Search Results for: Latvia

THE EUROPEAN Commission has welcomed Friday’s (Aug 19) ruling from the World Trade Organisation (WTO) opposing Russia’s bans on European Union (EU) exports of pigs, pigmeat and related products, imposed during 2014 because of outbreaks of African swine fever (ASF).

Russia, meanwhile, has said it is studying the ruling and may yet appeal.…

THE EUROPEAN Commission has announced that it will propose a ‘services passport’ system by December 31, designed to simplify administrative procedures for service providers, such as accountants, auditors and bookkeepers, who want to expand to foreign member states. EU internal market, industry, entrepreneurship and SMEs Commissioner Elżbieta Bieńkowska said: “The cross-border provision of services in the EU is underdeveloped, in particular in the area of business services – such as accounting…” The passport system would give accountants more information, boosting legal certainty and clarity about relevant professional rules in another member state.…

THE EUROPEAN Commission is preparing to make something of a political leap of faith by proposing broad reforms to the European Union’s (EU) VAT system, with the goal of undercutting the EU’s chronic missing trader VAT fraud problem.

Such scams cost EU exchequers around EUR50 billion annually according to the Commission.…

THE HONG Kong government has said that its Inland Revenue Department will closely assess data released in the Panama Papers leak, taking action against tax evasion and avoidance by taxpayers uncovered within these documents. In a written answer to the special administrative region’s (SAR) Legislative Council, the government admitted however that it did not know the number of intermediaries in Hong Kong providing offshore incorporation company services.…

THE VULNERABILITY of the European Union (EU) to fraud is a key concern driving support for a Brexit in the UK’s in-out EU membership referendum in June. And VAT fraud is one of the worst and longest-standing of EU financial crime.…

MULTI-COUNTRY regions such as eastern Europe do not always follow the same script when it comes to market performance. Sometimes, when major events happen, such as the global financial crisis, it is difficult for national coatings markets to buck the trend, but with the recovery now established, weakening economic headwinds, the latent differences between national markets can become clear.…

THE EUROPEAN Union’s (EU) system for fighting cross-border value added tax (VAT) fraud, including the EUR40-60 billion in annual VAT revenue losses linked to organised crime, is ineffective and hampered by a lack of comparable data and indicators, according to a new report from the European Court of Auditors.…

THE EUROPEAN Union’s (EU) system for fighting cross-border value added tax (VAT) fraud, including the EUR40-60 billion in annual VAT revenue losses linked to organised crime, is ineffective and hampered by a lack of comparable data and indicators, according to a new report from the European Court of Auditors.…

CHINA’S central bank, the People’s Bank of China (PBC), has issued a new anti-money laundering and terror finance reporting requirements for all financial institutions inside the country. The rules come into force July 1. They cover banks, brokers, foreign exchange, online and mobile payment systems and insurance companies, who will have to file reports to the central bank, via their headquarters or via representative institutions, if a client requires daily cash transactions exceeding Chinese Yuan Renminbi CNY50,000 (USD7,261) or a larger amount of USD10,000’s worth in foreign currency.…

FOOD and drink export subsidies are to be scrapped after a World Trade Organisation ministerial meeting in Nairobi, Kenya, agreed to phase out these trade sweeteners. Developed country members have promised to remove export subsidies immediately for basic food products, with a slower phase-out for many processed foods and drinks, pigmeat and dairy products.…