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From ECOVIS Network: Turkey – VAT Exemptions for Home and Office Sales to Foreigners

From ECOVIS Network: Turkey – VAT Exemptions for Home and Office Sales to Foreigners

Article 13 of Turkish Value Added Tax Law No. 3065 provides VAT exemptions on certain goods and services. Consequently, the first delivery of a home or office shall be exempt from VAT for Turkish citizens abroad and non-resident real or legal persons. Although the law has been in force for two years, many investors are

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From ECOVIS Network: Lithuania – Finance Institution and FinTech Licensing in Single European market

From ECOVIS Network: Lithuania – Finance Institution and FinTech Licensing in Single European market

There are more than 100 foreign capital fintech companies in Lithuania. The reasons for this are an uncomplicated and fast licensing procedure, a generous regulatory environment and good infrastructure. The European Union (EU) single market of 28 states, 500 million wealthy consumers and 21 million enterprises is currently the world’s largest single market with no

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From ECOVIS Network: USA – Complex Reporting is Now Even More Complex

From ECOVIS Network: USA – Complex Reporting is Now Even More Complex

In December 2018, the Internal Revenue Service (IRS) revised and expanded Form 5471. The aim was to require additional reporting and also to encompass the compliance related to the new international tax provisions enacted as part of the Tax Cut and Jobs Act of 2017 (“TJIC”).   Background Although Form 5471 has been around for

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From ECOVIS Network: Australia – The Wins Keep Coming for the Australian Taxation Office

From ECOVIS Network: Australia – The Wins Keep Coming for the Australian Taxation Office

The Federal Court’s ground-breaking ruling against Chevron Australia Holdings Pty in 2017, encouraged the Australian Taxation Office (ATO) and the government to amend the law on thin capitalisation and transfer pricing and more actively pursue large multinationals. But even smaller companies which operate in Australia or wish to settle there, must prepare for the effects.

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From ECOVIS Network: UK – Barlow Robbins LLP Advises International Clients on Data Privacy

From ECOVIS Network: UK – Barlow Robbins LLP Advises International Clients on Data Privacy

If customer data is processed, these processes are subject to various data protection laws and agreements between countries worldwide. But not all companies are familiar with the details that must be kept. Data Privacy Law Background Data privacy law is going global. Well not quite. But having passed the first anniversary of the General Data

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From ECOVIS Network: Leasing of Pleasure Yachts in Malta – A VAT Perspective

From ECOVIS Network: Leasing of Pleasure Yachts in Malta – A VAT Perspective

The Maltese Government has introduced new rules for the calculation of VAT on the leasing of pleasure yachts. Ecovis Malta explain how the VAT is calculated correctly. Global yachting destinations are increasing and consumer preference is moving away from the traditional Mediterranean and Caribbean waters, to less familiar destinations such as the Asia Pacific and

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From the ECOVIS Network: Germany – Warning to Online Traders!

From the ECOVIS Network: Germany – Warning to Online Traders!

Online trading is becoming more of a challenge in Germany. Traders are now requested to apply for a certificate from the German tax authorities in accordance with art. 22f of the German law on turnover tax (UStG). Without this certificate, trading via online platforms will be impossible. Ecovis can provide you with the information you

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From the ECOVIS Network: Colombia – What a Foreign Investor With a Location in Colombia Should Not Forget

From the ECOVIS Network: Colombia – What a Foreign Investor With a Location in Colombia Should Not Forget

The globalization of the economy has led to the elimination of import and export duties at borders and Colombia stands out in the region for attracting foreign investment, due to its strategic location, which allows it to become an export platform; furthermore, the peace process has brought stability to its economy and it is known

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From the ECOVIS Network: Sale of U.S Real Property Interest by Foreign Individuals

From the ECOVIS Network: Sale of U.S Real Property Interest by Foreign Individuals

Strong economies of many foreign jurisdictions have contributed to the increase in the purchase of real property interest by many foreign investors in the United States. A measurable tax pain is experienced when this property is sold. The sale of U.S. real property interest by a foreign person is subject to FIRPTA (Foreign Investment in

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From the ECOVIS Network: Colombia – The 21st Century Workforce

From the ECOVIS Network: Colombia – The 21st Century Workforce

The workforce and technology are changing. They are more digital, more technological and more global. Colombia is making the necessary adjustments to be prepared for this. Digital technology is disrupting entire industries and changing the way companies do business across all stages of the value chain. It affects how they develop, market, produce, sell and

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