From Ecovis Network: Greece – New Government Measures Against COVID-19 and its Consequences
On Saturday 7 November 2020, the Greek Government announced a three-week national lockdown after a sharp increase in the COVID-19 infection rate. Employment and tax measures have been implemented to cushion the financial impact on companies. Financial support of EUR 3.3 billion will be provided to workers and businesses affected by the special measures, which
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From Ecovis Network: Czech Real Estate Transfer Tax Abolished for Transfers Registered from 1 December 2019
The Czech real estate transfer tax (RETT) was abolished in September 2020 to support Czech taxpayers as a response to the COVID-19 crisis. The abolition applies retrospectively to all real estate transfers registered since 1 December 2019. RETT that has already been paid can be reclaimed. RETT of four percent was applied on all real
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From Ecovis Network: Holding Company Regime Regulations in Colombia (CHC Regime)
In Colombia, laws 1943 of 2018 and 2010 of 2019 modified the Tax Statute and introduced the Colombian Holding Companies (CHC) Regime to domestic regulations. This provides tax advantages which could also be interesting for foreign investors. CHCs are not a separate type of company, but rather a series of tax benefits for which domestic
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ECOVIS Romania – Legal Info 28.10.2020
Legal Info – 28.10.2020 – EN Table of Contents: Emergency Order no. 181/2020 regarding the introduction of tax & budgeting proceedings, for the modification and addition of specific regulatory documents, as well as for the prorogation of deadlines – coming into act with October 26th, 2020. Emergency Order no. 182/2020 for the addition of the
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From ECOVIS Network: Uruguay – Audit considerations during Covid-19
Recently the IFAC (International Federation of Accountants), International Federation of Accountants in Spanish, issued certain considerations related to the safe audit of financial statements in times of Covid-19. These are situations that matter to the auditors but also to those who are audited. There is unprecedented uncertainty in the economy, which can affect those who
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From ECOVIS Network: Ukraine – Government Support for the Aviation Industry Due to COVID-19
COVID-19 has significantly affected the Ukrainian aviation market and all the industries directly supported by aviation globally. Without financial support from the government, Ukrainian aviation will find it hard to survive. Ecovis’ experts can advise aviation-dependent companies on various matters related to overcoming the consequences of COVID-19 restrictions. During the quarantine almost all flights, including
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From ECOVIS Network: France – Exceptional Financial Aid to Employers Who Recruit Young Apprentices
As part of the “#1jeune1solution” plan, the government is setting up exceptional aid for the recruitment of apprentices up to master’s level for all companies (decree no. 2020-1084 of 24 August 2020). Assistance will be paid for contracts signed between 1 July 2020 and 28 February 2021. How High is the Exceptional Aid for Apprenticeships
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From ECOVIS Network: UK – The Impact of Schrems II and Brexit: The Transfer of Personal Data Overseas in Crisis
Transferring personal data between jurisdictions has always been big business. In Europe, the General Data Protection Regulation provides a number of mechanisms to allow data exports overseas. The end of the Privacy Shield, Schrems II and Brexit will make it more difficult to send and process data worldwide. But there are solutions. The End of
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From ECOVIS Network: USA – IRC 59A Final Regulations Say “BEAT IT” to the Confusion
On 22 December 2017, the Tax Cuts and Jobs Act (TCJA) codified IRC § 59A (Base Erosion and Anti-Abuse Tax, BEAT). This applied a tax on multinational corporations shifting profits abroad through related party transactions which create US deductible payments to low-tax countries. On 1 September 2020, the IRS issued IRC § 59A Final Regulations
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From ECOVIS Network: Big Data Audit – Digital Transformation of the Audit Process at Ecovis in Colombia
ECOVIS Colombia has developed a machine learning model that identifies deviations or atypical behaviours in clients’ transactions. This implementation optimises the auditing and consulting processes and allows clients to react more quickly when anomalies are detected. The analytics tools were developed by Ecovis to support auditing within the concept of data analysis using business intelligence
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