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China’s Cryptocurrency and Blockchain Regulatory Environment

In China, transactions in cryptocurrencies are heavily regulated. Ashley Tian of Ecovis, Beijing, explains the limitations and effects in this article. Background Prior to 2017, China had the world’s largest cryptocurrency market – with 80% of bitcoin, the world’s leading digital coin.1 In July, 2018, the Central Bank of China stated that banning the domestic…

Data Analytics and the Evolving Audit

Big data is not only revolutionizing business strategies and product development but has also made its appearance in the auditing field. In order to be able to offer its clients an even higher standard of effective and efficient services, Marcum LLP has adopted the use of analytics tools in its auditing practices. An auditor has…

Amendments to the Value Added Tax Law of Turkey Related to the Exchange Rate Difference

In recent years the Turkish tax authorities and courts have been in dispute as to whether exchange rate differences are subject to VAT. Now an amendment to the applicable law provides greater clarity. The influence of exchange rate differences on the financial performance of an economic unit is significant. Companies may have payables, debt claims…

AVAT refund available on construction works in Turkey

VAT taxpayers can qualify for a VAT refund on their investment expenditures under article 13-d of the Value Added Tax Act No. 3065. The VAT refund is only applicable for machinery and equipment expenditure made under an investment incentive certificate for the manufacturing industry. Temporary Article 37 of the Value Added Tax Act No. 3065,…

Germany is putting pressure on dubious tax arrangements

In line with the EU directive on the obligation to report certain forms of fiscal cross-border transaction, Germany is also considering imposing such an obligation for purely domestic tax arrangements. On 25 June 2018, the EU Directive 2018/822 on the automatic exchange of information in the field of taxation with respect to notifiable cross-border transactions…

What affect would a change of government in Australia have on fiscal policies?

Here are the key tax reforms proposed by the Australian Labor Party and how they are likely to impact Australian business and individuals. PREPARING FOR A LABOR GOVERNMENT 2019 is a new year for all of us and one in which all Australians will return to the polls to vote in a federal election. Politically,………

EU visa regulations: a stumbling block for performers from third countries

One of the main goals of the EU is to contribute to the flowering of the cultures of the Member States, while respecting their national and regional diversity and at the same time bringing their common cultural heritage to the fore. However, when it comes to inviting artists, cultural professionals, touring groups and others from……

No deal Brexit: the implications for foreign nationals

As part of the UK Government’s contingency planning for a “no deal” scenario, a new policy paper has been published setting out the proposed rights of European Economic Area, EEA, and Swiss nationals arriving in the UK after 29th March, 2019, if no deal is agreed with the EU…

The deadline for replacement of bearer stocks issued by the trade companies with stocks in the name of a holder is 23 July 2019.

According to paragraph 11 of the Transitional and Concluding Provisions to the Law for Amendment and Supplement of the Commerce Law all bearer stocksor their substitutional interim certificates […]

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The deadline for submission of declarations for actual owners under the Measures against Money Laundering Act is 30 May 2019

According to the Measures against Money Laundering Act the legal persons and other legal formations, established on the Republic of Bulgaria, are obliged to provide exact and updated […]

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The Bulgarian National Assembly passed a new Law on the Protection of Trade Secrets

On 21 March 2019, the 44th Bulgarian National Assembly passed a Law on the Protection of Trade Secrets introducing the requirements of the European Parliament and Council Directive […]

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New rules regarding official documents in EU

New rules to simplify the requirements for the submission of certain official documents in the European Union come into force on 16 February 2019. The changes were introduced […]

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Requirements under the Law on Measures against Money Laundering

In connection with the Law on Measures against Money Laundering and the Rules for its Implementation, promulgated in State Gazette No. 3 of 08.01.2019, which introduced into the […]

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Declaring a lack of activity within the meaning of the Accountancy Act

Following the entry into force of the amendments to the Accountancy Act of 01.01.2018 the enterprises which did not carry out an activity are no longer obliged to […]

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Obligation to provide information on actual owners of commercial companies

According to the Regulation on the implementation of the new Law on Measures against Money Laundering, promulgated in State Gazette No. 3 of 08.01.2019, which introduced into the […]

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National revenue agency is launching inspections of the cryptocurrency traders

The National Revenue Agency (NRA) is launching inspections of companies whose subject-matter is the sale of cryptocurrencies. The objective is to establish whether companies and their clients comply […]

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Traders trading on the Internet declare their electronic stores at the NRA until March 29, 2019.

Traders using their own or rented electronic stores or publicly available online sales platforms are required to provide information to the National Revenue Agency (NRA) by March 29, […]

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Amendments to and Corporate Income Tax Act (CITA) and Income Taxes on Natural Persons Act (ITNPA) for 2019

Corporate Income Tax Act (CITA) 1. A new alternative rule for deduction of interest (in accordance with European regulations) has been introduced. It affects only companies where the […]

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