We have already informed our MindLink subscribers that every company needs to update its accounting policy because the new Accounting Act effective from 1 January 2022 is replacing the old Accounting Act of 1993. This article explores what material changes the accounting policy needs to describe and what purposes it serves.
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Ask questionWe have already written about the new Accounting Act, which was passed on 10 June 2021 and comes into force on 1 January 2022. The old Accounting Act and the Cabinet of Ministers’ Rule No. 585 of 21 October 2003, Bookkeeping and Accounting (“Rule 585”) will cease to apply as a result. New accounting rules will be issued to accompany the new Accounting Act. This article explores the content of the proposed rules and the time frame for adoption.
The rapid evolution of digital financial services has led to virtual currency (“VC”) being increasingly used in everyday payments. In July 2021 the State Revenue Service issued guidance on the tax and accounting treatment of virtual currency transactions, offering insights into the practical application of laws and regulations to income people earn from VC dealings. This article explores the personal income tax (“PIT”) treatment where an individual buys and sells VC.
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