdictions for banks and finance institutions in the European Union and European Economic Area (EU/EE). The largest Lithuanian business daily “Verslo žinios” investigated recent efforts of Lithuanian authorities on July 27, 2017. Lithuanian licensed Banks are allowed to offer all banking…
The impact of the ‘gig economy’ on labour laws
26.06.2017 | The expansion of the ‘gig economy’ is riddled with legal and fiscal pitfalls for those workers deemed self-employed. Is it time that the legal framework governing this business model brings parity with the rights of those with “permanent” employment contracts. On the 1st May, 2017, the Work and Pensions Committee of the UK Parliament published…
Fiscal minefield
26.06.2017 | Investment in Passive Foreign Investment Companies (“PFICs”) Creates Potential Tax Pitfalls for U.S. Investment Funds.
A word of advice
26.06.2017 | The UAE Minister of State for Financial Affairs announced early last year that the UAE will implement value added tax (VAT) at the rate of 5% on 1 January 2018.
Spains signs up for e-vehicles
26.06.2017 | With an injection of 16.6 million euros in 2017, the Plan Movea will continue to finance the purchase of these more environmentally-friendly vehicles.
Automobile production in future without any Chinese partners?
23.06.2017 | China pledges to end 50% cap on joint-auto ventures by 2025. On April 25th, 2017, several government agencies released the latest industrial plan for China’s auto industry.
Grants of up to 21,450 euros for an electric car …
17.05.2017 | … not only in South Korea, where particulate matter and smog pollute the air they breathe. Ever since “dieselgate”, electric cars have been hailed as the new saviour of our environment. Ecovis, a consultancy firm focussing particularly on the interests of SMEs, turned to its international partner offices for answers to the question of what financial incentives to purchase e-cars or plug-in hybrids exist in their respective countries.
Vietnam Newsletter May 2017: New regulations on invoice
16.05.2017 | On 27th April, 2017, Ministry of Finance has issued Circular 37/2017//TT-BTC amending and supplementing some rules on invoice in Circular 39/2014/TT-BTC as follow: Examining time for self-printed invoice is 2 working days: “Having written request for permission to use self-printed invoice (Form 3.14, Appendix 3 attached with this Circular) and being certified to meet all…
Strict regulations to manage a booming economy
09.05.2017 | On 31st March, 2017, the President of India gave his assent to the Indian Finance Bill 2017 to become the Finance Act 2017. Important changes have been made to the Income Tax Act (see below) applicable from 1st April, 2017, pertaining to the assessment year 2018 – 2019. Penalties for exceeding cash dealing limits are high so it is crucial that the ever stricter legal provisions be adhered to.
Lucrative market: health care sector in China
09.05.2017 | With China’s population growing both wealthier and older, the country’s health care sector is looking forward to a bright future.
Get your money back – time to act quickly
09.05.2017 | Businesses paying VAT in Switzerland have only until June 30, 2017, to claim their 2016 VAT refund.
Bank license in Europe – Lithuanian Specialised Bank
26.04.2017 | In January, 2017 European Union member state Lithuania introduced a new “light” banking license – Specialised Bank. Specialised Bank is allowed to provide almost all traditional banking services in European Union (EU) and European Economic Area (EEA) member-states: lending, payment services, receipt of deposits, currency exchange, issuing of e-money, issuing guarantees, fund administration, financial leasing,…
Data protection in FinTech companies – time to prepair for the new regulation
21.04.2017 | FinTech industry, resulting from the strengthening of linkages between the financial services and information technology sector, is a real technological whirlwind, providing financial markets with an enormous leap in progress.
SA Revenue Services offer investment incentives in VCCs
05.04.2017 | For high net-worth private individuals in South Africa, investing in venture capital businesses are an interesting component of any effective tax-planning strategy, but they must also be aware that they are not completely risk-free.
China’s Automotive Market after the Tax Increase
05.04.2017 | Ecovis has many clients in the automotive industry. The tax hike on 1st January, 2017, from 5% to 7.5%, caused some confusion among clients about future business prospects.
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