News Archive - ECOVIS International

VAT refund China: A paradigm shift for foreign tourists

Foreign tourists in China can receive an instant VAT refund on purchased goods at certain retail stores. With this nationwide real-time VAT refund system, the government aims to increase the attractiveness of the country for international visitors. The Ecovis experts explain the process.

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Transfer pricing: A comprehensive compliance guide for the Czech Republic, Hungary, Poland and Slovakia

Transfer pricing has become a critical issue for multinational companies operating in the Visegrád Group (V4), which includes the Czech Republic, Hungary, Poland, and Slovakia. Ecovis experts from these countries have therefore developed a comprehensive guide to help companies correctly implement the requirements. The alliance shares a rich historical and economic background, which has created […]

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Tax policy Germany: New coalition agreement brings tax policy shifts

The new German federal government has adopted tax changes for companies in its coalition agreement. These include corporate taxation, tax relief for work and income, as well as for electromobility and energy efficiency. The Ecovis tax advisors explain the details. The new coalition of the Christian Democratic Union (CDU), Christian Social Union (CSU), and Social […]

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E-invoicing Poland: What companies need to know about the introduction

Polish lawmakers are working on introducing a national e-invoice system (KSeF). Currently, taxpayers can use the platform for issuing and receiving electronic invoices voluntarily; starting in 2026, use of the system will be mandatory. The Ecovis experts recommend that companies prepare now. The background to the national e-invoice system KSeF is an IT system for […]

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Sustainable tax Türkiye: Tax instruments on the path to sustainability

With the tax instruments gradually introduced over the years to promote sustainability, Türkiye aims to move closer to global climate targets and align with EU regulations such as the Carbon Border Adjustment Mechanism (CBAM). The concept of sustainability is no longer limited to environmental policies; it has become central to tax policy as well. Sustainable […]

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Buying property in Hungary as a foreigner: Rules and regulations

Foreign natural or legal persons must obtain a permit if they wish to purchase real estate in Hungary. However, there are numerous exceptions. The Ecovis consultants explain what these are and what documents must be submitted for approval. The acquisition of real estate by foreigners in Hungary is governed mainly by the “Act on certain […]

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US expats in France: Navigating trust reporting obligations

US expats living in France must comply with their trust reporting obligations. Failure to do so can result in severe penalties. The Ecovis experts know what to do to ensure legally compliant implementation of these requirements. Unlike most common law countries (USA, UK, Canada in particular), French law does not recognise the existence of trusts. […]

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Working in Vietnam as a foreigner: What companies and employees need to know

Foreign workers wanting to work in Vietnam must go through a complex process to obtain a work permit. Companies that want to hire foreign workers also have numerous obligations to fulfil. The Ecovis experts explain exactly what these obligations are.

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Tax audit in Peru: When contradictions and inconsistencies invalidate tax authority’s assessments

Growing pressure to collect tax revenue has intensified audit activity in Peru. This has led to significant inconsistencies in the assessments of the Peruvian National Superintendence of Customs and Tax Administration (SUNAT). However, a recent ruling by the tax court demonstrates that legal coherence remains essential. The Ecovis consultants explain and evaluate the ruling.

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Capital market Greece: Modernised with EU-aligned reforms

The Hellenic Parliament has approved a new bill introduced by the Hellenic Capital Market Commission (HCMC). It brings substantial regulatory updates in line with European Union (EU) directives and international best international practices. The Ecovis consultants know what changes are being made to strengthen the capital market and what companies need to consider.

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14th ECOVIS Regional Partner Meeting of the APAC Region in Hong Kong

From 8–10 May, ECOVIS partners from across the Asia-Pacific region – and some from further afield – came together in Hong Kong for the 14th ECOVIS Regional Partner Meeting.

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Ecovis is back in Jordan

Ecovis welcomes its new partners from ECOVIS Arab International Bureau, which has been operating in Amman, the capital of Jordan, since 1961.

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Ecovis cooperates with Groupe CF

Ecovis welcomes its new cooperation partners from CF Compagnie Fiduciaire (Groupe CF) headquartered in Bordeaux, France. The cooperation with Groupe CF marks a significant step in our national expansion ambitions and will bring valuable benefits to our network.

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Ecovis strengthens its presence in Dubai

We are pleased to welcome our new partner firm, JRB Chartered Accountants, headquartered in Dubai. The firm will transition to the Ecovis global brand and operate as “ECOVIS JRB” Chartered Accountants. ECOVIS JRB is a quality-driven professional services firm offering Audit, Accounting, Tax, Risk Advisory, Business Consulting, Compliance & Technology Consulting, and Corporate Services. With […]

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What Foreign Employers Need to Know About German Labor Law

German labor law is renowned for its comprehensive employee protection provisions and complex regulations. For foreign employers operating in Germany, understanding the fundamental aspects of German labor law is crucial to minimize legal risks and ensure a successful collaboration with German employees.

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The main changes of the Hungarian Labor Code in 2025

The Labor Code applicable in Hungary will change in several respects in 2025: Exemption from working obligation during the elections; Longer working hours in special cases; Additional working period concerning severance payment; Important ruling of the Constitutional Court.

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The Main Challenges Faced by Foreign Companies in Brazil

One of the main challenges for international entrepreneurs is understanding labor conditions and their legal implications in Brazil, where there is strong protection for employees—especially in labor courts. Aiming to boost job creation and attract foreign investment, Law No. 13.467 introduced major reforms to labor legislation in 2017, modernizing the Consolidation of Labor Laws (CLT).

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Key Considerations for Employers Hiring in Albania: Labor Law Compliance and Best Practices

Albania has an evolving labor market that offers opportunities for both local and foreign businesses. However, employers must navigate the country’s labor laws to ensure compliance and protect both their interests and those of their employees. This article outlines key legal considerations for employers hiring in Albania, covering employment contracts, working hours, employee rights, termination procedures, and hiring foreign workers.

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Labor & Employment Law in Croatia – 2025 Edition

Employment is a heavily-regulated field in Croatia. Employees are well protected in comparison to other countries and dismissing employees is challenging. Employers are also subject to numerous heavy fines in case of non-compliance with the legislation; consequently requiring them to invest in human resources and legal support.

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Mergers and Acquisitions in the Dominican Republic: Insights and Considerations

Mergers and acquisitions (M&A) are powerful tools for businesses seeking to expand, consolidate, or diversify their operations. In the Dominican Republic, the growing economy and favorable investment climate have made M&A transactions increasingly common. However, navigating the legal, financial, and operational complexities of these deals requires careful planning and specialized expertise.

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VAT China: New law for a clearer tax system

On 1 January 2026, China will implement its new value-added tax (VAT) law, replacing the interim VAT regulations. The new regulations include the definition of taxable and non-taxable sales, expanded input tax deduction, and the refund of VAT credits. The Ecovis tax advisors explain the details.

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Personal income tax Vietnam: Automatic refund from 2025

The General Department of Taxation’s decree of 24 January 2025 on the automatic personal income tax (PIT) refund procedure makes it easier for taxpayers to fulfil their tax obligations. The new procedure came into effect upon signature. The Ecovis experts explain how the process works.

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China’s 2025 investment framework: What global businesses need to know

On 19 February 2025, China unveiled a comprehensive action plan to stabilise and promote foreign investment. The plan includes various strategic measures which the government aims to use to attract and retain foreign capital.

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How to close a company in the Netherlands: ‘Turbo’ liquidation of a Dutch legal entity

In the Dutch legal system, there are two ways to dissolve a legal entity: formal dissolution proceedings and “turbo liquidation.” A law amending the legal provisions on turbo liquidation came into force on 15 November 2023. International companies in particular are struggling with these new regulations. The Ecovis experts explain the details.

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New Regulations on Tax Management For Enterprises with Related-Party Transactions in Vietnam

On 10 February 2025, the Vietnamese government introduced changes to the tax rules for companies with related-party transactions, aimed at simplifying key areas. The changes include clearer rules on bank loans, updated definitions of related parties and adjustments to non-deductible interest expenses. The experts from ECOVIS AFA Vietnam explain these updates in detail.

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Audit Exemption Malaysia: New Qualifying Criteria

The Companies Commission of Malaysia (SSM) has introduced an audit exemption to reduce costs for small companies, with new rules on turnover, assets, and employees phased in over three years. Certain companies, such as public company subsidiaries, remain ineligible. While the exemption offers benefits, companies should assess its impact on governance and transparency, as explained by the Ecovis experts from ECOVIS Malaysia.

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EU Omnibus Package: EU Commission plans changes to sustainability reporting

On 26 February 2025, the European Commission published significant proposals to simplify sustainability reporting. These adjustments primarily affect the Corporate Sustainability Reporting Directive (CSRD) and Article 8 of the Taxonomy Regulation. The aim is to reduce reporting obligations for companies and streamline processes.

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Helping Chinese Companies Go Global: Insights from Pingwen Hu

Mrs Pingwen Hu is the Managing Partner and a founding member of ECOVIS Ruide China. With over 30 years of experience and exceptional professional expertise, she is widely recognised in the fields of international accounting, auditing and consulting. As a member of both the ECOVIS International Quality and Development Board and the ECOVIS International Supervisory Board, Pingwen plays a key role in the firm’s global business operations, particularly its presence across the Asia Pacific region.

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NRI Tax in India and New Income Tax Bill 2025

India’s central government has introduced the Income Tax Bill 2025 to replace the six-decade-old Income Tax Act of 1961, marking a major step toward a simpler and more efficient tax system. The Bill aims to simplify tax laws by removing outdated provisions, introducing a unified tax year, and enhancing transparency.

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Carbon Credit Cambodia: How to Achieve Net Zero

Reducing carbon emissions is a growing priority worldwide. Carbon credits help by allowing companies to offset their emissions through projects that remove greenhouse gases. The experts from ECOVIS VSDK & Partners explore how Cambodia can benefit from carbon credits, especially through biochar production.

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Peru digital services tax and income taxation: Legal controversies and implications

The Peruvian National Superintendence of Customs and Tax Administration (SUNAT) is interpreting the criteria for determining when services are considered digital very narrowly. This contradicts a Supreme Court ruling. The Ecovis consultants explain the controversy surrounding digital services and the impact of the ruling on taxpayers and tax authorities.

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How to register a foreign association in Tunisia: Which obligations must be met

Foreign associations operating in Tunisia must adhere to a comprehensive set of legal, accounting, tax, and social obligations to ensure compliance and operational efficiency. Failure to comply may result in the suspension of the association’s activities. These requirements are designed to promote transparency, accountability, and good governance. The Ecovis experts know the details.

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EU Omnibus Package: Significant Rollback of Corporate Sustainability Reporting Rules

The European Commission has announced its first EU Omnibus package to significantly reduce sustainability reporting requirements under the Corporate Sustainability Reporting Directive (CSRD) and other key ESG regulations. The proposal aims to streamline compliance, cutting annual administrative costs by an estimated €6.4 billion.

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Legal Aspects of High-Yield Real Estate Investment in India: REITs and GIFT City

India’s real estate sector is undergoing a significant transformation, driven by the convergence of Real Estate Investment Trusts (REITs) and Gujarat International Finance Tec-City (GIFT City). This combination is reshaping investment opportunities, offering both domestic and international investors access to India’s growing real estate market, projected to reach $1 trillion by 2030. However, while these opportunities are promising, understanding the legal framework governing these investments is crucial for ensuring compliance and minimizing risks.

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ESG reporting Greece: Stricter requirements under the new law

Greece is tightening the requirements for corporate sustainability reporting. In future, the obligation will also apply to small and medium-sized companies and companies from third countries listed in Greece. The Ecovis experts explain the future regulations for ESG reporting.

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Real estate and global minimum tax in Poland: The most important changes in the new tax regulations

Two new tax regulations came into force in Poland on 1 January 2025. They concern real estate tax and the global minimum tax (2nd pillar). The deadline for submitting the property tax return under the new regulations has been extended to 31 March 2025 (previously: 31 January 2025). The Ecovis consultants know exactly what those affected need to take into account.

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UBO register Norway: Which requirements companies will have to meet in the future

By 31 July 2025, companies and legal entities must provide details for the UBO register (Ultimate Beneficial Owner) in Norway. Who exactly has to register? What exceptions are there, and how does registration work? Ecovis provides answers to these and other questions.

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EU Mobility Directive Luxembourg: Milestone for cross-border corporate transactions

With a new law, Luxembourg is improving corporate mobility. This is a milestone in Luxembourg company law and strengthens the country’s position as a hub for cross-border corporate transactions. The Ecovis consultants explain the changes.

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12th ECOVIS Regional Partner Meeting of the Americas

From 20th – 22nd February, Ecovis partners gathered in Asunción, Paraguay, for the 12th ECOVIS Regional Partner Meeting of the Americas.

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Ecovis Newsletter ESG 02-2025

Ecovis is ready to support you in all areas related to ESG and consulting. Click here to send us an email and start assessing your readiness for your ESG journey. ESMA Emphasises Climate Reisks and ESG Investing The European Securities and Markets Authority (ESMA) shone a spotlight on climate-related risks and ESG investing at its […]

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Uruguay’s Real Estate Market: A Growing Opportunity

In recent years, Uruguay’s real estate market has experienced significant growth driven by various factors, notably the promotion and encouragement of investments in this sector. These initiatives have provided substantial benefits not only to local and foreign investors but also to end-users seeking housing solutions.

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Taxes for US expats in France: What US citizens should know about their tax obligations

For US citizens living in France or receiving income from French sources, managing their tax obligations can be complex. The Ecovis experts explain the cross-border tax rules.

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German exit tax: Investment assets now included

If a natural person who is subject to unlimited tax liability in Germany gives up his or her domestic residence or habitual abode in Germany, he or she is subject to German exit tax under the Foreign Tax Act. Under the new rules, this now also includes investment assets. The Ecovis experts explain the details.

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Relevant aspects of cases in real estate for foreigners in Mexico: Real Estate in Mexican Beaches.

In Mexico, foreigners are prohibited from acquiring direct ownership over land and water, so they solely can use and take advantage of real estate located in the restricted zone of 100 and 50 kilometers along the Mexican borders and along the beaches, respectively.

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Representative office in Vietnam: Essential updates

Foreign companies with representative offices in Vietnam must ensure that their representative office (RO) license is always up to date. Otherwise, they face high fines and business activities will be hindered. The Ecovis experts explain the updating process and which documents are required.

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Global minimum tax Turkey (Türkiye): Developments in taxation

With the introduction of Law No. 7524, Türkiye has added the section “Local and Global Minimum Supplementary Corporate Tax” to the Corporate Data Law No. 5520. This regulates tax liability, tax base and tax rate, as well as exceptions and exemptions for multinational companies covered by the law. The Ecovis experts explain these and other details on the implementation of the tax.

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Unlock EU market access with MiCA licensing: The time to act is now

The implementation of the Markets in Crypto-Assets (MiCA) Regulation marks a transformative milestone for the crypto industry across the European Union. As of December 30, 2024, MiCA establishes a single regulatory framework and creates a level playing field for crypto-asset service providers (CASPs). Whether your company is already operating in the EU or planning to expand into this dynamic market, obtaining a MiCA license is essential to thriving in the new regulatory environment.

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ESG responsibilities: Hague Court of Appeal rejects claim for CO₂ reduction by Shell

European companies are not only faced with more and more ESG (Environmental, Social und Governance) regulations, but also court rulings on cases related to ESG-related topics, as a ruling by the Hague Court of Appeal shows. Board members and supervisory directors now should also be mindful that companies could be held accountable in court for their ESG responsibilities. The Ecovis experts explain what this means for companies.

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Luxembourg: A Leading Hub for Efficient Entity Management

Luxembourg has solidified its position as a top jurisdiction for entity management, ranking 2nd fastest globally in the Mercator Entity Management Report 2024. The country’s regulatory transparency, digital infrastructure, and skilled workforce make it an attractive destination for multinational companies.

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Invest in Tunisia: Reform 2025 and its implications for investors

Tunisia is starting the 2025 fiscal year with several major economic and fiscal reforms. These include increases to the SMIG (Guaranteed Interprofessional Minimum Wage) and SMAG (Guaranteed Minimum Agricultural Wage), as well as benefits such as tax and customs amnesties. Taxpayers will need to adapt quickly to take advantage of the new measures. The economic and tax reforms are also designed to make it easier for companies to invest. The Ecovis experts explain the new regulations.

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Tax for non-domicile digital services providers in Peru: Oversight campaign launch

The Peruvian Tax Administration (SUNAT) has officially initiated a 2025 tax oversight campaign targeting non-resident companies offering digital services in Peru. The campaign focuses on ensuring compliance with Peruvian tax regulations, particularly among digital streaming platforms operating in the country.

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M&A in Europe: Outlook 2024-2025

Following a slow year in 2023, the European market for mergers and acquisitions (M&A) experienced a significant rebound in 2024. Key factors contributing to this recovery included stabilised interest rates, a decline in inflation, and increased investor confidence.

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Companies act Croatia: How to deal with share capital and company shares as a result of the introduction of the Euro

On 1 January 2023, the Republic of Croatia converted the kuna to the euro with a fixed exchange rate. How and when must companies adjust their share capital and shares to the new currency and the Companies Act Croatia? The Ecovis experts explain the regulations.

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DORA compliance requirements: Achieve compliance with the Digital Operational Resilience Act Self-Assessment Tool provided by ECOVIS ProventusLaw

The European Union’s (EU) binding Digital Operational Resilience Act (DORA) regulation aims to strengthen the IT security of financial companies such as banks, payment and e-money insurance companies, and investment firms. The EU wants to ensure that the European financial sector remains resilient in the event of a serious digital disruption. DORA came into effect on 16 January 2023 and applies from 17 January 2025.

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Real Estate Investment in Peru: A Promising and Tax-Efficient Opportunity

Peru has emerged as a highly attractive destination for real estate investment, offering both promising returns and a favorable legal and tax framework. The sector has demonstrated consistent growth over the last years, fueled by increasing urban development, infrastructure expansion, and a rising demand for both residential and commercial properties.

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The phased introduction of a new property registration procedure in Hungary

15 January 2025 is an important date for legal professionals involved in real estate law in Hungary. Theoretically, this would have been the moment when paper-based property registration would have been replaced by a drastic change to a fully digital solution. However, the software transition encountered a number of obstacles.

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ECOVIS International is now offering M&A services in Morocco

In addition, to our partners of ECOVIS Morocco, we welcome our new partners from ECOVIS Advisory Morocco.

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Portugal’s new tax measures: State budget for 2025

The Portuguese state budget includes some new tax measures. These include the exemption of income tax for young people and the gradual reduction of corporate tax for companies. The Ecovis experts explain the details of the 2025 state budget.

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Vaz de Almeida Advogados among the “Most Admired Law Firms in Brazil” for the 9th time

Vaz de Almeida Advogados has been recognised for the 9th time as one of the “Most Admired Law Firms in Brazil by Major Companies”. This award is part of the “Análise Advocacia” 2025, which was presented on Thursday 28 November in São Paulo.

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Vietnam’s banking sector: Substantial innovations in Vietnam’s credit operations

Vietnam’s banking sector is changing. The Vietnamese government has therefore passed a law for credit institutions. It aims to strengthen the regulatory framework for credit institutions and improve consumer protection. The law came into force on 1 July 2024. Ecovis consultants explain the background and details.

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Taxes in Slovakia: Recent changes to legislation

In recent months, Slovakia has implemented several changes to legislation concerning corporate income tax and value added tax. A new financial transaction tax has also been established. The Ecovis experts explain the main key points of changes in taxes in Slovakia.

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Invest in Kosovo: Brief economic overview

Kosovo is one of the youngest countries in Europe with a lot of potential. With an annual GDP growth rate of around 4%, a skilled workforce and a business-friendly climate, Kosovo is interesting for companies and investors. The economy is primarily driven by services. They account for more than half of GDP, followed by industry and agriculture.

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How to manage tax risk in China

Companies, as well as private individuals, must manage their taxes in order to be able to identify and contain potential risks. The penalties for mistakes are harsh and fearsome. The Ecovis experts explain how tax risks can be managed in China.

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Global minimum tax Brazil: Government proposes additional taxation

Multinational companies with a global annual turnover of more than EUR 750 million will have to pay an additional social security contribution on their net profits (CSLL) in Brazil from the 2025 tax year. Affected companies should therefore review their tax planning strategy. The consultants at Ecovis know the details of the new global minimum tax.

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Corporate law in China: Liability risks under the new law

As of 1 July 2024, China’s revised corporate law imposes stricter liability rules for directors and board members, significantly heightening personal accountability for violations of duties and laws. This change amplifies transparency and due diligence obligations while subjecting directors to stricter oversight.

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Short term rental regulations Czech Republic: What landlords need to consider in the future

In October 2024, the Czech Ministry of Regional Development issued a regulation on short-term rentals. The new methodological guide to clarify the rules for short-term rentals applies in particular to apartments offered on platforms such as Airbnb. The Ecovis experts know what landlords must prepare for.

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Uruguay free trade zone: A unique opportunity to invest

Free trade zones are particularly well-known and popular because of their tax advantages. In Uruguay, a company that operates in a free trade zone is exempt from paying all current or future national taxes. The Ecovis experts know what other advantages there are for multinational companies that want to settle in a free zone.

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Company secretarial services Poland: Helping you deal with regulatory challenges

In the current business environment, companies face numerous challenges from regulatory obligations or simply from following the basic rules of corporate governance. This is what happened to an Ecovis client from Asia who wanted to start business activities in a sensitive sector in Poland and resorted to company secretarial services (CoSec) – a case study.

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Special instalment regime for tax debts in Peru: Terms, benefits, and exclusions

The recently published legislative decree no. 1634 introduces a special instalment programme for tax debts in Peru. It is managed by the Peruvian financial authority SUNAT and covers debts payable up to 31 December 2023. The Ecovis experts explain the details.

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Resident Director Services Australia: Expert Guidance for International Businesses

David Conley brings over 25 years of experience in tax and business consulting to his role as a director of Sydney accounting and business advisory firm, ECOVIS Clark Jacobs. His career journey, which includes stints at global firms such as Ernst & Young, Deloitte and PwC, has equipped him with a unique perspective on the importance of tailored, client-focused solutions.

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New Whitepaper Release: How ESG is Shaping Business Sectors by Alexandra Pasareanu

We are pleased to announce the release of a comprehensive whitepaper by Alexandra Pasareanu, Director from ECOVIS Wingrave Yeats, London. Titled “How is ESG Impacting Your Business Sector?”, this whitepaper provides an in-depth analysis of the role Environmental, Social, and Governance (ESG) principles play across multiple sectors, including Financial Services, Retail, Technology, and Real Estate, […]

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ESG related FAQs by EU, Nature Restoration Law and BAM Reporting

FAQs on the EU Corporate Sustainability Reporting Regulation The European Commission has published FAQs to help companies better understand and implement the EU’s corporate sustainability reporting rules. The document addresses common concerns such as scope, application dates and possible exemptions, with the aim of reducing the administrative burden on companies. It also clarifies situations where […]

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EFRAG publishes paper on connectivity and reporting boundaries

The European Financial Reporting Advisory Group (EFRAG) has published a paper “Connectivity Considerations and Boundaries of Different Annual Report Sections” as part of its proactive research project on aligning financial and sustainability reporting. The paper introduces the concept of “connectivity”, which aims to link sustainability and financial reporting more effectively. It looks at how reporting […]

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Italy implements legislative decree on corporate sustainability reporting

On September 10, Italy published Legislative Decree No. 125/2024, which implements the EU Corporate Sustainability Reporting Directive (CSRD). This new decree introduces comprehensive changes to corporate sustainability reporting, replacing previous regulations. Key updates include expanded reporting requirements, the integration of sustainability information into the annual management report, and a focus on a “dual materiality” approach […]

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Successful Expansion of Landa in Europe with Support from ECOVIS KSO

Landa is an innovative, market-leading manufacturer of Landa Nanographic Printing® Presses. These are the only digital presses in B1 format that are field-proven in the market today. The company is headquartered in Israel, while ECOVIS KSO works closely with its German subsidiary, Landa Digital Printing GmbH.

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E-Commerce Platforms in Vietnam: Proposed New Tax Responsibilities for Platform Owners

In recent years, the rapid growth of e-commerce in Vietnam has prompted significant changes in the regulatory landscape. The Vietnamese government is now proposing new tax responsibilities for e-commerce platform owners to ensure better compliance and transparency. The Ecovis experts from ECOVIS AFA VIETNAM explore the current tax administration requirements and the proposed amendments to the Tax Administration Act aimed at streamlining tax declaration and payment processes for businesses operating on e-commerce platforms.

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Malaysia Special Economic Zones: Exclusive Tax Incentives to Establish Your Family Office in Malaysia’s Forest City Special Financial Zone

On 20 September 2024, YB Senator Datuk Seri Amir Hamzah Azizan, Finance Minister II, delivered a keynote address at the Forest City Special Financial Zone (FCSFZ) Tax Incentive Announcement Ceremony. The address highlighted the Government’s commitment to fostering investment and positioning Forest City as a competitive financial hub through attractive tax incentives. This initiative is aimed at attracting global Single Family Offices (SFOs) to establish their presence in the region, promoting economic growth and generating high-value employment opportunities.

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Simplex Portugal: Paradigm shifts and the increased need for legal support in real estate

Throughout 2024, the Portuguese government has implemented a legal package named Simplex. It includes measures to overcome challenges related to a lack of housing and simplifying urban planning and licensing, in line with a “zero licensing” philosophy.

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Chinese Companies Going Global: Tax & Accounting Risks

In the wave of globalization, “going global” has become an important strategy for many Chinese enterprises. In some cases, companies often formulate meticulous investment strategies, but many have less knowledge about the tax and accounting of the target country(ies). Neglecting accounting and tax risks will inevitably result in unnecessary fines and penalties, leading to limited development.

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Labour code Luxembourg: New law for transparent and predictable working conditions

Luxembourg has amended its labour code to implement the EU Directive 2019/1152 on transparent and predictable working conditions: Employees should have improved access to essential information relevant to their employment relationship. The new regulations came into force on 4 August 2024. The Ecovis consultants know what companies need to do now.

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Real Estate Hungary: Local Hungarian referendum could change Airbnb market

From 2026, real estate investors in Budapest will most likely have to change the use of their property if they rent it out as Airbnb for a short period of time. This follows a local referendum in the Terézváros district of Budapest in which residents rejected Airbnb. The Ecovis consultants explain the consequences of the referendum.

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EU Pay Transparency Directive: Impacts on employers and employees by 2026

By June 2026, EU member states must implement the new European Union (EU) Pay Transparency Directive into national law. It aims to reduce the pay gap between men and women, partly caused by direct or indirect gender discrimination. The new directive includes measures ranging from banning potential employees from asking about their current salary to allowing employees to speak up about their pay. The Ecovis experts explain the details.

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Work, Travel, Connect

Our Workcation program enables members of the Ecovis network to work from different Ecovis office locations. Scott Hogan-Smith, Director at Ecovis Clark Jacobs in Sydney, Australia, travels overseas for work several times a year. Attending conferences and meetings, as well as his commitments to the Ecovis Supervisory Board, means that Scott travels very long distances for short visits, often spending more than 24 hours to reach a destination.

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Property tax Poland: New version of amendment published

The Polish government has published a new version of the amendment to the property tax law. Among other things, it aims to remove doubts about the interpretation of the current provisions and to clarify them so that they can be applied correctly. The law is set to come into force on 1 January 2025.

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Transfer pricing in Vietnam: Proposed changes of the draft amendments to Decree 132

Decree No. 132/2020/ND-CP (Decree 132) on tax administration for companies with related party transactions, which has been in force since 2020, has led to some restrictions and difficulties for companies. The Vietnamese government therefore presented amendments to Decree 132 in July 2024, which are to be adopted in the 4th quarter and will apply from the 2024 tax period. The Ecovis consultants explain the background and what is changing.

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VAT Hungary: New era in Hungarian VAT compliance

On 1 January 2024, the Hungarian Tax Authority (HTA) introduced a new electronic VAT system, eVAT (eÁFA). It offers taxpayers various electronic services to streamline and automate the preparation of their VAT returns. The Ecovis experts explain the details.

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The new digital transaction levy in Greece: What businesses need to know

From 1 December 2024, a new tax on digital transactions will apply in Greece. It replaces the traditional stamp duty. More than 600 types of transactions will now be exempt from stamp duty. The Ecovis experts explain the details of the new law and what businesses need to know.

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VAT on digital services in Peru: Implementation postponed to 1 December 2024

Providers and sellers of digital services who are not based in Peru will not have to register and pay 18% VAT to the Peruvian tax authorities until 1 December 2024 – a delay of two months. The Ecovis consultants know the details.

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Web scraping protection: How companies can protect their online content from being used by AI providers

Providers and developers of (mostly general) AI tools often train their systems with data that is subject to copyright or database rights of third parties. How can they be prevented from using the authors’ online content for AI training against their will? Is web scraping permitted under European law? The Ecovis experts answer these and other questions.

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Ecovis welcomes its new partner in Turkey

We are pleased to announce that the Turkish accounting firm ECOVIS Karden Serbest Muhasebeci ve Mali Müşavirlik AŞ (ECOVIS Karden) is now part of the ECOVIS International network.

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Ecovis is back in Japan

We warmly welcome our new colleagues from Japan to the Ecovis family! ECOVIS AKIA Tax Consultants was established in July 2008 by two partners to support foreign affiliated companies to enter the Japanese market.

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EU Packaging Directive: Stricter rules for packaging

The European Union is significantly tightening the rules for packaging. A new regulation, the final version of which is expected this year, will create a comprehensive legal framework for more resource-efficient and recycling-friendly packaging.

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Buying a house in Portugal: New tax incentives

On 1 August 2024, exemptions were introduced to Portuguese real estate transfer tax and stamp duty for the purchase of a first permanent home by young people (foreigners or Portuguese nationals) up to the age of 35. The Ecovis experts explain the details of when exactly the tax benefits apply.

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Commercial yacht registration Malta: Introduction of Small Commercial Yacht Code

The Small Commercial Yacht Code came into force in Malta on 1 April 2024. This makes it easier for smaller yachts between 12 and 24 meters to register according to the standards set there. The Ecovis experts know the details.

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Hungary: White Card for digital nomads

The new Hungarian immigration law came into force on January 1, 2024. The new provisions include previously known and new opportunities for expatriates wanting to live in Hungary, although the implementation of the law and practice are still evolving. Hungary issues a special residence permit for digital nomads, the White Card. The experts at Ecovis explain what it costs and how to apply for it.

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Vietnam’s social insurance law: New law to come into effect on 1 July 2025

Vietnam’s 15th National Assembly recently passed Law No. 41/2024/QH15 on social insurance. The new law introduces amendments that address current inadequacies between legislation and real-life practice, while improving the rights and benefits for social insurance participants. It will come into effect on1 July 2025. The Ecovis experts know the changes.

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ATO Data Matching: What Taxpayers Should Know

The Australian Taxation Office (ATO) is drawing media attention this tax season with its scrutiny of various areas, including the usual remote work expenses, as well as cryptocurrencies and rental properties. However, beyond the media spotlight the ATO has also quietly developed new data connections that could indicate future audit targets. Scott Hogan-Smith from ECOVIS Clark Jacobs explores these data links and the information being gathered about taxpayers.

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Corporate secretarial services in Finland: Efficient administrative management of clients’ Finnish operations through Ecovis Finland

Ecovis Finland offers comprehensive Corporate Secretarial (CoSec) services to international companies and funds, backed by a robust cooperation network that provides a solid foundation for fiducial services.

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India Announces Simplified Tax Regime & Reforms

India’s recent budget proposals have introduced reforms to make its tax regime easier to understand and more business-friendly. In this article, the experts at ECOVIS RKCA explore how these new rules will impact a wide range of stakeholders, including start-ups, multinationals and individual investors.

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Doing business in Croatia: Mandatory e-communication

Companies wanting to set up a business in Croatia or provide services there from an EU or EEA country must register their company for “e-communication”. All legal proceedings are handled via this information system. Registration is mandatory, even without a specific reason. The Ecovis experts explain the details.