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International tax, audit, accounting and legal news
Asia Pacific news
Subscribe to our newsletter
Management and Supervisory Board
International Service Offerings
Global Compliance Services
Global Company Setup
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 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
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
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
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
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
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
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?
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
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
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
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
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
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
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
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
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 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
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
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
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
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
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
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
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 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
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
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 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
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
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
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
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
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
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
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
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
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
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?
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”
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
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
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
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
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
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
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 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
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
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
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
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
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
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
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
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
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
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?
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
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
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…
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...
Tax in Turkey: Recent Regulations due to the Ongoing Pandemic
Extended short-time work benefits, an increase in corporation tax or regulations for the home office: the Turkish government has approved various measures to get the corona pandemic under control. In addition, it is forbidden to pay with cryptocurrency since 30...
Invest in Vietnam: COVID-19 and M&A Market Potential
Vietnam is developing into an attractive M&A market for investors – despite the decline in the global M&A market due to corona virus. This is the result of new laws that facilitate business investments, additional free trade agreements and currently...
Ecovis is now offering legal services in Thailand
In addition to our existing partners of ECOVIS A.A.C we welcome our new partners from JTJB International Lawyers Co., Ltd. – Member of ECOVIS International from Bangkok. (more…)
StaRUG: Act on the Stabilisation and Restructuring Framework for Businesses
The new German Act on the Further Development of Restructuring and Insolvency Law, or SanInsFoG, was passed in 2020. SanInsFoG changes insolvency law and introduces the new Act on the Stabilisation and Restructuring Framework for Businesses (StaRUG), which came into...
Tax Relief for Family Offices in Greece
Greece introduced a new business tool for the management of cash flow and family property assets in February 2021. It is regulated in the “family offices” law. (more…)
GILTI High Tax Election in the United States
Net income earned by a Controlled Foreign Corporation (“CFC”) may be subject to immediate US taxation to US shareholders, whether or not distributed. This results from the Global International Low Tax Income (GILTI) provisions of the US Tax Cuts &...
Taxes in Finland: New Tax Benefits for Foreign Companies
Foreign companies can now take advantage of new tax incentives in Finland. The tax breaks can reduce the cost of joint research and development projects by 150%. In addition, tax-free shares will encourage employee commitment and new e-identification and e-authorisations...
Ecovis is now represented in Bangladesh
We are glad to welcome our new partners from ECOVIS A. Qasem & Co. (ECOVIS Bangladesh) headquartered in Dhaka. (more…)
Italian Tax Residency Rules: Tax Benefits for Inpatriate Workers
The special rules for “inpatriates” (expatriates transferring to Italy for working reasons) have been changed in the Italian Budget Act 2021. Income taxation is made easier when taxpayers relocate and commit to live and work in Italy for at least...
Start-Ups and Cybersecurity: How to Deal with a Cyber-Attack
For many start-ups, cybersecurity will become even more important in 2021, as data breaches have legal consequences. Every company must take the appropriate technical and organisational measures to protect customer data and prevent cyber-attacks. (more…)
2021 Singapore Budget Highlights
On 16 February 2021, the Singapore Budget Statement was delivered in Parliament. A key focus of the Budget was the theme of Emerging Stronger, Together. The goal is to build new capabilities in people and businesses in this next phase...
Ecovis has a new partner firm in Panama
Ecovis welcomes its new partners from ECOVIS Panama headquartered in Panama City. (more…)
New Rules on Cross-border Renminbi (RMB)
At the turn of the new year, the Circular on Further Optimizing the Cross-border RMB Policy to Support the Stabilization of Foreign Trade and Foreign Investment (YinFa  No. 330) (hereinafter referred to as ‘Circular No. 330’) was published, which...
Ecovis has a new partner in Croatia
We are delighted to welcome our new partners from ECOVIS FINUM and ECOVIS FINUM REVIZJA headquartered in Zagreb. (more…)
Key Changes to Reporting Regime in Australia
This article will inform you on: Key changes to the Australian financial reporting framework The new Payment Times reporting regime The Australian financial reporting framework is changing The existing reporting framework requires an entity that is not publicly accountable (as...
Shareholder Loans in a Limited Liability Company – Selected Issues Under German and Polish Law
Shareholder loans are widely used to finance a company, including when the company is in difficulty. The Ecovis experts answer the most important questions on this under German and Polish law. (more…)
Steep Penalties for Not Preparing Transfer Pricing Documentation in Malaysia
The Inland Revenue Board of Malaysia (IRBM) has taken a significant move to improve transfer pricing compliance by introducing new penalty provisions, whereby taxpayers involved in related party transactions must prepare either full or partial transfer pricing documentation, depending on...
Ecovis welcomes its new Head of Business Development
With 18 years of experience in Business Development and in assisting multinational companies and SMEs expanding and maintaining operations overseas, Rosario Di Maggio has now been appointed Head of Business Development at ECOVIS International, and will be reporting directly to...
Ecovis strengthens its presence in Belgium
In addition to our existing Belgium partners Ecovis welcomes our new partners from ECOVIS BB3 Audit headquartered in Herent. (more…)
Ecovis has a cooperation partner in Jordan now
Ecovis welcomes its new partners from The Spectra Group headquartered in Amman. (more…)
The Challenges and Perspectives of Public-Private Partnership in Ukraine
On 20 January 2021, the Ukrainian Government passed a draft law which now allows the state to conclude ambitious public-private partnership (PPP) agreements, despite restrictions in national budget planning. (more…)
The UK’s New Merger Controls: Protecting National Security or Adding Uncertainty for Investors?
A new National Security and Investment law is about to become law in the UK. It will have a significant impact on any acquisition of a business which is active in, or supplies goods or services into, the UK. It...
Ecovis strengthens its presence in Mainland China
In addition to our colleagues of ECOVIS Ruide in Shanghai we warmly welcome our new partners from ECOVIS TZU Certified Public Accountants headquartered in Tianjin. ECOVIS TZU Certified Public Accountants Co., Ltd. was established after the reform of ‘Tianjin Huagang...
Real-Time Invoice Reporting in Hungary: Changes in Online Data Reporting Obligation
From 4 January 2021, the rules on the obligation to report invoices have changed in Hungary. All invoices, including correction and cancellation invoices, must be provided to the Hungarian tax authority directly from the invoicing system, online in real time....
Superbonus 110 Percent: An interesting Opportunity
The Italian Government has launched a 110 percent tax break. The “Relaunch Decree” increased the rate for the deduction of expenses for energy measures such as building insulation, earthquake protection or the installation of photovoltaic systems. These measures are known...
India Adopts Faceless Tax Assessments and Appeals: A Pragmatic Approach
Background One impact of the global Coronavirus pandemic is that, in some parts of the world, the use of digital communications has accelerated. India has adopted “faceless” interactions through digital means with tax payers, and the Revenue department has been...
Changes in Distance Selling VAT
New VAT rules for the distance sale of goods will apply from July 2021 with the implementation of the EU VAT e-commerce package. The changes include the expansion of the One-Stop-Shop solution (OSS), the harmonisation of threshold values and the...
Draft of New Revolutionary Holding Regulations in Poland
Poland is reforming its company law and wants to introduce more robust rules for holding companies. The proposed changes will be essentially important for all companies in a group of companies registered in Poland. (more…)
Greece Income Tax Rate – Alternative Tax Resident Regimes
Greece has modernised its tax residence rules for high-net-worth individuals. Internationally experienced self-employed and employees who return to Greece should be able to plan their tax costs better. (more…)
Investing in the Philippines
The effort of the Philippines to improve its infrastructure is now in completion phase under the Build, Build, Build (BBB) Program launched in 2017. This program aims to construct major railways, industrial parks and airports. Other projects include construction of...
Thinking of Moving to the Cloud? What you Need to Know.
The Cloud Revolution comes to Sydney If you have been following our LinkedIn page, you might have seen an announcement we were tagged in from a company called Greatsoft, which announced the successful migration of our practice systems from desktop...
Ecovis is now represented in Tajikistan
Ecovis welcome its new partners from ECOVIS Tajikistan headquartered in Dushanbe. ECOVIS Tajikistan was founded in January 2005 as Asian Business Group LLC. Since April 2011 they represented BDO International in their country. In November 2020 the firm signed membership...
New Government Measures Against COVID-19 and its Consequences in Greece
On Saturday 7 November 2020, the Greek Government announced a three-week national lockdown after a sharp increase in the COVID-19 infection rate. Employment and tax measures have been implemented to cushion the financial impact on companies. (more…)
Latest Tax Regulations in Turkey
Turkey is struggling with massive tax revenue shortfalls. The government has taken measures to stabilise the situation. So taxes on consumer goods are being increased and measures are being taken to present Turkey as an attractive market for the post-pandemic...
Preparing for Brexit: Our Guide Shows What Companies Should Do
From 1 January 2021, new rules will apply for companies in the UK as a result of Brexit. To familiarise companies with these new rules, Ecovis UK has developed the business guide “Preparing for Brexit”. The guide covers specific information...
Holding Company Regime Regulations in Colombia (CHC Regime)
In Colombia, laws 1943 of 2018 and 2010 of 2019 modified the Tax Statute and introduced the Colombian Holding Companies (CHC) Regime to domestic regulations. This provides tax advantages which could also be interesting for foreign investors. (more…)
Non-Resident Aliens, Beware! Your US ITIN May be Set to Expire
Non-resident aliens in the United States benefit from tax breaks. To be able to submit a tax return, a federal Individual Taxpayer Identification Number (ITIN) is necessary. This ITIN could expire on 31 December 2020. What should those affected do...
Czech Real Estate Transfer Tax Abolished for Transfers Registered from 1 December 2019
The Czech real estate transfer tax (RETT) was abolished in September 2020 to support Czech taxpayers as a response to the COVID-19 crisis. The abolition applies retrospectively to all real estate transfers registered since 1 December 2019. RETT that has...