ECOVIS Kanzlei Mag. Thomas Hosp

Vaz de Almeida Advogados among the “Most Admired Law Firms in Brazil” for the 9th time

11.12.2024

Vaz de Almeida Advogados has been recognised for the 9th time as one of the “Most Admired Law Firms in Brazil by Major Companies”. This award is part of the “Análise Advocacia” 2025, which was presented on Thursday 28 November in São Paulo.

Influential Survey Among Business Leaders

The “Análise Advocacia” editorial project is an initiative of Análise Editorial and is widely regarded as the most comprehensive and important survey of the Brazilian legal market.

According to the publisher, only legal directors, CEOs and CFOs of Brazil’s 2,000 largest companies and financial institutions by revenue are invited to participate in the survey. Respondents are asked to spontaneously name the law firms they most admire, the practice areas in which those firms excel and their favourite lawyers – regardless of whether they are currently clients. The result is a unique panorama of the most admired firms and lawyers in the market and the areas of law in which they excel.

Team Success and Individual Recognition

With this latest recognition in the 2025 edition, Vaz de Almeida Advogados now has a total of nine nominations. The survey also highlights individual lawyers, and Vaz de Almeida is well represented in this regard. Amanda Pesciutti Duarte (corporate and business legal support) and Julhi Almiron Bonespírito (litigation and alternative dispute resolution) are among the “Most Admired Lawyers in Brazil”. Notably, this is the third time that Amanda has received this recognition.

International Expertise in the Automotive Sector

The 2025 edition of “Análise Advocacia – The Most Admired Law Firms and Lawyers in Brazil by Major Companies” also recognises Vaz de Almeida Advogados for its outstanding international expertise in the automotive and automotive parts sector. A significant proportion of the firm’s clients are Tier 2 companies headquartered in countries such as Germany, France, Italy, the United States and Canada.

Regional Excellence in São Paulo

Análise Editorial also ranked Vaz de Almeida among the “Most Admired Law Firms in the State of São Paulo”, distinguishing it as a “boutique firm” due to its technical excellence, highly personalised approach to clients and specialised practice areas.

For further information please contact:

Caio Vaz de Almeida, Managing Partner, Vaz de Almeida Advogados – Member of ECOVIS International, São Paulo, Brazil
Email: caio.vazdealmeida@vazdealmeida.com

Vietnam’s banking sector: Substantial innovations in Vietnam’s credit operations

10.12.2024

Vietnam’s banking sector is changing. The Vietnamese government has therefore passed a law for credit institutions. It aims to strengthen the regulatory framework for credit institutions and improve consumer protection. The law came into force on 1 July 2024. Ecovis consultants explain the background and details.

The banking sector and related activities in Vietnam have been experiencing robust and rapid growth. This presents both opportunities and risks for businesses, as well as for the overall stability of the financial system. Cyber threats and data breaches have become increasingly prevalent, posing significant challenges to the security and integrity of financial institutions. With the new law, the government wants to solve the problems and increase the resilience of the banking sector.

Notable changes under the law on credit institutions

• Enhanced transparency in corporate governance: Shareholders holding 1% or more of a credit institution’s shares are required to disclose their personal information, the number of shares held, and the proportion of shares held by related parties. Credit institutions must publicly disclose this information and submit reports to the State Bank of Vietnam. Additionally, the law sets limits on the ownership of a credit institution by a shareholder and their related parties.
• Data protection and privacy: The Law imposes stricter requirements on credit institutions regarding the collection, storage, and protection of customer data. Credit institutions are now obligated to provide accurate, complete, and timely information to customers. Moreover, the scope of protected customer information has been expanded to include all customer-related information, not just account-related information.
• Unbundling of credit and insurance products: Credit institutions are prohibited from tying the sale of insurance products to the provision of credit. This provision aims to prevent coercive selling practices and protect consumers from being pressurised into purchasing insurance products that they do not need or want.
• Credit ceiling reduction: The Law has introduced a gradual reduction in the credit ceiling for individuals. Specifically, the total outstanding loans to an individual will be capped at 10% of the credit institution’s equity by 2029, down from 14% currently. Similarly, the ceiling for loans to a related group of individuals will be lowered from 23% to 15%.
• Development of digital banking: The Law encourages the development of digital banking channels. This includes a wide range of digital banking activities such as digital account opening, remote loan processing, digital transaction history, and digital signature for credit contracts.

We support companies in complying with the new regulations and thus ensuring sustainable growth.

Vu Manh Quynh, Managing Partner, ECOVIS Vietnam Law, Ho Chi, Minh City, Vietnam

Advantages and challenges for customers

Advantages

• Enhanced customer protection: Customers will enjoy greater protection with stricter regulations governing data privacy, transaction security, and dispute resolution. A stable and secure financial system is crucial for individuals and businesses to conduct their economic activities with confidence.
• Wide range of products and services: Increased competition will drive banks to offer a wider variety of products and services, giving customers more choices.

Challenges

• More complex procedures: Customers may face more complex procedures to comply with new regulations, such as providing more detailed information about loan purposes and meeting stricter eligibility criteria.
• Potential instability of digital systems: As digital banking systems are still under development, customers may encounter technical difficulties, which could disrupt their banking activities.
• Enhancing human capital: In an ever-changing legal and business environment, enterprises must continually develop their workforce to ensure they are equipped to adapt and comply with new regulations.

For further information please contact:

Vu Manh Quynh, Managing Partner, ECOVIS Vietnam Law, Ho Chi Minh City, Vietnam
Email: quynh.vu@ecovislaw.vn

Nguyen Nhuan, Partner, ECOVIS Vietnam Law, Ho Chi Minh City, Vietnam
Email: nhuan.nguyen@ecovislaw.vn

Taxes in Slovakia: Recent changes to legislation

05.12.2024

In recent months, Slovakia has implemented several changes to legislation concerning corporate income tax and value added tax. A new financial transaction tax has also been established. The Ecovis experts explain the main key points of changes in taxes in Slovakia.

Corporate income tax (CIT)

The minimum amount of tax payable (tax license) for legal entities will apply for the first time for the tax period starting on 1 January 2024. The tax license depends on the entity’s taxable income:

Taxable income	Tax license
Does not exceed EUR 50,000	EUR 340
Exceeds EUR 50,000 and does not exceed EUR 250,000	EUR 960
Exceeds EUR 250,000 and does not exceed EUR 500,000	EUR 1,920
Exceeds EUR 500,000	EUR 3,840

In addition, the Slovak Income Tax Act was amended to introduce changes to the rates of CIT. The rate depends on the taxable income of the entity:

• 10% for entities with taxable income not exceeding EUR 100,000
• 21% for entities with taxable income between EUR 100,000 and EUR 5 million
• 24% for entities with taxable income exceeding EUR 5 million

The new tax rates will apply to the tax period starting on 1 January 2025.

Valued added tax (VAT)

The most significant change to the Slovak VAT Act is the change in the VAT rate. Currently, until 31 December 2024, there are two general VAT rates (except for specific cases related to state supported rental accommodation) of 10% and 20%. From 1 January 2025, these be replaced by three VAT rates of 5%, 19% and 23%. The standard VAT rate will be 23%.

Other changes include (among others):

• adjustment of the registration obligation for domestic and foreign entities
• introduction of specific rules for small business
• introduction of the reverse-charge mechanism for the import of goods in Slovakia under certain conditions (the effective date differs for domestic and foreign persons).

Would you like to know more about the individual tax measures? Please feel free to contact us.

Lubomir Alezar, Partner, ECOVIS LA Partners Tax, s.r.o., Bratislava, Slovakia

Financial transaction tax (FTT)

A significant change to legislation which may increase entrepreneurs’ costs is the introduction of a financial transaction tax. The FTT Act is effective as of 1 January 2025 with the first taxable period in April 2025. The FTT will apply to legal entities and natural persons carrying out business activity, i.e. not to all individuals.

In general, the FTT will apply to the following, with certain exemptions:

1. Debit payment transactions

• Bank account transactions will be taxed at a rate of 0.4% of the amount paid with a limit of EUR 40 per transaction
• Cash withdrawals will be subject to a tax of 0,8 % of the amount withdrawn (without limit)
• A flat rate tax of EUR 2 per year will apply to each payment card used by the entity at least once in a calendar year

2. Recharged costs associated with the execution of financial transactions in connection with the taxable person’s activities in Slovakia will be taxed at a rate of 0.4% of the amount recharged without a limit. The minimum amount of the tax is EUR 0.01.

The taxpayers in this case are:

• Local banks or Slovak branches of foreign banks in the case of local bank accounts
• The taxable person him/herself
  • if he/she uses a foreign bank that does not have a branch in Slovakia
  • if he/she is recharged with the costs of carrying out financial transactions in connection with the taxpayer’s activities in Slovakia
  • if he/she carries out financial transactions on an account other than a bank account

The tax base is the amount of the payment or the amount of the recharged costs. The tax period is a calendar month and the tax must be paid and the relevant tax notice filed by the end of the following month.

For further information please contact:

Lubomir Alezar, Partner, ECOVIS LA Partners Tax, s.r.o., Bratislava, Slovakia
Email: Lubomir.Alezar@ecovis.sk