This year we would like to draw your attention to the statutory duty connected with the end of the accounting period. The financial statements for the respective accounting period, i.e. for the year 2014, shall be submitted to the competent body of the company (usually the general meeting) in order to be approved within the period of 6 months following the end of the accounting period.
According to the amended tax rules adopted at the end of 2014, the section of the Tax Code of Ukraine related to the procedure for calculating income tax is presented in a fundamentally new version. Instead the previously used procedure for separate tax accounting fundamentally new procedure was introduced where the object of taxation shall be the financial result before taxation adjusted for the tax difference provided by the Tax Code.
Economic activity conducted by entrepreneur from one country on the territory of other country often causes doubts concerning settlement of tax. In this area the double taxation avoidance agreements have a material impact. To find out more about it read our most recent NewsFlash.
We would like to draw your attention to the Act No. 307/2014 Coll., on certain measures related to the reporting of anti-social activities that came into force in Slovakia as of January 1st, 2015. The Act on reporting of anti-social activities (also called as Act on whistle-blowing) introduced unified conditions in connection to the whistle-blowing in Slovakia. Companies employing more than 50 employees have to meet new conditions introduced by the Act not later than on June 30th, 2015.
Since the beginning of the year a number of changes were introduced into the Ukrainian legislation. Among them, the introduction of additional import charges, amended procedure to obtain evidence from the State Register, amended procedure for stay of foreigners in Ukraine, as well as the adoption of the Law on deregulation aiming to simplify business practices by reducing licensing and approval procedures, cutting influence of public authorities on business entities and increasing investors’ rights protection.
In recent years, tax records in Romania were subject to a series of beneficial changes, in order to simplify the process of filling and submitting data regarding tax withheld for each income beneficiary.
Succession of technological development, pushed us to change our behavior by individual change. Both personal life and working environment had won or suffer. Therefore perspectives working environment have become more flexible, bringing with them benefits for employees and employers.
There are types of employment contracts that have many advantages for both the employers and the employees, depending on the industry in which the former activate. Thus, companies in manufacturing should choose contracts with a program that involves work shifts, companies in retail should opt for part-time contracts, while companies in IT should choose contracts that provide a flexible program or the possibility to work from home.
Since the beginning of March the National Bank of Ukraine extended previous restrictions on currency transactions imposed last year and introduced some new ones aiming to stabilize hryvna and currency market. These restrictions shall be valid for the following three months till June 3, 2015.
Banks, IT companies and those from the oil & gas industry benefited the most from the 5% reduction of the social security contribution (CAS) owed by the employer. At the opposite end, in the case of small companies, since the increase in minimum wage starting with January 1, 2015 they had increases in salary costs, so the measure of reducing the CAS was practically annulled.