Brazil’s president has signed a comprehensive regulatory framework for cryptocurrency that regulates the use of bitcoins as payment. Brazilian President Jair Bolsonaro has signed into law a law that establishes a complete regulatory framework for the trading and use of bitcoins in the country. Bolsonaro passed the bill approved by Congress without any changes. The new […]

Eurostat named the average annual salary in Europe in 2021. According to the statistical office, the average annual salary in Europe was more than 33 thousand euros in 2021 Among the EU member states, the highest average annual adjusted full-time wage in 2021 was recorded in Luxembourg (72,200 euros). It is followed by Denmark (63,300 […]

To ensure the stability of Latvia’s financial sector and protecting the interests of bank’s customers and creditors, the Board of the Financial and Capital Market Commission (FCMC) decided to suspend the provision of financial services at Baltic International Bank SE during the extraordinary meeting of 12 December. The FCMC has recognized Baltic International Bank SE […]

Public access to business owner registries is shutting down across Europe after a court allowed EU countries to shut down their databases for privacy reasons. Campaigners, meanwhile, fear the controversial decision marks a return to fiscal secrecy after years spent promoting greater corporate transparency. It only took Luxembourg authorities a few hours to shut down […]

During the year, the number of crypto wallets that accumulated bitcoins in the amount of at least $1 million decreased by 80%. According to the Glassnode team, the number of such addresses is now only 23,245. The researchers note that the market crash had an extremely negative impact on the profitability of holders of the […]

The European Banking Authority (EBA) published Guidelines on policies and procedures for compliance management and the role and responsibilities of the Anti-Money Laundering Officer (AML Officer) on 14th June 2022. These will come into force on 1st December 2022 and apply to all financial sector entities falling within the scope of the Anti-Money Laundering Directive (AMLD). In this post, […]

The Verkhovna Rada registered draft law No. 8226, which provides for the possibility for a sole proprietor who is a VAT non-payer without employees to choose a simplified system with a tax agent-bank. This was announced by Deputy Prime Minister – Minister of Digital Transformation Mikhail Fedorov in a Telegram. “The Rada registered bill No. […]

Until recently, in the UAE, the issue of tax residency was resolved by issuing a tax residency certificate (TRC), but there were few criteria for determining residency. So, for example, individuals who stayed more than 183 days in the last 12 months could count on the status of a tax resident in the UAE, which […]

Hong Kong is rightfully considered a tax haven and one of the largest financial centers in the world, but in October 2021, the jurisdiction was added to the European Union’s “grey list” as a country that does not comply with the OECD requirements due to the lack of taxation of passive income received from abroad. […]

On October 4, 2022, the Council of the EU adopted an updated list of non-cooperating jurisdictions and the status of the commitments made by the cooperating jurisdictions to implement the principles of good tax governance (the so-called “grey list”). The Council agreed to move Anguilla, the Bahamas, and the Turks and Caicos Islands from the […]