The European Parliament has agreed draft rules for national regulators to supervise crypto-assets, protect consumers and ensure environmental sustainability in the sector. Its economic and monetary affairs committee adopted new rules on digital assets, which will cover cryptocurrencies such as bitcoin, by a substantial majority. The proposed regulation, known as the Markets in Crypto Assets Regulation, or MiCA, will boost confidence in the currencies among investors, and support the development of digital services and alternative payment instruments, the EU’s Parliament said.
Regarding Easter holidays our office will be closed on 15th and 18th April. Wishing you peaceful Easter!
The Financial and Capital Market Commission has developed “Recommendations for the distance customer identification” (hereinafter – the Recommendations) with the aim of clarifying the customer identification process and binding requirements, thus helping institutions to manage the risks specific to customer identification and promoting the wider use of appropriate identification in customer research in process. The recommendations are published in the Latvijas Vēstnesis 15.02.2022.
Most countries’ personal income taxes have a progressive structure, meaning that the tax rate paid by individuals increases as they earn higher wages. The highest income tax rate individuals pay differs significantly across European OECD countries—as shown in a map.
The top statutory personal income tax rate applies to the share of income that falls into the highest tax bracket. For instance, if a country has five tax brackets, and the top income tax rate of 50 percent has a threshold of €1 million, each additional euro of income over €1 million would be taxed at 50 percent.
The deadline for companies to submit their annual and consolidated accounts has been extended by three months, i.e. if the reporting year of the company in 2021 coincided with the calendar year and the prepared annual report should be submitted to the State Revenue Service by 30.04.2022, then in accordance with the specified, the term for submission of the annual report for 2021 to the subject of this Law has been extended until 31.07.2022.
The deadline for associations and foundations, as well as religious organizations and public benefit organizations to submit the annual report for 2021 has been extended until 30.06.2022.