Tax

VAT Updates in E-commerce

An amendment to the VAT Act in e-commerce is expected to come into effect in the coming days as part of the ongoing law-making process. The amendment implements the EU Council’s tax package into the Czech system of laws. It also introduces significant changes to imports, cross-border trade within the EU and extends the possibilities for the use of the special one-stop-shops.

Romania: Tax Amnesty Bill Following Reassessment of Daily Allowances

Following intensive negotiations between the business community and the Romanian government, the Romanian parliament has issued a bill on the enforcement of a tax amnesty for tax liabilities, including late payment interest and penalties, imposed by the tax authorities following the reassessment of daily allowances as salary income.

New Fiscalization Model – New Payers and New Rules, but also Subsidies

Application of the Law on Fiscalization (Official Gazette of RS no. 153/2020) (“the Law”), that we have discussed before, which has repealed Serbian Law on Fiscal Cash Registers (Official Gazette of RS no. 135/04 and 93/12) by entering into force on December 29, 2020, will start on January 1, 2022 (except for several provisions that have already started to apply, on the day of entry into force). The regulation concerned, along with the set of by-laws enacted for its implementation, introduces a completely new model of fiscalization, which – among other things – implies a wider circle of taxpayers who will be obliged to apply it, new rules regarding the characteristics of fiscal cash registers and fiscal receipts, as well as certain subsidies for the entities covered by fiscalization.

New Tax Alleviation Measures under the Pandemic

The pandemic context and its economic implications prompted in 2020 and 2021 several legislative measures to alleviate fiscal burden both through tax facilities, such as amnesties or regulation of new cases and conditions for debt rescheduling, and through amendments concerning deductibility for tax purposes. This type of measures fall under the scope of the newly enacted Government ordinances nos. 8 and 11, published on August 31, 2021 in the Romanian Official Gazette.

Romania: Important Amendments to the Fiscal Code and the Fiscal Procedure Code

On 31 August 2021, Government Ordinances nos. 8/2021 and 11/2021, amending the Fiscal Code and the Fiscal Procedure Code, were published in the Official Gazette no. 832/31.08.2021.

UBO Register in Hungary: An Interview with Alexandra Bognar of Schoenherr

In a recent article for CEE Legal Matters, Schoenherr Attorney at Law Alexandra Bognar wrote that Hungary adopted a UBO Register Act this year. We spoke to Bognar to learn more about the new piece of legislation.

The Romanian Corporate Income Tax Grouping – Now up and Running

Starting this August, the fiscal unity system concerning the corporate income tax becomes functional in Romania, further to the enactment of the procedure for the implementation and management of such system through Order no. 1191 issued on August 6, 2021 by the National Agency for Fiscal Administration.