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The BFG (03.08.2023, RV/5101166/2018) has commented on the fulfilment of the criteria for a shell company acquisition. In this case, changes in the economic structure and the shareholder structure were denied. The criteria for a shell company acquisition were therefore not met, which is why the taxable Limited Liability Company (“GmbH”) was able to claim the existing losses for tax purposes.

The BFG („Bundesfinanzgericht“) has commented on questions relating to violations of the limitation of deductions pursuant to § 20 para. 1 no. 7 Income Tax Act (“EStG”) on "manager salaries" and established criteria for culpability in the event of non-compliance with this limitation.

EFRAG has released drafts for two sustainability reporting standards for SMEs for public consultation (ESRS LSME and ESRS VSME). This provides clarity on the extent to which large companies can demand sustainability information from SMEs, as ESRS LSME sets the upper limit for capital market-oriented SMEs. Conversely, the voluntary standard for non-capital market-oriented SMEs aims to support the standardization of sustainability data to respond to enquiries from business partners.

EFRAG has adopted the draft of the ESRS XBRL taxonomy for digital tagging of sustainability reports. In future, companies subject to the CSRD will have to disclose their reports in this electronic format. This will make sustainability information more easily accessible and increase transparency.

With the preliminary agreement on the Corporate Sustainability Due Diligence Directive (CSDDD), a further milestone in the European Green Deal has been reached. For the first time, the CSDDD puts corporate due diligence towards human rights and the environment at the forefront along the entire value chain. The significance of the issue is underscored by the far-reaching sanctions involved.

The AI Global Excellence Awards were established in 2018 by the Acquisition International Magazine to recognize innovative companies, teams, and individuals driving positive change in various industries. To determine the winners, an impartial in-house team conducts comprehensive research. Nominees are analyzed based on various criteria such as experience, digital presence, customer reviews, products and services, and business development.

Demystifying IFRS 2 by explaining the fundamentals of accounting for share-based payments.

The accounting of share-based payments remains not well understood and this is evidenced by a number of Interpretations and agenda decisions being issued by the IFRS Interpretations Committee (IFRIC).

With our Tax Compliance Calendar 2024, you can see the monthly submission deadlines for VAT returns, EC sales and TAX returns at a glance. Simply download the PDF & keep an overview throughout the year.

According to the World Economic Outlook (WEO) report issued by the International Monetary Fund (IMF) in October 2023, and based on economic conditions that currently exist in Ghana, Sierra Leone and Haiti, these countries are now considered to be hyperinflationary from 31 December 2023. Therefore, reporting entities in those countries will be required to apply IAS 29 'Financial Reporting in Hyperinflationary Economies'. Consequently, any entities with interim or annual financial reporting requirements at 31 December 2023 or thereafter should reflect IAS 29 in their IFRS financial statements.

As of 01.01.2024, the following amendments to the double taxation agreement with Germany will become effective.

Many Central European companies have paid little attention to US sanctions so far. However, the regularly prevailing view that only EU sanctions apply to domestic companies is incorrect and quite risky. In addition to the location of the respective company, there are various factors that lead to Central European companies also increasingly coming into the focus of the US authorities.

The following case example is about the Swiss company Société Internationale de Télécommunications Aéronautiques SCRL (hereinafter "SITA"). Geneva-based SITA was ordered to pay a fine of nearly US$8 million for apparent violations. The following text summarises the information published by OFAC on this case.

The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and amendments are published by the International Accounting Standards Board (IASB) with the potential to significantly impact the presentation of a complete set of financial statements and 2023 is no different.

The draft of an amendment protocol to the double taxation agreement between Germany and Austria is currently under review (in particular regarding Art 15 para 6 DTA). The amendments are expected to be in force as of 2024.

The International Sustainability Standards Board (ISSB) has now issued its first two international sustainability standards (the Standards) that become effective for periods beginning on or after 1 January 2024. Together they mark the start of a new era of requiring reporting entities to make sustainability related disclosures.