The International Ethical Standards Board for Accountants (IESBA) has released an updated version of its ethics recommendations, incorporating for the first time guidance urging accountants and other tax professionals to consider the public interest when engaging in tax planning for clients. These new ethical standards come in response to numerous public scandals associated with tax […]

Romania’s Law Exempting Criminal Liability for Tax Evasion of Less than €1 Million Deemed Constitutional On Tuesday, Romania’s Constitutional Court upheld a law consistent with the Constitution, which abolishes criminal penalties for tax evasion of amounts less than €1 million, removing the final obstacle for this reform of criminal legislation to take effect. According to […]

Dubai, which became a key channel of communication with international business and oligarchs from Russia after extensive sanctions were imposed by the West due to events in Ukraine, is now feeling pressure from the United States, affecting its financial sphere. Banks in Dubai have started to refuse cooperation with Russian clients. Among those affected are […]

SECO in Switzerland has released a new guideline reflecting the country’s inclusion in the restrictions set by the EU regarding diamonds, cryptocurrency management, and the provision of services to Russian companies. Full original document you can find via this link.       Our team is always ready to provide high-quality advice and help in […]

By the end of 2024, Cyprus will implement an EU law regulating the cryptocurrency market (MiCA). This move aims to protect investors, enhance transparency in crypto exchanges, and combat money laundering. George Theoharidis, Chairman of the Cyprus Securities and Exchange Commission, emphasized the need for companies, crypto exchanges, and wallet developers to prepare for the […]

Following the recent update to the list of non-cooperative jurisdictions for tax purposes, as per the Code of Conduct Group (COCG) on Business Taxation’s program from February 2024, efforts to refine the list with specific assessment criteria will continue. The next steps include: During the COCG meeting on November 22, 2023, a proposal was discussed […]

The European Parliament has approved a resolution suggesting the consideration of granting Armenia candidate status for EU membership. With 504 votes in favor, 4 against, and 32 abstentions, the resolution, put forward by the European People’s Party faction, emphasizes Armenia’s potential for candidacy pending continued democratic reforms. The resolution condemns Azerbaijan’s armed forces’ incursion into […]

El Salvador has recently passed a significant reform aimed at enticing greater foreign investment by eliminating income taxes on funds from overseas. This move, approved by the country’s Congress, is expected to encourage more financial inflows, including remittances and investments in local businesses, by exempting them from taxation. Previously, any income exceeding $150,000 was subject […]

Representatives of the European Commission confirmed to “Izvestia” that a biometric passport is not mandatory for traveling to the European Union. The introduction of the new Entry/Exit System (EES) does not imply automatic refusal of entry into the EU for individuals without this document. The decision on admission remains with the border services of each […]

Dubai ‘s foreign banks are facing a new 20% tax, issued by Dubai’s hereditary ruler, Sheikh Mohammed bin Rashid al-Maktoum. The tax applies to all foreign banks operating in Dubai, with the exception of institutions licensed to operate in the Dubai International Financial Centre (DIFC). Under the new law, foreign banks will be subject to […]