From ECOVIS Network: New Regulations in Turkey for Electronic Document Schemes
Digitalisation is a continuing trend that has already redesigned almost all sectors of the economy and society today. Turkey has also successfully carried out a process of e-transformation in recent years. The Ministry of Treasury and Finance has now issued Serial Communiqué 509 and Serial Communiqué 3, which both came into effect after being published in
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From ECOVIS Network: United Kingdom – How a Heads of Terms Agreement Can Lead to a Binding Contract
It is a common misconception that where heads of terms are agreed upon, they do not give rise to a legally enforceable contract. There are numerous examples of where heads of terms may be agreed, but they are not intended by the parties to have legal effect. However, it would be incorrect to assume that
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From ECOVIS Network: Avoiding Compliance Risks for International Managers in China
Ecovis Beijing advises legal representatives, board members or company managers on how to meet compliance regulations in China. Every limited liability company registered in China must have a legal representative who represents the company in the exercise of its rights and obligations. This position comes with numerous powers and responsibilities. A legal representative is granted
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From ECOVIS Network: OECD’s Multilateral Instrument Comes into Force in Canada
Canada’s adoption of the Multilateral Instrument (MLI), as part of the Base Erosion and Profit Shifting initiative, comes into force on 1 December 2019. The introduction of the MLI amends a significant number of Canada’s tax treaties which will affect: Withholding taxes, beginning 1 January 2020 Other taxes, for taxation years beginning on or after
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From ECOVIS Network: Possible Complications from Lower Corporate Tax in the US
With the US tax reform, the corporate tax rate was lowered to 21%. That sounds good, but what are the collateral issues for inbound investment? Tax reform in the Unites States has reduced the federal corporate income tax rate from 35% to 21%, however exclusive of state and local taxes. This rate may be reduced
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From ECOVIS Network: Ultimate Beneficial Owner in Peru
The Peruvian tax authority, SUNAT, requires that legal entities and legal companies submit Ultime Beneficial Owner (UBO) information. Among other things, this is to prevent tax avoidance, money laundering and the financing of terrorism. This regulation also allows Peru to comply with its obligations concerning mutual administrative assistance in tax matters. The Supreme Decree 003-2019-EF
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From ECOVIS Network: 4th Edition of the ECOVIS Americas Magazine
From the content of the magazine: Auditor’s role: creating value with information; Opinion on US tax reform Uruguay implements preventive measures against money-laundering And more 2019 Issue 04 English
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From ECOVIS Network: The 3rd Edition of the ECOVIS Americas Magazine
From the content of the magasine: Going Out of America Worforce in Paraguay Graylisted: Panama Etc. 2019 Issue 03
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From ECOVIS Network: United Kingdom Immigration Legal Updates
This year has seen substantial changes in British immigration law, and there is more in the pipeline. In this article we examine the changes so far and explain their implications. The major changes include the full implementation of the EU Settlement Scheme, new visa routes for start-ups and innovators, and crucial updates to the Tier
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From ECOVIS Network: New Reporting Requirements for International Transactions in the US
As global economics have prospered due to increasing cross-border trade and international business transactions, the US government has introduced new tax regulations governing how these transactions are accounted for. Here is a description of two of the many forms now required to be filed by taxpayers with foreign business transactions or foreign related parties. These
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