In the wake of Russian and Belarusian aggression against Ukraine, we know that just as important as providing immediate relief to refugees is ensuring financial support and continuity of the […]
Georgian Virtual Zone – general information
Georgia is becoming an increasingly well-known place for doing business internationally. One of its attractive factors include the Virtual Zone, offering new opportunities for IT companies.
What next for the Lithuanian e-residency programme?
E-residency in Lithuania is a recurring topic, but so far has raised more questions than it provided answers. Works on the Lithuanian e-residency are still in progress, despite the fact that the first Lithuanian e-residents were supposed to get their electronic signatures on 1 January 2021. However, at the moment, e-residency in Lithuania has not been launched yet. When will that happen? How will the procedure for becoming a Lithuanian e-resident look like? Find out more below.
How will Brexit affect your business? [Guide]
The End Of The Transition Period. What Will Happen After Brexit?
There are only three months left until the transitional period between the European Union and Great Britain will be over. Leaving the EU results a lot of changes, especially for entrepreneurs. If your company sells, buys or trades goods with UK entities, you should be aware what changes await you after 1 January 2021.
How can a foreigner open a company in Poland?
In accordance with Polish law, in principle, a foreigner is allowed to perform a business activity in the form of limited liability company. Moreover, there are also no restrictions in reference to the possibility of foreigners sitting in the bodies of the company in question.
In the further part of the article, I show the ways to establish the limited liability company in Poland and what you need to pay attention to when establishing this type of company.
VAT rules related to Brexit – What will change from January 2021?
The transition period between the European Union and Great Britain will last until 31 December 2020. Leaving the EU results in changes in settlements with counterparties from the United Kingdom. Check what you should pay special attention to in the transactions.
Selling services to UK counterparties
According to the VAT Act, the place of supply, and thus of taxation of services, is the country of the recipient. As a consequence of leaving the European Community, the United Kingdom is excluded from the possibility to apply taxation rules as intra-Community transactions. It does not matter whether the recipient of the service is registered as a VAT payer, as the 0% rate should always be applied.
Doing business in Estonia. 5 common mistake to avoid
Setting up a company the right way can save you significant money, among other benefits. Let’s check a 5-item list which helps you avoid common business mistakes in Estonia. See what to watch out for!
What is EORI number and how to get one in Estonia?
Economic Operators’ Registration and Identification system operates in each country of the European Union. This system was established for customs authorities information about goods flow between the countries of the Community and the third countries (outside the EU).
EORI number is the identifier of the economic entity with the customs authorities and is a single number which is unique for each individual and valid throughout the Community. EORI number can be granted only once.
How the authorities control our bank accounts?
When we decide to open an account abroad, national tax authorities can be notified about this. The Polish tax office will therefore acquire a range of financial data about our company. Only some countries have not decided to participate in such fiscal cooperation and do not automatically share information with the fiscal authorities of other countries – these include Georgia and Armenia. The automatic exchange of data is an inconvenience for entrepreneurs, who value privacy and do not want the state to have access to their bank accounts.
To improve the flow of information between national authorities, Organization for Economic Cooperation and Development (OECD) has issued Common Reporting Standards (CRS).
The taxation rules of a dividend from an Estonian company
How to calculate the value of CIT on dividends?
One of the possibilities of paying out the profit achieved by an Estonian company is the payment of dividends. As a rule, the dividend payment generates 20% CIT on the gross amount, which corresponds to 25% on the net amount. Taxation of the dividend is expressed by a ratio of 20/80 of the paid out amount. The tax due can be calculated using two alternative methods.
The tax amount calculated during the distribution of the entire profit generated by the company
