The four-eyes principle is an effective way for companies to control management dealings. It is based on the idea that the company must be represented by two people acting jointly, usually two members of the statutory body.
On February 7, 2020, the German federal competition authority prohibited Facebook from combining user data with data from its other services (WhatsApp, Instagram etc.) and third party webpages. The authority also questioned the legality of the consent to this processing, which is a condition to using Facebook. What impact will this have on Facebook and other companies, which based their business model on processing of their users’ personal data?
The Central Bank of Hungary (MNB) has announced a new program, for the purpose of providing capital requirement benefits to those credit institutions based in Hungary that offer so called green loans for energy efficient housing goals (purchase, building or refurbishment) between 1 January 2020 and 31 December 2023. During this time period, these credit institutions will receive capital requirement benefits (5 to 7% depending on the energy efficiency of the related property) after the provided green loans, and the customers taking out these loans are eligible for lower, discounted rates.
On 30 January 2020 the Latvian Parliament adopted amendments to the CIT Law. The amendments have not been promulgated and, therefore, the exact wording of the adopted amendments is not available yet. The amendments will come into force on the next day after their promulgation, which most likely will happen already this month.
May you resell a book that you have previously purchased? Of course. However, from a copyright perspective the reasoning is not as easy as one might think, since purchasing a copyrighted work like a book means purchasing the paper but not the rights to the content, which is the intellectual property of the author.
Bulgaria is well-known for its roses, more precisely its oilseed roses (маслодайни рози). Oilseed roses are famously used to produce rose oil, which is one of the most expensive oils, commonly referred to as "liquid gold". Rose oil is used in the perfume industry, but the Bulgarian oilseed rose also has many other applications. The petals are used in jams, jellies, sweets and liqueurs. Products derived from processing the blossoms are used in cooking as flavouring, flavour enhancers and colouring agents. In addition to the oil, processing the oilseed rose blossom also produces rose water, which is used both in the perfumery and food industries.
In May, 2019, the Agency had announced the Draft Regulation on Sales, Advertising and Promotion of Medical Devices, expected to replace the Regulation on Sales, Advertising and Promotion of Medical Devices (“Regulation”), by expressing that the Regulation required an amendment as a result of practical matters presented during the implementation of the Regulation and the current needs of the sector. The draft regulation was not enacted to this date, and instead, on January 28, 2020, the Agency announced the Draft Amendment Regulation on Sales, Advertising and Promotion of Medical Devices (“Amendment Regulation”)1 which will amend the Regulation itself. The Agency has invited comments from concerned parties until February 3, 2020.
Under Bulgarian anti-money laundering law, all obliged entities must adapt their internal rules in accordance with Article 101 of the Bulgarian Anti-Money Laundering Act ("AMLA") within six months following the publication of a national assessment of the risks related to money laundering and terrorism financing ("National Risk Assessment") on the website of the State Agency for National Security ("SANS").
A new year has begun, and the build-up of tax responsibilities and pressure has peaked and is now close to the point of reset and restart. But what does 2020 hold in store for companies active in Romania in terms of anticipated tax changes? And how can they get ready for and adapt to such amendments?
Pursuant to the Bulgarian Accountancy Act (Закон за счетоводството) companies must publish in the Commercial Register and Register for Nonprofit Legal Entities ("Commercial Register") their annual financial statements by 30 June of the calendar year following the reported period. Companies which have not carried out any activity during the reported period are exempt from this obligation. Prerequisite for the exemption is that the company's lack of activity is expressly declared before the Commercial Register.
While dozens of programmers, engineers and hairdressers continue to opt for KATA [the fixed-rate tax for enterprises categorised as “small taxpayers”] in Hungary, the tax is increasingly coming under fire from all sides. Apparently, the Hungarian Tax Authority (NAV) is stepping up its investigations into businesses who employ KATA payers, and at the same time rumours are also flying about a planned KATA tightening.