Reduced VAT rates abolished on six Greek islands

TMF Group expert Jacek Szufan reports the latest announcement from the Greek Ministry of Finance that sees an end to reduced VAT rates on six popular holiday islands as part of the country’s third bailout agreement.

Changes in Singapore’s Companies Act exempts private limited companies from audit requirements

Changes to Singapore's Companies Act have introduced the small company concept which in turn gives smaller Singapore private companies exemptions from audit. TMF Group's Singapore regulatory experts look at details - and what small companies are still required to do, too.

Romanian MPs finally reach agreement on VAT rate cuts

Romania once held the second-highest rate in the region (after Hungary’s 27% rate) but this reduction brings its VAT in line with its neighbours. It will be interesting to see whether this decrease will ultimately lead to an increase in consumption, better compliance and economic growth, say TMF Group's VAT experts.

Mandatory employer-paid medical insurance for all staff in France

Currently in France, basic social security cover does not refund medical expenses in full. In an effort to provide improved health care to all salaried employees, the government has ruled that all companies employing staff in the country must provide additional medical insurance. TMF Group's experts look at the detail.

How UK summer budget announcements affect high income investors

TMF Group’s UK Director of Private Client services examines the key personal tax announcements made by Chancellor George Osborne in last week’s summer budget 2015.

South Korea tackles foreign apps for VAT

With effect from 1 July electronic services provided in South Korea either directly by a foreign service provider or through an offshore open market app store are subject to 10% Korean VAT. The new rules cover services provided across the internet or other electronic networks including apps, games, video, films, music, software, e-documents and so on. Find out how this affects your tech business by speaking with TMF Group's VAT experts.

Reverse charge extended to foreign entities in Slovakia

The domestic reverse charge will be extended to foreign entities in Slovakia under section 69 of the 222/2004 Slovakian VAT act as from 1 January 2016. TMF Group VAT Technical Manager Dr Robert Nagy explains the change.

Changes to the BVI Eligible Introducer Regime and Public Filing of Registers of Directors

The BVI government shows ongoing commitment in maintaining the jurisdictions’ competitiveness by staying compliant with international transparency standards. The local government has announced two key changes that will improve the authorities’ timely access to information.

Singapore’s Employment Act changes: mandatory itemised payslips and written KETs issuances

Employers in Singapore will need to comply with changes to the Employment Act (EA) on providing their EA employees with written Key Employment Terms (KETs) and itemised payslips.

The US Corporate Transparency Act: who is affected and how to prepare

With the Corporate Transparency Act (CTA) the US will create the first robust and comprehensive database of beneficial ownership information.

Embracing digital transformation: Israel’s Registrar of Companies goes paperless

In a significant move towards digitalisation, the Israeli Registrar of Companies has introduced mandatory paperless communication with all companies formed after June 2022.

Top 10 Questions: about China’s IIT Reform

This article explains the common questions people have about the latest individual income tax reform in China.

The Seventh Individual Income Tax Law Reform in China – A Breakthrough

China proposed a draft amendment to the Individual Income Tax Law. TMF Group elaborates on the potential impact of the tax reform and how we can help enterprises and individuals prepare for the changes.

August VAT roundup: Brexit impact on UK businesses

Get up to speed on key VAT updates including the UK government’s ‘no deal’ Brexit papers, Russia’s rate increase and the need for some remote sellers in the USA to start collecting sales tax.

New PAYE system begins in France in 2019

Withholding tax comes into play for French salaries from next year. So if you employ people in France, it’s time to get ready.

German Aviation Tax Fiscal Representation and Compliance

New requirement on tax compliance reports in the Dominican Republic

In order to strengthen fiscal transparency in the Dominican Republic, the General Directorate of Internal Taxes published Law 155-17 against Money Laundering and Financing of Terrorism.

Panama now requires the Extra Situ Assessment Form

Resolution N.I-REG-003-017 from May 8, 2017 establishes that all non-financial obliged persons and professionals who perform activities under supervision, either natural or legal persons are obliged to complete the Extra Situ Assessment Form.

Important update: changes to the Romanian Fiscal Code

Ordinance 79/2017 brought important updates to the Romanian Fiscal Code regarding corporate income tax, micro-enterprise income tax, personal income tax, statutory social contributions and value added tax (VAT). The new provisions will be effective from 1 January 2018, says TMF Group Romania Head of Accounting and Tax, Veronica Plop.

Swiss VAT rate cuts in 2018

Swiss voters recently rejected a reform of the country’s pension law, which will result in a reduction of VAT rates from 1 January 2018.