Maintaining records of processing activities
The General Data Protection Regulation (GDPR) of the European Union sets out obligations for controllers on keeping records of data processing activities. Records of processing activities are documents compiled and kept up-to-date by controllers that...
read moreWiEReG: the Beneficial Owners Register Act in Austria
According to the WiEReG, the Austrian Beneficial Owners Register Act, data about the beneficial owners of all Austrian legal entities have to be transmitted electronically via the Austrian Government’s Business Service Portal. Newly established...
read moreAsset value methods in business valuations
Starting our series of articles off we looked at the cases when business valuations may be necessary, and the possible methods, then we conducted a thorough analysis of the features of income-based methods and comparables methods; in this article we are...
read moreSubmission of information in Bulgaria for sales through on-line stores
From 28. December 2018 information about sales through on-line stores has to be submitted to the National Revenue Agency in Bulgaria. If a person already carries out commercial activity through an on-line store at this date, the required information should...
read moreDigitisation in taxation
A professional colleague recently asked what the actual difference is between artificial intelligence and digitisation in taxation. The answer is simple: one is the prerequisite for the other, or in other words, one – digitisation in taxation – paves the...
read moreBrief summary of 2019 tax law amendments for decision-makers
On 13 November 2018 the Hungarian National Assembly approved the autumn tax package, so together with the summer tax package we can essentially consider the tax law amendments taking effect from 2019 complete. Below we highlight some of the more...
read moreWTS Global wins new member firm in the UK
After winning a new member firm in Italy WTS Global now wins the tax practice FTI Consulting LLP as its new member firm in the UK, thus continuing on its path of onboarding locally dominant, highly renowned tax firms in the respective local market. The London based...
read moreVAT exemption for supply of software products in Ukraine
In order to keep the competitiveness of Ukraine’s software developers on the world market of software development, the country has some tax benefits for transactions on supply of software products and on the provision of support-related and...
read moreEmployer housing loans from 2019: what’s on the way after employer housing support?
From 2019 the scope of benefits provided for employees by Hungarian employers on a tax-free basis or with tax allowances is to change significantly. Among other issues, the tax exemption of employer housing support will be discontinued. Employer housing...
read moreWTS Global increases its footprint in Italy
After the South and the North American tax market WTS Global expands its presence now in Italy by winning the top-tier tax law firm, Studio Biscozzi Nobili in Milan as a new member, in addition to its long-standing partner, WTS R&A Studio Tributario Associato. Studio...
read moreGeneral VAT compliance obligations and registration requirements for Romanian companies
Romanian tax authorities want to fight against VAT fraud through a rigid VAT registration procedure and a strict VAT risk analysis applicable to Romanian companies. However, Romanian branches of foreign companies registering directly for VAT purposes in...
read moreCbCR and reporting obligation – What needs to be done by the end of the year?
It is only a few weeks until Christmas and the end of the year. What does this mean for CbCR (country-by-country reporting) and the related reporting obligation? Another year has passed, yet 31 December 2017 does not seem that long ago: it was the first...
read moreAmendment to the Czech VAT Act effective from 2019
As we have already covered in an earlier article, in June 2018 the Government of the Czech Republic adopted a set of tax amendments for 2019. The tax package includes significant amendments to the Czech Income Tax Act, the Czech VAT Act and the...
read moreHungary and USA conclude long-awaited agreement on exchange of tax information
The agreement on the exchange of tax information (bilateral competent authority arrangement), which will enable more effective measures against international tax evasion, was signed by Mihály Varga, the Hungarian Minister of Finance and David B. Cornstein,...
read moreElectronic communication in taxation
Taxation as well as communication with the tax authority cannot elude the development of information technology solutions and the electronic transmission and processing of data. As reported in several of our articles, from 1 January 2018 Hungarian business...
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