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International tax, audit, accounting and legal news
Tax for non-domicile digital services providers in Peru: Oversight campaign launch
03.02.2025The 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.
For further information please contact:
Octavio Salazar Mesias, Partner, ECOVIS Peru, Lima, Peru
Email: octavio.salazar@ecovis.com.pe
M&A in Europe: Outlook 2024-2025
30.01.2025Following a slow year in 2023, the European market for mergers and acquisitions (M&A) experienced a significant rebound in 2024. Key factors contributing to this recovery included stabilised interest rates, a decline in inflation, and increased investor confidence.
Sectors such as technology, e-commerce and renewable energies are particularly benefiting from increased transaction activity. This reflects their continued attractiveness to investors, explain the Ecovis experts.
Regional insights into M&A in Europe
The following regional perspectives highlight key markets where M&A trends offer valuable lessons for business strategies. This helps to understand their economic context and implications for stakeholders.
- The UK market has witnessed a surge in M&A deals as businesses aimed to finalise transactions ahead of anticipated tax policy changes in early 2025.
- Germany’s M&A landscape has faced challenges due to sluggish economic growth and concerns about competitiveness, prompting an increase in distressed sales.
- In Central and Eastern Europe, Poland emerged as an investment hotspot due to favourable economic performance and EU funding boosts. Similarly, Czech businesses accelerated transactions in anticipation of upcoming tax reforms.
If you have any questions about M&A, please feel free to contact us.Jan Slaby, Partner, ECOVIS Corporate Finance, Prague, Czech Republic
Key trends shaping 2025
Looking ahead, several trends are expected to shape the European M&A market:
- Technological investments and ESG initiatives: Companies are focusing on digital transformation and sustainability, leading to increased investment in innovative and environmentally conscious projects. Our company is committed to smart solutions that align with these trends, supporting sustainable growth for our clients.
- Creative deal structuring: In response to ongoing economic uncertainties, buyers and sellers are adopting more flexible and risk-averse transaction frameworks.
The overall sentiment in the European M&A sector remains cautiously optimistic. As businesses continue to adapt to evolving economic and regulatory landscapes, 2025 is expected to bring further opportunities for growth and strategic partnerships.
European M&A Outlook 2024-2025
Are you interested in more details about the European M&A outlook? Read the full article here:
For further information please contact:
Jan Slaby, Partner, ECOVIS Corporate Finance, Prague, Czech Republic
Email: jan.slaby@ecovis.cz
Companies act Croatia: How to deal with share capital and company shares as a result of the introduction of the Euro
28.01.2025On 1 January 2023, the Republic of Croatia converted the kuna to the euro with a fixed exchange rate. How and when must companies adjust their share capital and shares to the new currency and the Companies Act Croatia? The Ecovis experts explain the regulations.
What is new in terms of share capital
The introduction of the Euro (EUR) as the official currency instead of the previously valid kuna (HRK) was the final step in the process of joining the EU. The Government introduced a fixed conversion rate of 1 EUR = 7.53450 HRK. From 1 January 2023, all values had to be converted into EUR at this rate. For businesses, this obligation and its terms and deadlines are set out in the Companies Act.
The share capital of companies registered in the Republic of Croatia was given in kuna and visible online in the public registries of all commercial courts in Croatia, available at https://sudreg.pravosudje.hr/registar/f?p=150:1
From 1 January 2023, these courts converted share capital from HRK and displayed it in EUR in their online databases. However, this is only for display purposes and does not mean that the company has actually complied with its obligations to convert its share capital into EUR.
The Companies Act obliges companies to recalculate their share capital and business shares under specific rules, with slightly different amounts of minimum share capital and shares, as well as rules for rounding these amounts.
We will help you to correctly convert share capital and shares from kuna to euros in your business documents.Ema Kalogjera Juranić, Attorney at law, HAČIĆ & KALOGJERA JURANIĆ Law Firm Ltd.*, Zagreb, Croatia
Prescribed deadlines for limited liability companies (LLC), simple limited liability companies (SLLC) and joint-stock companies (JSC)
There is no specific deadline for LLC and SLLC. However, these companies are required to enter the share capital and business shares in euros in the court register either at the first sale/purchase of business share(s), in case of recapitalisation, amendments to the articles of incorporation, or other changes in status carried out in the companies registry. Unlike LLC and SLLC, for JSCs the deadline was a period of one year (i.e., until the beginning of 2024).
When recalculating share capital and business shares, the nominal amounts need to be converted into euros and rounded up. Due to the provisions of the Companies Act on the minimum amount of share capital and the minimum amount of business shares and their multiples, practically all companies will need to increase or decrease their share capital and nominal amounts of business shares, including their own business shares.
An increase or decrease in order to comply with the Companies Act is not treated as a change in share capital or business shares and there is a simplified procedure. However, to comply with these rules, the ownership structure should not change, and shareholders’ rights should remain as they were.
It is inevitable that all companies registered in the Republic of Croatia will have to carry to out the adjustment of share capital and shares from HRK to EUR in the companies registry, their articles of incorporation, and in regulations, decisions, business and other documents. However, it is important to note that this must not have any negative effect on shareholder’s rights.
For further information please contact:
Ema Kalogjera Juranić, Attorney at law, HAČIĆ & KALOGJERA JURANIĆ Law Firm Ltd.*, Zagreb, Croatia
Email: ema.kalogjera@hkj-legal.hr
Darko Pavlic, ECOVIS FINUM/ECOVIS FINUM REVIZJA, Zagreb, Croatia
Email: zagreb@ecovis.com
*In cooperation with ECOVIS L+C Rechtsanwaltsgesellschaft mbH