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18 Jan 2016
IASB releases new Standard on leases
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Companies' equity
Commercial register scrutinises companies' equity
Financial year 2014 is coming to and end and it is time to start thinking about filing annual reports to the Commercial Register. Businesses should be aware that the Commercial Register is devoting increased attention to whether companies’ equity meets legislative requirements.
Transfer pricing
Documenting transfer prices to keep tax risks under control
Maintaining proper accounting on transfer prices and documenting the reasoning for conformity to market value is in the interests of every enterprise, as it avoids tax risks. In preparing documentation, the requirements of legal acts should be considered along with the specific company’s risks and needs.
Transfer pricing
Transfer prices must be reviewed every year
Many companies in the process of preparing annual reports for the last year find themselves facing the need to recognize transactions between related parties.
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09 Jun 2015
Value added tax
Voluntary imposition of VAT on an immovable
The Value Added Tax Act sets forth four categories of goods or services on which a taxable person can voluntarily impose VAT. In general these cases involve tax-exempt supply, but VAT can also be imposed on the sale of these goods or services if the tax authority is notified of this in advance in writing. At first glance, it may seem curious why anyone should want to impose VAT voluntarily only to forward the tax to the state, but there is a reasonable explanation.