The United States Internal Revenue Service (IRS) has introduced updated methods for processing advance pricing agreement (APA) requests, increasing the ability of taxpayers to gain clarity on transfer pricing (TP) issues. As expected, on April 25, the IRS department responsible for working with large companies and international organizations published a memorandum outlining the new procedures […]

Oman, following the example of the United Arab Emirates, is actively developing new legislation in the field of virtual assets The Sultanate of Oman Capital Market Authority (CMA), the body responsible for the regulation and development of the country’s financial markets, has announced its plans to create a new legal framework for the regulation of […]

Lithuania has taken a significant step to enhance its security by announcing the revocation of residence permits belonging to more than 1,000 Belarusian and Russian citizens, whom the nation’s authorities consider potential security threats. This decision follows the government’s distribution of a questionnaire to these residents to gauge their perspectives on Russia’s invasion of Ukraine. […]

Italy has initiated a large-scale transformation of its tax system. On March 16, 2023, the Council of Ministers approved a set of general principles and criteria for the forthcoming reform. This marks the most significant overhaul of Italy’s tax system in over 50 years. Key points of the fiscal system transformation in Italy include: Comprehensive […]

The British fintech startup Revolut, founded by Nikolai Storonsky, has decided to completely stop operations with cryptocurrencies in the United States. The provision of cryptocurrency services will be stopped on September 2, and access to these services will be completely disabled from October 3 of this year. This decision was made in light of the […]

On July 31, 2023, the European Sustainability Reporting Standards (ESRS) were approved and will now become mandatory for companies covered by the Accounting Directive and required to provide sustainability information. This applies to public companies whose shares are listed on stock exchanges. The Accounting Directive, as amended by the Corporate Sustainability Reporting Directive (CSRD), adopted […]

The Ministry of Justice in Israel has recently published the fundamental principles for the establishment of a UBO (Ultimate Beneficial Owner) registry that aims to include both Israeli and foreign companies with a significant link to the state and pose risks related to money laundering and terrorism financing. The disclosure requirements are not limited to […]

Cyprus plans to implement an electronic register of ultimate beneficiaries of companies (UBO) by the end of September in order to comply with the requirements of the European Union. Cyprus is the only EU country where such a registry has not yet been created in electronic form. At the moment, the register already exists in […]

The Swiss bank UBS announced its intention to close the accounts of Russian owners who are not residents of the country. This decision was made after a thorough analysis of the customer base resulting from the acquisition of another bank, Credit Suisse. According to the results of the study, it turned out that from 50% […]

Investments in fintech have experienced a significant decline of 57% during the first half of 2023, reflecting a global trend of reduced fintech deals in terms of both volume and value. In the first six months of this year, there were a total of 2,153 fintech deals worldwide, amounting to $52.4 billion, compared to 2,885 […]