Accountants, tax advisors and business consultants in Riga
About us
ECOVIS in Latvia unites professionals who have accrued their experience and professional knowledge in immediate work with big foreign investors, local businessmen and private persons.
Luxembourg: A Leading Hub for Efficient Entity Management
05.02.2025
Luxembourg has solidified its position as a top jurisdiction for entity management, ranking 2nd fastest globally in the Mercator Entity Management Report 2024. The country’s regulatory transparency, digital infrastructure, and skilled workforce make it an attractive destination for multinational companies.
Published by Mercator® by Citco, the report assesses 180 jurisdictions based on the time and cost required to complete corporate secretarial activities. Unlike survey-based rankings, the analysis is built on real-life corporate transactions, offering a reliable benchmark for businesses.
Luxembourg’s business-friendly legal framework and advanced digital solutions, including e-filing, e-signatures, and automated reporting, significantly reduce administrative burdens. The Luxembourg Financial Sector Supervisory Commission (CSSF) plays a pivotal role in ensuring streamlined compliance processes.
Multinationals benefit from harmonized EU regulations, strong cross-border cooperation, and flexible corporate structures. The country’s stable economic and legal environment further enhances its appeal as a premier European business hub.
For companies expanding in Luxembourg, partnering with an experienced audit and advisory firm is crucial. ECOVIS IFG Audit SA provides expert guidance on compliance, financial reporting, and corporate governance, ensuring efficient entity management.
Invest in Tunisia: Reform 2025 and its implications for investors
05.02.2025
Tunisia is starting the 2025 fiscal year with several major economic and fiscal reforms. These include increases to the SMIG (Guaranteed Interprofessional Minimum Wage) and SMAG (Guaranteed Minimum Agricultural Wage), as well as benefits such as tax and customs amnesties. Taxpayers will need to adapt quickly to take advantage of the new measures. The economic and tax reforms are also designed to make it easier for companies to invest. The Ecovis experts explain the new regulations.
Increases to SMIG and SMAG in two phases
Decrees nos. 419 and 420 of 9 July 2024, provide for a gradual increase in the SMIG and the SMAG. The first phase applies retroactively to 1 May 2024, while the second phase will take effect from 1 January 2025:
With technical bonus: up to TND 22.36 dinars for skilled workers.
Creation of an unemployment insurance fund
Article 17 of the 2025 Finance Act introduces a 1% increase in social security contributions to fund a new unemployment insurance fund:
General regime: Increases from 25.75% to 26.75% (17.07% employer contribution and 9.68% employee contribution).
Fully exporting companies: Increases from 25.25% to 26.25%.
Tax, social, and customs amnesties
Several amnesties have been announced:
Social amnesty: Penalties for late payment of social security contributions will be waived, provided that debts are settled before 31 March 31 2025.
Tax amnesty: Total reduction of late payment penalties for tax returns filed by 20 June 2025, subject to payment of the principal tax.
Customs amnesty: Applicable to offenses detected before 1 December 2024, with staggered payment conditions until 1 January 2026.
Are you affected by the complexity of Tunisia's 2025 economic reforms? We will help you navigate the new tax laws, labour regulations and investment incentives. Khalil Sabbagh, Managing Partner, ECOVIS KDH Partners, Tunis, Tunisia
New corporate tax rates
Starting in 2025, companies will have to apply the new corporate tax rates to their 2024 profits:
20% for the majority of sectors.
40% for banks, financial institutions (excluding payment institutions), and insurance and reinsurance companies.
Tax exemption for new businesses
Article 33 of the 2024 Finance Act exempts companies created in 2024 and 2025 from income tax and corporate tax for a period of four years. 2025 will be the last year to benefit from this tax advantage.
New electronic procedures and cheques
Withholding tax certificates: From 1 January 2025, taxpayers will be required to use a dedicated electronic platform to prepare certificates.
Cheque regulations: From 2 February 2025, old cheque formats will no longer be valid, in accordance with Law No. 2024-41.
Tax for non-domicile digital services providers in Peru: Oversight campaign launch
03.02.2025
The Peruvian Tax Administration (SUNAT) has officially initiated a 2025 tax oversight campaign targeting non-resident companies offering digital services in Peru. The campaign focuses on ensuring compliance with Peruvian tax regulations, particularly among digital streaming platforms operating in the country.
Key considerations for non-domiciled digital services providers
Compliance with VAT regulations: Non-resident providers offering digital services in Peru are expected to comply with VAT requirements established under Legislative Decree No. 16744, effective from 1 December 2024. This includes registering, declaring, and remitting the 18% VAT on applicable services.
Regulation of tax matters: Digital service providers should assess their current tax status in Peru. SUNAT has emphasised the importance of addressing any outstanding compliance matters promptly to avoid potential penalties.
Targeted platforms: Major platforms providing streaming services, cloud-based solutions, or other digital services should review their operational structures to ensure full alignment with Peruvian tax obligations.
We support you in assessing and correctly implementing your obligations under the updated multi-tax framework. Octavio Salazar Mesias, Partner, ECOVIS Peru, Lima, Peru
SUNAT’s enforcement strategy
Audit campaigns: The current phase involves active audits and monitoring of businesses with significant operations or economic interests in Peru.
Penalties for non-compliance: Companies found in violation of tax obligations may face fines, interest charges, or additional enforcement actions.
Remarks and recommendations
Companies affected by the new VAT rules should proactively contact and clarify with SUNAT any potential compliance issues. The Ecovis experts also recommend setting up and reviewing internal VAT declaration and remittance procedures to ensure accuracy and timeliness.