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M&A data analytics: The use of data in mergers and acquisitions - ECOVIS International

M&A data analytics: The use of data in mergers and acquisitions

Collecting, analysing and correctly evaluating data is more important than ever for successful M&A. The M&A specialists from Taurus Corporate Finance, an ECOVIS partner in the Netherlands, explain how correct data analysis works and which methods should be used. (more…)
Protecting intellectual property in China: How to protect your know-how. - ECOVIS International

Protecting intellectual property in China: How to protect your know-how.

Companies often invest a lot in the development of products or technical inventions. But there is a great danger that others will use these technologies for themselves and thus secure competitive advantages – at the expense of the inventors. What...
Immigration and permanent residency: US immigration service changes the rules - ECOVIS International

Immigration and permanent residency: US immigration service changes the rules

The US immigration service US Citizenship & Immigration Services (USCIS) is adopting a risk-based approach that waives interviews for certain applicants who have filed Form I-751 (Petition to Remove Conditions on Residence). (more…)
New Requirements for Japanese Consumption Tax Invoicing: The Tax-Qualified Invoice System - ECOVIS International

New Requirements for Japanese Consumption Tax Invoicing: The Tax-Qualified Invoice System

A Japanese Consumption Tax (JCT), equivalent to VAT, was introduced in April 1989. Since then, the standard tax rate has gradually increased to 10%. In addition, an 8% reduced tax rate was implemented from 2019 for certain goods and services....
Tesla’s Next Super Factory: What Does This Mean for China? - ECOVIS International

Tesla’s Next Super Factory: What Does This Mean for China?

Where will Tesla's second super factory be located? This question has, once again, attracted attention worldwide. In January, Elon Musk declared that this year he would announce the location of Tesla's fifth super factory. Tesla currently has two local super...
Subsidiary in Poland: New holding regulation to come into force soon - ECOVIS International

Subsidiary in Poland: New holding regulation to come into force soon

Any company that is part of a holding acts in the interests of the holding and not in the interests of the company itself. This change in the rules governing holdings in Poland will have a massive impact on the...
New double tax treaty signed between France and Denmark … finally - ECOVIS International

New double tax treaty signed between France and Denmark … finally

On 4 February 2022, after around 13 years, France and Denmark finally concluded an agreement to avoid the double taxation of income tax. However, the agreement is not yet in force. Both countries have yet to complete the legislative process...
Thin capitalisation in Croatia: New rules for companies - ECOVIS International

Thin capitalisation in Croatia: New rules for companies

Businesses in Croatia are often financed with loans because the interest on the loan represents a cost and reduces income tax liability. However, for companies to be able to deduct the interest, they must consider the ratio between loan and...
Invest in Cambodia: The Importance of Financial Due Diligence - ECOVIS International

Invest in Cambodia: The Importance of Financial Due Diligence

Tourism, together with clothing manufacturing, construction and agriculture, is one of the four key sectors supporting Cambodia’s economic expansion. (more…)
Removal of Foreign Income Tax Exemptions in Malaysia - ECOVIS International

Removal of Foreign Income Tax Exemptions in Malaysia

As Malaysians anticipated special aid and recovery measures from the government in the midst of the COVID-19 crisis, they were caught by surprise when the Minister of Finance announced the removal of foreign source income exemption for residents when he...
COVID-19 and the Big Quit: Keys to Employee Retention - ECOVIS International

COVID-19 and the Big Quit: Keys to Employee Retention

In early 2020 the world as we knew it changed and it is doubtful that many of us foresaw the extent of those changes and how long they would last. When the pandemic first hit the world, there were predictions...
E-Tax Vietnam: Launch of E-Portal And Tax Mobile App - ECOVIS International

E-Tax Vietnam: Launch of E-Portal And Tax Mobile App

Vietnam’s two new digitized tax administration platforms will help both foreign and local taxpayers meet their tax obligations. On March 21, 2022 the Vietnam General Department of Taxation held an online conference to announce the launch of the e-Portal for...
Dividend payments in Croatia: What rules apply to established limited liability companies? - ECOVIS International

Dividend payments in Croatia: What rules apply to established limited liability companies?

Limited liability companies established in Croatia must pay corporate income tax of 18% or 12%, depending on the revenues generated, with the 12% rate applying to annual revenues below HRK (Croatian kuna) 3 million. The Ecovis experts know that full...
Hidden dividend: What the new law means for companies in Poland - ECOVIS International

Hidden dividend: What the new law means for companies in Poland

A new law on the treatment of hidden dividend is due to come into effect from 1 January 2023. This can lead to a reduction in total deductible expenses for companies in Poland. As the law is vague, sometimes incomprehensible...
Vietnam: VAT rate reduction and CIT deduction - ECOVIS International

Vietnam: VAT rate reduction and CIT deduction

A reduced VAT rate has been in effect in Vietnam since 1 February 2022. In addition, companies can make certain deductions to corporate income tax. With these measures, the government aims to promote socio-economic recovery and economic development. (more…)
Cryptocurrency: Regulations in the USA on the way - ECOVIS International

Cryptocurrency: Regulations in the USA on the way

Cryptocurrencies are trending. In the USA, the market is hardly regulated, but that about to change. The tax and financial authorities should be given the tools to better track the use and trading of virtual money. (more…)
ECOVIS is now represented in Honduras - ECOVIS International

ECOVIS is now represented in Honduras

ECOVIS welcomes our new partners from ECOVIS Honduras headquartered in Tegucigalpa. The firm has cooperated successfully with our colleagues of ECOVIS Guatemala in the past. (more…)
Risk assessment in Cambodia: Identifying and monitoring risks - ECOVIS International

Risk assessment in Cambodia: Identifying and monitoring risks

In the COFACE (Compagnie Française d'Assurance pour le Commerce Extérieur) country risk assessment, Cambodia received a respectable country risk score of C and a business climate score of B on a scale from A1 (very low risk) to E (very...
Learning from GDPR fines: What are the lessons for other companies? - ECOVIS International

Learning from GDPR fines: What are the lessons for other companies?

In 2021, five of the world's top ten fines were imposed for breaches of the General Data Protection Regulation (GDPR). The Ecovis experts in Lithuania have analysed these cases and worked out what lessons companies can learn from these GDPR...
The Evolution of Management - ECOVIS International

The Evolution of Management

After more than 30 years of experience in accounting and auditing, I have heard countless recurring complaints from people who need to make timely financial decisions. Chief among the complaints, I often hear, “To prepare for a meeting of my...
Tax efficient transfer of U.S. real estate to U.S. recipients - ECOVIS International

Tax efficient transfer of U.S. real estate to U.S. recipients

The U.S. tax system imposes an estate tax on non-U.S. residents who die while owning U.S. assets. An exemption of $60,000 is available to non-U.S. residents to lower the U.S. estate tax base. U.S. estate tax is levied on the...
Relevant aspects of the 2022 miscellaneous tax resolution (RMF) in relation to the simplified trust regime for individuals (RESICO PF) - ECOVIS International

Relevant aspects of the 2022 miscellaneous tax resolution (RMF) in relation to the simplified trust regime for individuals (RESICO PF)

On December 27, 2021, the RMF 2022 was published in the Official Gazette of the Federation (DOF) which is effective as of January 1, 2022 (except in cases where a different date is indicated). Below are some of the most...
Investment incentives in Greece: benefits for many industries - ECOVIS International

Investment incentives in Greece: benefits for many industries

Greece is aiming to promote investment projects and boost the economy with incentives such as tax exemptions or subsidies for personnel costs. The funded measures include, for example, digitalisation projects, investments in sustainable tourism or company environmental and climate protection...
Investment opportunities in Spain: The non-residential market after COVID-19 - ECOVIS International

Investment opportunities in Spain: The non-residential market after COVID-19

According to a recent study, the office property market in Madrid will remain below pre-coronavirus levels until 2028. Among the reasons for this are, for example, falling rents or stagnating demand for office space due to home office regulations introduced...
Tax benefits for expats in Belgium: New regime as of 1 January 2022 - ECOVIS International

Tax benefits for expats in Belgium: New regime as of 1 January 2022

The Belgian government has limited tax benefits for expats. Businesses and employees must adjust to new rules from 1 January 2022. The change is due to the increasing number of expats who benefit from the favourable tax regulations in Belgium....
Retirement allowance Japan: The tax rules change - ECOVIS International

Retirement allowance Japan: The tax rules change

In January 2022, a change in income tax on retirement income came into effect in Japan. The tax base will increase for employees retiring in and after 2022. (more…)
Women leadership in Pakistan - ECOVIS International

Women leadership in Pakistan

In recent years, more and more women in Pakistan have been able to take up paid employment from 19% to 20.53% or hold managerial positions. Here, the average growth in the five best companies is around 18 percent. This is...
Individual income tax China: Tax benefits for foreign residents extended - ECOVIS International

Individual income tax China: Tax benefits for foreign residents extended

China has postponed changes to individual income tax (IIT). Foreign residents can now take advantage of the tax benefits until 31 December 2023. (more…)
Betting in Vietnam: Government eases access to the betting business - ECOVIS International

Betting in Vietnam: Government eases access to the betting business

The Vietnamese government has drafted a decree, which will allow the Vietnamese to take part in international football betting. In future, foreign investors will also be able to enter the betting business. However, certain criteria must be met in order...
Construction in Cambodia: A tense situation since the coronavirus pandemic - ECOVIS International

Construction in Cambodia: A tense situation since the coronavirus pandemic

Output in the Cambodian construction sector fell massively in 2021, also as a result of the corona pandemic. Good cash flow and procurement management is important to mitigate the impact on businesses. The Ecovis experts explain how this can work....
Intrastat Reporting in Croatia - ECOVIS International

Intrastat Reporting in Croatia

Like all EU Member States, the Republic of Croatia is obliged to collect statistical data within the framework of the Intrastat system. Companies that meet the criteria set by the Croatian government and exceed the defined thresholds for receiving and...
Family Constitutions in Succession Planning - ECOVIS International

Family Constitutions in Succession Planning

Succession planning and ownership transitions, especially in family businesses, can be challenging. In many cases, the current owner and the successors have different levels of motivation and disparate timelines. While ownership transitions benefit both the original owner and the new...
Start-Up Business in Pakistan - ECOVIS International

Start-Up Business in Pakistan

In recent years, there has been strong growth in start-ups in Pakistan. According to the Security and Exchange Commission of Pakistan (SECP), the country has moved up in the World Bank’s Ease of Doing Business Index for the second consecutive...
Ecovis is now offering audit services in Serbia - ECOVIS International

Ecovis is now offering audit services in Serbia

In addition to our colleagues of ECOVIS SEE (tax and accounting) we welcome our new partners from ECOVIS FinAudit headquartered in Belgrade to our network. (more…)
Doing Business in Cyprus - ECOVIS International

Doing Business in Cyprus

The Cypriot government has released its new strategy action plan for attracting international businesses to Cyprus. The emphasis is on technology, shipping, innovation and research & development. Implementation will start in 2022. The Ecovis experts explain the most important measures....
Investment Screening in Denmark: Additional Considerations for Danish M&A Targets - ECOVIS International

Investment Screening in Denmark: Additional Considerations for Danish M&A Targets

Denmark has joined the list of countries with mandatory investment screening regimes. New rules came into force on 1 July 2021 affecting foreign direct investment and special financial agreements. The rules apply to investments and agreements which are due to...
Withholding Tax in Croatia for Non-Residents - ECOVIS International

Withholding Tax in Croatia for Non-Residents

Withholding tax may be levied on certain income that non-residents – who are not natural persons – receive in the Republic of Croatia. Income subject to withholding tax includes, for example, interest, dividends, or royalties. (more…)
PIPL China: How to Prepare for China’s New Data Protection Law - ECOVIS International

PIPL China: How to Prepare for China’s New Data Protection Law

China's new data protection law regulates how companies must handle personal data. Failure to comply can lead to penalties. Companies must act now and implement the new rules. (more…)
Tax on Electric Company Cars in Belgium - ECOVIS International

Tax on Electric Company Cars in Belgium

The principle of the company car in Belgium will not be affected for the time being, but there will be drastic changes in the near future. From 2026, employers will only be able to offer electric company cars if they...
Accounting Firms in Australia: ECOVIS Clark Jacobs makes the Top 100 Firms - ECOVIS International

Accounting Firms in Australia: ECOVIS Clark Jacobs makes the Top 100 Firms

ECOVIS Clark Jacobs has again been named in the Australian Financial Review’s Top 100 Accounting Firms, ranking #58 for 2021. Published each year in November, the AFR’s list ranks accounting firms by total revenue for the financial year, but also...
Real Estate Investment in Spain: The Market After COVID-19 and New Government Regulations - ECOVIS International

Real Estate Investment in Spain: The Market After COVID-19 and New Government Regulations

Although prices for urban real estate have risen despite the corona pandemic, rental prices are falling in major Spanish cities. The Spanish Government is preparing a new law for urban housing that includes some price control measures. (more…)
Whistleblower Position in Germany to Become Mandatory - ECOVIS International

Whistleblower Position in Germany to Become Mandatory

The EU wants better protection for whistleblowers. As a result, EU Member States must implement the Whistleblower Directive by 17 December 2021. By then, companies with 250 or more employees must set up a “Whistleblower Position”. (more…)
Equal Pay for Equal Work in Japan - ECOVIS International

Equal Pay for Equal Work in Japan

Equal pay for equal work regulations came into effect in Japan in April 2020, and in April 2021 for small and medium-sized companies. The aim is to remove unreasonable disparities in working conditions between non-regular (part-time or fixed-term employees) and...
Investing in Renewable Energy in Vietnam - ECOVIS International

Investing in Renewable Energy in Vietnam

Although not without challenges, Vietnam’s natural resources paired with its sustainability goals means the country is heading towards global leadership in renewable energy, and provides possible opportunities for investors. According to a report by Electricity of Vietnam (EVN), in the...
Vietnam Tax Exemptions: COVID-19 Support For Business and Individuals - ECOVIS International

Vietnam Tax Exemptions: COVID-19 Support For Business and Individuals

On 19th October 2021 the National Assembly Standing Committee issued a resolution (Resolution No. 406/NQ-UBTVQH15) introducing tax exemptions and reductions to support enterprises and individuals affected by the COVID-19 pandemic. These exemptions and reductions are listed below: 30% Reduction of Payable...
VAT registration in Slovakia: Amendments to the VAT Act - ECOVIS International

VAT registration in Slovakia: Amendments to the VAT Act

With the amendment of the Slovakian VAT Act, the government is introducing several measures to improve VAT collection. These include the obligation to report bank accounts, changes to the VAT guarantee and introduction of split VAT payment, as well as...
Why Should You Implement an Employee Share Option Plan? - ECOVIS International

Why Should You Implement an Employee Share Option Plan?

A share option programme is a long-term solution for finding and retaining employees. Employee participation programmes are a great way to create targeted incentives, often in a tax-efficient manner, and to encourage employee engagement. (more…)
Cross Border Remote Work Considerations outside the US - ECOVIS International

Cross Border Remote Work Considerations outside the US

If employers send employees abroad, or if they wish to work in a country other than the USA, various tax and non-tax details, such as health insurance or social benefit programmes, must be checked. In addition, the employer must pay...
Branch Office Taxation: Establishment and Operation in Croatia - ECOVIS International

Branch Office Taxation: Establishment and Operation in Croatia

The OECD model convention for the avoidance of double taxation defines the conditions for establishing a business unit. Company law in Croatia regulates the establishment procedure and tax monitoring for companies from non-EU or non-EEA countries when they open a...
Dividend Withholding Tax in Colombia for Non-Residents - ECOVIS International

Dividend Withholding Tax in Colombia for Non-Residents

In Colombia the withholding tax rate for dividends or participations paid to non-residents is at 10% of the value of the payment. For many of those affected, this caused astonishment and unrest, as taxes on dividends were previously not paid...
Legal Due Diligence for M&A in Vietnam - ECOVIS International

Legal Due Diligence for M&A in Vietnam

Mergers and Acquisitions (“M&A”) are considered one of the fastest ways to help investors expand into new markets, create synergies, and grow revenue. To minimize potential legal and commercial risks, a thorough assessment of the target company must be conducted....
Holding Law: Poland to Introduce a New Revolutionary Holding Regulation - ECOVIS International

Holding Law: Poland to Introduce a New Revolutionary Holding Regulation

Legislation related to corporate groups in Poland is picking up speed. A draft law has now been submitted which reorganises the powers of parent companies over subsidiaries. This includes, for example, that parent companies can issue legally binding instructions or...
Digital Nomads in Greece: Work Independently with Benefits and Privileges - ECOVIS International

Digital Nomads in Greece: Work Independently with Benefits and Privileges

Greece is seen as an attractive destination for digital nomads. This is particularly due to the benefits and privileges, such as lower income tax, provided for in law L. 4825/2021 passed by the Greek parliament. However, there are some bureaucratic...
Transparency Register Germany: A Paradigm Shift and What it Means for Companies - ECOVIS International

Transparency Register Germany: A Paradigm Shift and What it Means for Companies

Germany is intensifying the fight against money laundering (see also Tip). Against this backdrop, the German parliament has also passed a new law governing the “Transparency Register and Financial Information” (Transparenzregister- und Finanzinformationsgesetz, TraFinG), which came into effect on 1...
Ecovis is now offering legal services in Norway - ECOVIS International

Ecovis is now offering legal services in Norway

In addition to our existing partners of ECOVIS Ardur Tax AS we welcome our new partners from ECOVIS Legal Norway AS headquartered in Oslo. (more…)
Ecovis is now represented in The Bahamas - ECOVIS International

Ecovis is now represented in The Bahamas

Ecovis welcomes its new partners from ECOVIS Bahamas headquartered in the city of Nassau situated on the island of New Providence, The Bahamas. (more…)
Internal Control of Electronic Money Institutions: A Key to Success for FinTechs in 2021 - ECOVIS International

Internal Control of Electronic Money Institutions: A Key to Success for FinTechs in 2021

The growing FinTech market in Lithuania has led to increased supervisory attention. The Bank of Lithuania is tightening controls on e-money and payment institutions (EMIs and PIs). The aim is to strengthen investor confidence. (more…)
E-Commerce Vietnam: Stricter Regulations Proposed on the Sector - ECOVIS International

E-Commerce Vietnam: Stricter Regulations Proposed on the Sector

The E-Commerce sector is developing at an accelerated rate due to the effects of the industrial revolution 4.0. Because of this, amending the legal framework of this sector under the current Decree 52/2013/ND-CP dated 16 May 2013 of the Government...
Recommendations for Business Continuity Management in the Fintech Market regarding Pandemic - ECOVIS International

Recommendations for Business Continuity Management in the Fintech Market regarding Pandemic

The coronavirus pandemic threatens the Lithuanian and the global economy. The Bank of Lithuania has therefore decided that electronic money and payment institutions must develop and implement structures and processes – the business continuity plan – in order to assess...
Active NFFE vs Passive NFFE: Classification for Form W-8BEN-E Reporting - ECOVIS International

Active NFFE vs Passive NFFE: Classification for Form W-8BEN-E Reporting

Foreign entities are often required to complete a Form W-8BEN-E, Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities). This form has created significant confusion among owners due to the myriad of definitions and classifications...
Non-Resident Employer in Croatia - ECOVIS International

Non-Resident Employer in Croatia

Croatian legislation allows foreign employers to hire Croatian citizens without having to register a company, a branch, or a representative office in Croatia. (more…)
Requirements for Foreign Language Teachers in Vietnam - ECOVIS International

Requirements for Foreign Language Teachers in Vietnam

As a global language, English is an important inclusion in the curriculum of educational institutions throughout Vietnam. There are numerous opportunities to teach English in Vietnam and while being a native English speaker is advantageous, it’s not sufficient. Legal requirements...
Foreign Investment in Vietnam - ECOVIS International

Foreign Investment in Vietnam

In the developed world, with strategic location, supportive policies and regulations, and a young and well-qualified labour force, Vietnam has become a more attractive market for foreign investors. To make foreign investment in Vietnam more accessible, the National Assembly of...
Accounting Firms in China: ECOVIS Ruide in the Top 100 - ECOVIS International

Accounting Firms in China: ECOVIS Ruide in the Top 100

ECOVIS Ruide Certified Public Accountants Co., Ltd has been named as one of China’s top 100 accounting firms in 2020. The company was ranked 80th in the comprehensive evaluation of more than 9000 accounting companies. (more…)
Professional Ethics of Auditors: The Case of Serba Dinamik - ECOVIS International

Professional Ethics of Auditors: The Case of Serba Dinamik

The recent dispute between a listed corporation, Serba Dinamik Holdings Berhad (“Serba Dinamik”) and KPMG has made waves in Malaysia as the impending legal suit is allegedly linked to negligence, breach of contractual and statutory duties of the audit firm....
Cambodia: A Significant Increase in Audits - ECOVIS International

Cambodia: A Significant Increase in Audits

Audit Obligations in Cambodia In accordance with article 16 of the Law on Corporate Accounts, Their Audits, and Accounting Profession, all enterprises, natural persons and legal entities with Khmer or foreign nationality domiciled in the Kingdom of Cambodia, that meet...
Ecovis is now represented in El Salvador - ECOVIS International

Ecovis is now represented in El Salvador

Ecovis welcomes its new partners from ECOVIS El Salvador headquartered in San Salvador. Luis A. Siliézar worked at PwC and later at Deloitte before founding ECOVIS El Salvador in October 2020. Together with Cecilia del Carmen Ortega and Rosa María...
Mexico Tax Reform: What Changes are Expected in 2022 - ECOVIS International

Mexico Tax Reform: What Changes are Expected in 2022

The Mexican tax authority is currently working on a new tax reform. It is expected to be submitted for legislation in September 2021. The tax changes should be incorporated into Mexican federal tax law from 2022. (more…)
Sanctions on Belarus: Getting it Right - ECOVIS International

Sanctions on Belarus: Getting it Right

In late June 2021, the EU, USA and UK expanded economic and financial sanctions against Belarus, making it one of the most nuanced sanctions regimes, and directly and indirectly impacting businesses all over the world. (more…)
M&A opportunities in the Spanish market - ECOVIS International

M&A opportunities in the Spanish market

The Spanish M&A market is at an exceptional moment, with great opportunities in thriving sectors and a generation of entrepreneurs looking for alternative solutions to the lack of succession and liquidity streams caused by the pandemic. (more…)
U.S. Tax Reform: International in the cross-hairs  - ECOVIS International

U.S. Tax Reform: International in the cross-hairs 

U.S. businesses still interpreting 2017 tax legislation will soon need to respond to Biden Administration proposals to fund ambitious plans to rebuild infrastructure and assist families. In 2017, the U.S. tax base was expanded to include worldwide income through the...
Reform to NGO Law: Guatemala - ECOVIS International

Reform to NGO Law: Guatemala

In Guatemala, the legislation on non-profit entities has not been so severe, so the authorities considered it appropriate to start the supervision and control in a strategic way based on good practices, always respecting constitutional rights, as well as the...
The Evolution of Management - ECOVIS International

The Evolution of Management

What I am about to narrate to you is the result of more than thirty years of experience in financial information analysis from the perspective of accounting, auditing, and the constant recurring complaints of people who need to make timely...
COVID-19 Implications to Business Groups - ECOVIS International

COVID-19 Implications to Business Groups

As a result of the COVID 19 health emergency, compliance with the market value principle becomes an important challenge for Business Groups, given the economic impacts that has been generated in most industries around the world during fiscal years 2020-2021...
Digital Nomad Work: Malta Launches Nomad Residence Permit - ECOVIS International

Digital Nomad Work: Malta Launches Nomad Residence Permit

In June 2021, the Residency Malta Agency introduced a Nomad Residence Permit (NRP). This new temporary residence permit allows non-EU individuals to work remotely whilst living in Malta. (more…)
Ecovis is now offering legal services in Ireland - ECOVIS International

Ecovis is now offering legal services in Ireland

In addition to our existing partners of ECOVIS DCA we welcome our new partners from O’Connor Solicitors – Member of ECOVIS International headquartered in Dublin. (more…)
Representative Office Thailand: Along with Regional Office or Branch an Alternative for Expansion in Thailand - ECOVIS International

Representative Office Thailand: Along with Regional Office or Branch an Alternative for Expansion in Thailand

A limited company is one of the most common solutions for international companies looking to expand their business activities into Thailand. However, there are alternatives that offer advantages. (more…)
EBITDA-Multiples: The Easy Way to Determine Enterprise Values? - ECOVIS International

EBITDA-Multiples: The Easy Way to Determine Enterprise Values?

The most common way to determine an enterprise value is to use a multiple of the EBITDA. When a deal is closed, both parties know the enterprise value and the EBITDA. Determining this multiple seems like a simple exercise and...
2020 Global MNC Tax Complexity Survey: “There Will Never be a Tax Declaration on a Beer Mat” - ECOVIS International

2020 Global MNC Tax Complexity Survey: “There Will Never be a Tax Declaration on a Beer Mat”

Researchers from the University of Paderborn and LMU Munich have published an insight into the data from their third global survey on tax complexity. The data once again shows that overall tax complexity has increased worldwide for Multinational Corporations (MNCs)...
PCC Tax Poland: Regulations for Share Transactions Executed Abroad - ECOVIS International

PCC Tax Poland: Regulations for Share Transactions Executed Abroad

Contracts for the sale of property rights concluded in Poland are legally subject to the Tax on Civil Law Transactions (PCC). However, the law is very broad. It includes the sale of “things or rights with an economic value”. (more…)
Vietnam Labour Law: Prior Notice Period on Unilateral Termination of Employment Contracts - ECOVIS International

Vietnam Labour Law: Prior Notice Period on Unilateral Termination of Employment Contracts

Companies doing Business in Vietnam need to be aware of the country’s labour regulations on the prior notice period for the unilateral termination of labour contracts. This is relevant for international companies appointing managing officers in subsidiaries, branches or representative...
Corporate Income Tax in Croatia: Permanent Establishment of a Non-Resident in Croatia - ECOVIS International

Corporate Income Tax in Croatia: Permanent Establishment of a Non-Resident in Croatia

A foreign company operating in the Republic of Croatia may, under certain conditions, be subject to corporate income tax. Those wishing to start a business activity in Croatia should therefore have experts check whether this activity leads to a permanent...
Money Laundering in Germany: Stringent New Rules for Companies - ECOVIS International

Money Laundering in Germany: Stringent New Rules for Companies

Germany is seen as a money laundering paradise. As a result, on 18 March 2021, the German government introduced the new section 261 of the Criminal Code (StGB) – the offence of money laundering. At the same time, it has...
Greece Income Tax: New Amendments to the Greek Tax Framework - ECOVIS International

Greece Income Tax: New Amendments to the Greek Tax Framework

The Greek Parliament has passed a draft law (L. 4799/2021) amending the country’s tax law. With this, the legislator is significantly reducing the corporate tax rate and income tax prepayments and, from 2022, the solidarity contribution for certain types of...
Work Permit Vietnam: Legislative Updates to the Management of Expatriates Working in Vietnam - ECOVIS International

Work Permit Vietnam: Legislative Updates to the Management of Expatriates Working in Vietnam

The Vietnamese government will be monitoring the employment and administration of foreign workers much more closely in the future. To enable this, it has introduced Decree No. 152/2020/ND-CP, which tightens the requirements and documentation obligations for work permits in Vietnam....
ECOVIS Georgia Receives Second Category Auditor Status - ECOVIS International

ECOVIS Georgia Receives Second Category Auditor Status

ECOVIS Georgia has been awarded the status of second category auditor by the Service for Accounting, Reporting and Auditing Supervision. For this, the regulator monitored and reviewed selected audit engagements, company policies and procedures of ECOVIS ATA Finance LLC. (more…)
COVID-19 Paid Leave Tax Credits – An Update - ECOVIS International

COVID-19 Paid Leave Tax Credits – An Update

The Families First Coronavirus Response Act (the “FFCRA”), enacted by Congress on March 18, 2020, required most employers to provide employees with paid leave in certain situations connected with the COVID-19 pandemic (the “FFCRA Mandate”). To offset the cost of...
International Quality Standards for Auditors: Uruguay - ECOVIS International

International Quality Standards for Auditors: Uruguay

The International Quality Control Standard 1 (ISQC) deals with the responsibilities that an audit firm has in relation to its quality control system of its assignments, whether they are audits, review of financial statements and other assignments related to granting...
Simplification of Administrative Procedures in Guatemala - ECOVIS International

Simplification of Administrative Procedures in Guatemala

The proposal or initiative of Law 5766 for the simplification of requirements for administrative procedures that we hope will be published in May 2021 follows the same philosophy that the most advanced economies in the region have implemented in the...
Invest in Thailand: Joint Venture Agreement as an Option - ECOVIS International

Invest in Thailand: Joint Venture Agreement as an Option

Foreign investors in Thailand who are only minority shareholders in joint ventures can protect their investment shares. There are a number of measures available for this purpose, such as a joint venture agreement. (more…)
How to Sue a Company in China: Tackling Litigation Properly - ECOVIS International

How to Sue a Company in China: Tackling Litigation Properly

If there is trouble with Chinese companies, for example because ordered products are not delivered on time, trading partners can consider filing a lawsuit. However, this must be thought through well in advance and contractual details must be analysed. (more…)
Invest in Colombia: Portfolio and Direct Investment - ECOVIS International

Invest in Colombia: Portfolio and Direct Investment

Foreign investments are operations on the foreign exchange market. The Colombian financial regulations stipulate that these resources must be channelled according to the regulations of the Central Bank (Banco de la República). (more…)
Ecovis cooperates with Taurus Corporate Finance - ECOVIS International

Ecovis cooperates with Taurus Corporate Finance

We welcome our new partners from Taurus Corporate Finance headquartered in Deventer. Ecovis cooperates with Taurus Corporate Finance a Netherlands based Corporate Finance firm. Taurus Corporate Finance was established in 2011 as a merger of the M&A-activities of our existing...
Made in America Tax. More U.S. Tax Reform Planned - ECOVIS International

Made in America Tax. More U.S. Tax Reform Planned

Around USD 2.2 trillion is to be invested in infrastructure projects in the US and USD 1.8 trillion will be made available for families. That is set out in the “American Jobs Plan” proposed by US President Joseph Biden. (more…)
Croatia Tax: Change of Submission Deadlines for Tax Returns and Annual Financial Statements - ECOVIS International

Croatia Tax: Change of Submission Deadlines for Tax Returns and Annual Financial Statements

The Croatian Ministry of Finance has extended the deadline for filing corporate tax returns. This should provide relief for those companies affected by the corona pandemic. (more…)
Cross Border eCommerce in China - ECOVIS International

Cross Border eCommerce in China

In recent years, due to the huge potential of China's consumer goods market, more and more global retailers have turned their attention to China. Ten years ago, not only were there fewer choices of goods, the payment and after-sales service...
GST In Malaysia: Will It Return? - ECOVIS International

GST In Malaysia: Will It Return?

After spending a number of years studying Goods and Services Tax (GST), Malaysia was the last country in the Association of Southeast Asian Nations (ASEAN) excluding Brunei to implement GST in 2015. However, Malaysia became the first to abolish GST...
The Impact of COVID-19 on Contracts and Force Majeure - ECOVIS International

The Impact of COVID-19 on Contracts and Force Majeure

The COVID pandemic has a significant impact on the performance of contracts between parties. Therefore, clauses stating that a party does not have to perform a contract in the event of force majeure are necessary in both Polish and English...
Payroll in Singapore: Common Non-compliance HR Matters - ECOVIS International

Payroll in Singapore: Common Non-compliance HR Matters

Are you aware of the following? Under the Skills Development Levy (SDL) Act, employers are required to pay SDL, at different contribution rates, for every employee they hire. This applies to all permanent, casual, part-time, temporary or foreign employees rendering...
Doing Business in Australia: Establishing a Local Company isn’t the Only Solution… - ECOVIS International

Doing Business in Australia: Establishing a Local Company isn’t the Only Solution…

We are often contacted by our Ecovis international network offices asking if we can set up a company for their local clients who are planning to do business with Australia. While we are more than happy to do this, the...