News

GST Revision to 0% and SST replacement in near future in Malaysia
24.05.2018 | Sales Tax Act 1972 and Service Tax Act 1975 (collectively, “Sales and Service Tax Acts”) in Malaysia already being replaced by Good & Service Tax Act 2014. With the new cabinet to be formed very soon in the near future, we expect GST will be abolished and replaced by Sales and Service Tax (SST). Please…
Implementation of Two-tiered Profits Tax Rate Regime in Hong Kong
16.05.2018 | The Inland Revenue (Amendment) (No. 3) Ordinance 2018 (the Ordinance) was gazetted on 29 March 2018 to implement the two-tiered profits tax rates regime announced in the 2017 Policy Address. (Click here) It targets to help foster a favourable business environment, drive economic growth and enhance Hong Kong’s competitiveness by reducing the tax burden on…
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Ecovis has a new partner in Sweden
07.05.2018 | We are glad to welcome our new colleagues of ECOVIS RevisorCompaniet from Stockholm. In 2002 ECOVIS RevisorCompaniet was founded in Skellefteå, which lies in the province Västerbotten 800 kilometres north from Stockholm. Three more offices are spread around Västerbotten in the cities Malå, Sorsele and Bureå. In 2005 the Stockholm office was opened. Today ECOVIS…
Pan-European Crowdfunding platforms will provide their services across the whole EU
09.04.2018 | European Commission takes actions to promote Europe as a more attractive place for start-ups by introducing new regulations on crowdfunding. Commission has proposed a draft regulation to enable crowdfunding platforms to access customers across the EU. Read more on www.ecovis.com/lithuania…
USA: Global Intangible Low Taxed Income: A Step Away from Territorial
22.03.2018 | The Tax Cuts & Jobs Act of 2017 (the “Act”) has been widely touted by the American media as transforming the U.S. into a territorial system of taxation, in which domestic income is taxed by the U.S. and foreign income is not. While the Act moves the U.S. towards a territorial approach, it is not…
UK: The PSC Register and its implications
22.03.2018 | It has been almost two years since the introduction of the Persons with Significant Control Register (the “PSC Register”) in the UK, but it is quickly evident during due diligence exercises that not all directors have a clear understanding of their obligations. The PSC Register is designed to ensure the ownership of corporate bodies in…
Hungary: Real time invoicing reporting
22.03.2018 | As of 1st July, 2018, all invoices issued between Hungarian taxpayers with a VAT content exceeding HUF 100,000 (Hungarian Forint) must be reported in real time to the tax authority. The draft legislation and the technical requirements have already been published by the Ministry for National Economy/tax authority. However, the final regulation cannot be presented…
Czech Republic: The most important changes in Czech law for entrepreneurs
22.03.2018 | In 2018, a number of changes for entrepreneurs will come about. These will affect, for example, builders, the registration of beneficial owners of legal entities, and unified electronic identification. General Data Protection Regulation (GDPR) Similarly to other EU countries, what is known as the General Data Protection Regulation (GDPR) will also come into effect in…
Switzerland: New electronic notification system for exports and imports
22.03.2018 | From March 1, 2018, all businesses must notify the Swiss customs authority (EZV) of cross-border transactions of goods with Switzerland electronically. With regard to the export of goods from Switzerland: the Swiss VAT Law (SVATL) defines the place of delivery where the transport of the goods begins. Tax-exempt delivery therefore requires a correct export document.…
Ecovis welcomes our new partners from ECOVIS Audit Algeria headquartered in Algiers
14.03.2018 | ECOVIS Audit Algeria was founded in 2013. Abdallah Otsmane Riad is the managing partner of the firm. Together with his wife Addadahine Kawther, who acts as co-manager, they can rely on a team of 13 professionals and 2 administrative staff members.
Ecovis has a new partner in Russia
26.02.2018 | We would like to welcome our new partners from ECOVIS AUDIT-AVANGARD from Moscow. ECOVIS AUDIT-AVANGARD was founded in 2006. Five certified auditors and one administrative staff member assist small and medium enterprises from Russia and Europe. One of the auditors is Irina Makarova. Irina worked for over ten years at Mazars Russia where she leaded…
Germany: What changes does the new IFRS mean for businesses?
19.02.2018 | The IFRS 15 (International Financial Reporting Standard) governs how turnover is to be identified and revenue recognised. The editorial staff of ECOVIS international interviewed Tommaso Fabi, auditor and Technical Director at Organismo Italiano di Contabilità (OIC – Italian standard setter) on the significance of the new standard and its affects. Mr Fabi, what is new…
China: Policy on deferred tax payment for reinvestment with profit
19.02.2018 | On December 21, 2017, the Ministry of Finance released the “Circular on Temporarily Exempting Withholding Tax for Foreign Investors to Direct Investment with Distributed Profit” (Cai Shui [2017] No. 88). What exactly are the implications, though, for foreign businesses operating in China? Since January 1, 2017, the distributed profits of foreign investors’ derived from resident…
Under Strain – Can Housing Prices and Power Prices Derail the Australian Economy?
19.02.2018 | Australia – Part two: This article looks in detail at how both the state and federal governments’ conflicting policies are leading to both surging power prices and an energy crisis on the East Coast of Australia. (Part one: www.ecovis.com/en/nder-strain-can-housing-prices-power-prices-derail-australian-economy) Can power prices restrain economic growth in Australia? That is a key question that policy makers…
Ecovis explains: What’s new about IFRS 15?
06.02.2018 | Tommaso Fabi, chartered accountant, who works for the Italian Accounting Standard Setter in Rome, on the significance of the new IFRS 15 and its affects.    
UK: Uber’s data privacy breach – the consequences
20.12.2017 | We are now less than six months away from the implementation of the General Data Protection Regulation (GDPR), which is expected to produce massive changes to be implemented by businesses when handling the data of third parties. Among the GDPR’s most headline-grabbing provisions are the significantly increased administrative fines. There is also the requirement that…
Spain: Hope for the best but expect the worst
20.12.2017 | Automotive sector: HELP!! My supplier is facing insolvency and can halt my production line. There are two important features in the modern automotive sector: first, there is a long list of suppliers, and second, just-in-time production. In many cases, the situation becomes more precarious where suppliers work with production elements, especially tools, provided by a…
Germany: Panama and Paradise Papers – the different money hiding places in tax havens worldwide
20.12.2017 | According to reports in the online edition of the German newspaper Süddeutsche Zeitung dated 05.11.2017, which was involved in the processing of the new data leaks, new data sets with the names of numerous persons suspected of hiding their assets using letterbox entities abroad have been published under the name “Paradise Papers”. The Paradise Papers…
International tax barometer – Traps global online vendors can avoid
20.12.2017 | Dealers are advised to inform themselves properly about registration requirements, VAT rates and thresholds with respect to online trade not only within the European Union. There is no uniform regulation on how goods are taxed in different parts of the world. This is why Ecovis has turned to its international partners to discover what fiscal…
Ecovis is now represented in Morocco
07.12.2017 | Ecovis welcomes our new partners from ECOVIS Morocco headquartered in Casablanca. ECOVIS Morocco is a public accounting firm established in 2012, which provides auditing, tax, accounting and consulting service. Nassim Karim and Mehdi Benouna are the partners of ECOVIS Morocco. They lead a team of eight staff members. Nassim has more than ten years of…
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