News
Clarification of the Master and Local File in Austria
On 4 December 2017, the Austrian Finance Ministry published information on the Transfer Pricing Documentation Act, including specifications of the Master and Local File in Austria. The additional information of the Austrian Finance Ministry...
read moreChanges in accounting rules from 2019
The draft bills proposed to the Hungarian National Assembly under No. T/625, primarily on taxation, also include changes to accounting rules. Among these changes in accounting rules we would like to draw your attention to the proposals expected from 2019 that we...
read moreOnline data reporting for invoicing: penalties on the way from 1 August
Online data reporting for invoicing was launched in Hungary on 2 July, though we may still see some technical problems in the course of the reporting. WTS Klient Hungary believes it would be useful if the penalty grace period of 1 month, i.e. until 31 July, were...
read moreChanges to the Estonian Income Tax Act
By 1 January 2019 several important changes to the Estonian Income Tax Act are to be expected. Although the exact wording of the new law is not yet agreed, we can provide some insight into the draft law published in April this year. In April...
read moreArtificial intelligence in taxation
What is the potential impact of artificial intelligence on taxation, and how can we possibly use it in tax consulting? What are the first steps and experiments that have already been carried out in this field? These are the questions we seek answers to in...
read moreIntroducing master and local file in the TP documentation in Latvia as of 2018
In autumn 2017 Latvian government started working on amendments in the Latvian Taxes and Duties Act with the aim of introducing the recommendations with respect to TP documentation in Latvia stemming from the BEPS project outcomes. Currently the draft law...
read moreProposals to revise tax regime in Hungary
The Hungarian Government submitted the 2019 state budget to the National Assembly in the middle of June. Obviously, a tax consultant is primarily interested in the changes to the tax regime. Since investors mainly want predictability when it comes to the...
read moreConsignment stock or customs warehouse in Serbia
Serbian legislation does not provide for consignment stock; a suggested replacement for consignment stock would be a customs warehouse. In our article we present two possibilities: goods withdrawn from a customs warehouse by a customer and by a...
read moreTax amendments in 2019
The Hungarian Government presented its new tax package and a draft law on the social contribution tax on 19 June 2018. According to the general reasoning, one of the major underlying drivers behind the changes is to ensure legal harmonisation and reduce administrative...
read moreSanctions of the new Hungarian Act on Rules of Taxation I – Tax penalty and late payment interest
In several of our previous articles (e.g. here and here) we have discussed the provisions of the new Hungarian Act on Rules of Taxation and the Act on Tax Administration Rules, which came into force from 2018. In the first article of our current two-part...
read moreRegistration of a legal entity in Russia in 5 steps
Anyone going to do business in Russia or managing to establish a Russian subsidiary in the form of a limited liability company (LLC) is surely interested in the details of registering a legal entity in Russia. In this article we will give you a useful...
read moreTransfer tax exemption in property sales in Hungary
Our phones were rather busy at our Hungarian office prior to Christmas in 2009. Everybody wanted to sell their shares in companies owning real estate, since at that time, if you acquired properties this way, the party acquiring the share was granted...
read moreOnline invoicing in Hungary: you can register in the live system from 18 June
Not many are looking forward to it, but it is almost here. There are only a good two weeks left until 1 July when online invoicing will go live. According to the Hungarian tax authority, affected companies should have laid the foundations for...
read moreNew rules regarding mergers, fusions and demergers in Slovakia
From 1 January 2018, amendments to the Slovak Commercial Code entered into force in order to improve the business environment, and among other things, to stop fraudulent practices related to reorganisations. The amendments introduced new obligations and...
read moreWTS Global and LATAXNET entered into an exclusive cooperation agreement
With the cooperation agreement between both tax networks signed by Cristian Alba Rosso, President of LATAXNET and Fritz Esterer, Chairman of WTS Global, WTS Global has now top-tier coverage in 18 South American countries. WTS Global and LATAXNET started an exclusive...
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