ECOVIS Israel Ozery CPA
Tax advisors, auditors and accountants in Tel Aviv
About us
We wish to be more than your auditors or bookkeepers. We wish to be your business and financial consultants, and we see the client as a partner and we will accompany you during difficult times and good times.
We will carry out a range of services in which we specialize in order to provide all your business needs.
International tax, audit, accounting and legal news
Automated data management: Streamline your client data collection with Flowsecure, including KYC searches
01.07.2024Flowsecure can significantly reduce the manual effort involved in data processing and KYC processes. This gives companies more time to concentrate on their core competencies. The Ecovis consultants in Norway explain why they decided to do this in the interests of their clients.
In today’s fast-paced business environment, efficiency in data management is essential. ECOVIS Norway is proud to introduce Flowsecure.io, a self-developed, AI-driven platform that revolutionises client data collection and management. With Flowsecure, the days of sending follow-up emails and manually updating spreadsheets are over.
Key advantages
- Automated data collection: Flowsecure automatically collects and updates client information, saving valuable time and reducing manual workload
- Enhanced KYC and PEP searches: Seamlessly conduct KYC searches on persons of interest, ensuring compliance with global standards
- Reduced follow-ups: Automate reminders and data verification processes, minimising repetitive communication
- Eliminate of manual data entry: Eliminate human errors associated with manual data entry and managing Excel sheets
By using AI software, we can advise our clients even more efficiently.Jørgen Svendgård, Managing Partner, ECOVIS Norway, Oslo, Norway
Flowsecure’s primary value lies in streamlining client data management, enhancing operational efficiency, and improving client satisfaction by speeding up onboarding processes and maintaining accurate records. This is particularly relevant as businesses adapt to a digital-first environment, where automating data collection is crucial for ensuring compliance and accuracy.
Why did ECOVIS Norway Choose Flowsecure?
By implementing Flowsecure, ECOVIS Norway can significantly reduce the time spent on administrative tasks, allowing the team to focus on core business activities. Customised online forms collect extensive data automatically, while the AI analyses this data for actionable insights.
For further information please contact:
Jørgen Svendgård, Managing Partner, ECOVIS Norway, Oslo, Norway
E-mail: jorgen.svendgard@ecovis.no
CSR Luxembourg: The auditor’s vital role in implementing the EU Directive
27.06.2024The draft law to implement EU Directive 2022/2464 on corporate sustainability reporting (CSRD) into national law has been submitted to parliament in Luxembourg. The Ecovis experts explain what changes companies can expect and the special features of the Luxembourg draft law.
The draft law, presented on 29 March 2024 and expected to be adopted in early July, introduces significant changes, particularly concerning the role of auditors in ensuring compliance with sustainability reporting requirements. Statutory auditors will play a crucial role in verifying the accuracy and reliability of sustainability information disclosed by entities, thus enhancing transparency and accountability.
CSRD scope and application
The CSRD expands the scope of sustainability reporting requirements to include a broader range of entities. Initially targeting only EU public interest entities with more than 500 employees, the CSRD now encompasses:
- Large entities
- Parent companies of large groups
- Listed SMEs
- Non-EU entities listed on regulated markets in the EU
Approximately 50,000 companies are expected to fall under the CSRD’s purview, necessitating comprehensive reporting on governance, as well as environmental and social impacts.
Main provisions and changes with the Luxembourg CSR
Under the CSRD, entities will adhere to European Sustainability Reporting Standards (ESRS) developed by the European Financial Reporting Advisory Group (EFRAG). These standards, published in December 2023 in Commission Delegated Regulation (EU) 2023/2772, mandate detailed disclosures aligned with the principle of “double materiality”, considering both impact and financial materiality. Auditors will conduct limited assurance engagements to ensure compliance with CSRD requirements and the ESRS.
We offer customised solutions to ensure compliance with the CSRD.Arnaud Yamalian, Managing Director, ECOVIS IFG Audit S.A., Luxembourg, Luxembourg
Focus on ESRS
Companies within the scope of the CSRD will be required to disclose a wide range of data relating to their governance and environmental and social impacts. The aim is to ensure that investors, consumers and other stakeholders have access to relevant information to assess:
- Companies’ impacts on people and the environment
- Financial risks associated with climate change
- Other sustainability issues
ESRS require entities to disclose cross-cutting standards applicable to all sectors, along with sector-specific standards where necessary. This ensures consistent and comparable reporting across industries. Compliance with ESRS is particularly relevant for entities subject to the Sustainable Finance Disclosure Regulation (SFDR) as datapoints will be aligned to reporting requirements under the SFDR, notably in respect of the SFDR principal of adverse impacts.
Application timeline
Luxembourg entities must adhere to a phased timeline for CSRD implementation. Large, listed entities or parent companies of large groups are first, followed by large, non-listed entities and small and medium-sized listed entities. Non-EU parent companies with significant operations in the EU will comply in subsequent phases.
The timeline ensures a structured transition to CSRD reporting requirements:
- Large companies with more than 500 employees being either: European public interest entities; other entities listed on EU regulated markets – for financial years starting on or after 1 January 2024 (reports published in 2025)
- Large companies listed on EU regulated markets. Other EU large companies (i.e., not listed) – for financial years starting on or after 1 January 2025 (reports published in 2026)
- SMEs listed on EU regulated markets (excluding micro-enterprises) – for financial years starting on or after 1 January 2026 (reports published in 2027)
- Other large non-EU groups or companies with an EU Net turnover more than EUR 150m – for financial years starting on or after 1 January 2028 (reports published in 2029)
What companies should be aware of and do now
The various obligations and their compliance, as well as the procurement and evaluation of the data required for reporting, is time-consuming and complex. It is therefore essential that companies which must deal with CSRD compliance seek advice from experienced experts.
For further information please contact:
Arnaud Yamalian, Managing Director, ECOVIS IFG Audit S.A., Luxembourg, Luxembourg
Email: arnaud.yamalian@ecovis-audit.lu
Establish Representative Office in Vietnam: Updates to Regulations Regarding Foreign Trade Promotion Organizations in Vietnam: Decree 14/2024/ND-CP
26.06.2024The Vietnamese Government has issued Decree No. 14/2024/ND-CP (Decree 14). This improves measures to promote foreign trade, including changes in the approval procedures for representative offices of foreign trade promotion organisations. The decree came into force on 25 March 2024. The experts from ECOVIS AFA VIETNAM have compiled the details from publicly available sources.
Decree 14 amends Decree 28/2018/ND-CP – the Guiding Regulations for the Foreign Trade Management Law 2017 as follows:
1. Changes in management authority
The licensing authority has transitioned from the central authority, the Ministry of Industry and Trade (Vietnam Trade Promotion Agency, or Vietrade), to the local authority, the provincial department of industry and trade where the representative office is located.
These changes not only enable better state management, but also improve representative office statutory efficiency. This setup can also eliminate certain existing limitations and difficulties in coordination between the pre-inspection and post-inspection phases of management.
Before the last working day of January of the following year, representative offices are required to submit an annual written report on their activities for the year to the licensing authority. Starting from 2025, these reports must be submitted to the provincial departments of industry and trade instead of Vietrade as previously required.
Please contact us if you would like to discuss more in-depth questions about this decree.Nghia Tran, Partner, ECOVIS AFA VIETNAM, Da Nang City, Vietnam
2. Submission methods
In addition to direct or postal submission, online submission via the National Public Service Portal or the Provincial Administrative Procedure Processing System has been added. This advancement makes it easier for representative offices to adhere to the pragmatic licensing procedures.
3. Processing time
The timeline for processing most applications by the authorities and the deadline for the obligations of the representative offices will be shortened and modified from working days to calendar days. Weekends and public holidays are now included in the processing time.
4. License adjustments and re-issuance
Changing the address to another province or city will now be a case of re-issuance by the local authority in the new location. At least 90 days before changing the location, representative offices must notify their creditors, employees, and other relevant parties and post this notification at the old office location. It must also be published in three (3) consecutive official gazette issues of a print or electronic newspaper authorised in Vietnam.
5. Expansion of license issuance and revocation
Under the previous regulation, authorities had the discretion to deny the issuance of a new license for the establishment of a representative office if there was “evidence” that the establishment would be detrimental to Vietnam’s national defence, security, order, safety, traditions, culture, ethics, customs, public health, resources, or cause environmental pollution. The new regulation extends this provision, allowing authorities to refuse not only based on “evidence” but also on “indications” of such harm.
In terms of license revocation, the previous regulation confined revocation to instances arising from the representative office’s conduct, such as inactivity, operating beyond its defined functions, or criminal violations related to Vietnam’s labour laws. The new regulation broadens this scope to encompass violations originating from both the representative office and the foreign trade promotion organisation.
6. Revision of application forms
Most application forms, including those for new applications, adjustments, extensions, re-issuances, and annual reports have been updated to reflect the above changes.
For further information please contact:
Nghia Tran, Partner, ECOVIS AFA VIETNAM, Da Nang City, Vietnam
Email: Nghia.Tran@ecovis.com.vn