Turkey is the latest country to sign up to the automatic exchange of information as part of efforts to combat cross-border tax evasion. It is still possible to submit a voluntary declaration for tax evasion. There are now more than 100 countries participating in the automatic exchange of (financial) information (AEOI). Former tax havens such […]
At the end of 2020 the Federal Ministry of Finance (Bundesministerium der Finanzen, BMF) presented a draft bill for a Withholding Tax Relief Modernisation Act (Abzugsteuerentlastungsmodernisierungsgesetz, AbzStEntModG), which is intended in particular to address the illegality of Sec. 50d (3) German Income Tax Act (Einkommensteuergesetz, EStG) under European Union (EU) law. It also contains several […]
Since “BREXIT”, the United Kingdom’s exit from the European Union (EU), Companies with supply and service relationships with the United Kingdom of Great Britain and Northern Ireland face tougher rules for VAT purposes. Any previous VAT regulations based on EU law are no longer applied from January 1, 2021. While on December 24, 2020, the […]
The Landgericht (LG) München – Regional Court of Munich – has ruled that consumers were not being misled by two manufacturers promoting their fish products using a captain, and that the advertisements in question therefore did not violate competition law. A food manufacturer that had been promoting its fish products using a captain sporting a […]
Lexology webinarOn 16 December 2019 the EU Whistleblower Protection Directive (2019/1937/EU) came into force. EU member states have until the end of 2021 to implement the directive in their own national laws. However, EU member states should think about the directive’s implementation now because companies have a number of tasks ahead of them. Pursuant to […]
The demolition of your parent’s home post-inheritance may lead to a retrospective loss of tax-exempt status. That was the verdict of the Finanzgericht (FG) Düsseldorf – the Fiscal Court of Düsseldorf – in a judgment from January 8, 2020 (Az.: 4 K 3120/18 Erb). Children who inherit real estate from their parents can receive an […]
Thursday, January 28, 20214 p.m. – 8 p.m. (CET)streaming live from Berlin via our Twitch Channel REGISTRATION Join our digital international industry event about thelatest trends and developments in the esports market. We are looking forward to major speakers from around the world. The attendance is free of charge, but registration is mandatory.Make sure to register until January 25, 2021. […]
The return to a state of lockdown has hit many businesses and entrepreneurs hard. Meanwhile, the courts are arriving at different conclusions regarding whether government-mandated business closures justify rent reductions. The period in the run up to Christmas saw the metaphorical lights go out in a lot of pedestrian zones and at many businesses, many […]
In one of our former blog posts we had a look at the accounting functioning of equity-settled stock option programs (HERE). Today we want to extend this framework for cash-settled programs – or more concretely: for programs that start out as equity-settled and become cash-settled on the way. It gets a bit more complex, though […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Dr. Benno A. Packi of adesse anwälte. Benno has joined IR as our exclusive Banking & Finance Member in Germany. adesse anwälte is an independent law firm for German and international business law. We help companies and institutions from Germany and abroad to […]
As a consequence of the experiences made during the great financial crisis 2008/09 the IASB changed financial instruments accounting away from the incurred loan losses approach to a forward looking expected loan losses approach. Concretely, the new IFRS 9 Financial Instruments applies a 3-stage model which requires to classify loans into performing, under-performing or non-performing based on […]
If shares that were acquired prior to 2009 are transferred from company to private hands and later sold, the profits are not to be treated as taxable income from capital investments according to the Finanzgericht (FG) Münster, the Fiscal Court of Münster. On January 1, 2009, a flat rate withholding tax (Abgeltungssteuer) was introduced in […]