Economy and vision

The Wins Keep Coming for the Australian Taxation Office

Australia The Federal Court’s ground-breaking ruling against Chevron Australia Holdings Pty in 2017, encouraged the Australian Taxation Office (ATO) and the government to amend the law on thin capitalisation and transfer pricing and more actively pursue large multinationals. But even smaller companies which operate in Australia or wish to settle there, must prepare for the …

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New Reporting Requirements for International Transactions in the US

USA As global economics have prospered due to increasing cross-border trade and international business transactions, the US government has introduced new tax regulations governing how these transactions are accounted for. Here is a description of two of the many forms now required to be filed by taxpayers with foreign business transactions or foreign related parties. …

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Brand Protection: The US fashion brand Supreme wins trademark rights in China

China   In the western part of the world, China is notorious for manufacturing and selling counterfeit branded products. This raises the question of whether it makes any sense to register a trademark in a country like China. A trademark is primarily used to market products and services. It can consist of a word, a …

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China’s Cryptocurrency and Blockchain Regulatory Environment

17.05.2019 In China, transactions in cryptocurrencies are heavily regulated. Ashley Tian of Ecovis, Beijing, explains the limitations and effects in this article.For further information on the topics mentioned in this article, just klick on the corresponding footnotes. Background Prior to 2017, China had the world’s largest cryptocurrency market – with 80% of bitcoin, the world’s …

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Amendments to the Value Added Tax Law of Turkey Related to the Exchange Rate Difference

17.05.2019 In recent years the Turkish tax authorities and courts have been in dispute as to whether exchange rate differences are subject to VAT. Now an amendment to the applicable law provides greater clarity. The influence of exchange rate differences on the financial performance of an economic unit is significant. Companies may have payables, debt …

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VAT refund available on construction works in Turkey

VAT taxpayers can qualify for a VAT refund on their investment expenditures under article 13-d of the Value Added Tax Act No. 3065. The VAT refund is only applicable for machinery and equipment expenditure made under an investment incentive certificate for the manufacturing industry. Temporary Article 37 of the Value Added Tax Act No. 3065, …

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