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  • New VAT regime for SMEs in 2025: European Commission launches web portal to guide them

    https://sme-vat-rules.ec.europa.eu/index_en?mc_cid=b2c0984439&mc_eid=19909687b2 From 1 January 2025, the special VAT regime (the SME scheme) allows small enterprises to:  Small enterprises choosing VAT exemption will lose the right to deduct VAT on goods and services used to make exempt supplies. Have a look at the campaign material page for more information. Who can benefit? Any small enterprise with a total annual turnover of no more than EUR…

  • Understanding DORA Compliance Requirements

    The Digital Operational Resilience Act (DORA), enacted by the European Union, is a pivotal regulation aimed at ensuring the financial sector’s operational resilience against digital disruptions. It provides a harmonized framework for risk management, incident reporting, and third-party oversight across EU member states. Businesses that fall under DORA’s scope must adhere to its stringent requirements…

  • EU Council adopts trade, import and export ban on products made using forced labor

    EU Council adopts trade, import and export ban on products made using forced labor Executive summary On 19 November 2024, the European Council adopted a proposed regulation (Regulation) on prohibiting, on the European Union (EU) market, products made with forced labor (EU Forced Labor Regulation or EUFLR). As this is the last step in the legislative process,…

  • How vital is it for startups to have their accounting controlled from the start?

    When launching a startup, founders often have a whirlwind of priorities to manage—product development, marketing strategies, hiring talent, and seeking investment. Amid the excitement and frenzy, one critical area that often gets overlooked is the financial and accounting aspect of the business.

  • Xero vs. QuickBooks: Which Accounting Software is Right for Your Business?

    Whether you’re starting a start-up or your business is already in operation, the right accounting software can make all the difference in maintaining financial health and fostering growth. With so many options available, it can be challenging to determine the best fit for your business. That’s where Xero and QuickBooks come in as leading contenders,…

  • 12% VAT rate on the hiring of pleasure boats

    Today the Tax & Customs office issued guideline related to the hiring of pleasure boats that includes a reduced VAT rate of 12% shall apply to the supply of the aforemenoned services where the tax on such services becomes chargeable in terms of the Fourth Schedule to the VAT Act on or after 1st January…