Michaela Merz

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South Korea – Internal control over financial reporting

I read shortly changes in South Korea about audit in financial reporting. I was fascinated about the increasing responsibilities and surprisingly penalties in case companies should not behave in line with the law. Whether or not we are getting step closer to full transparency and absolut correctness of reporting the future will show. Continue reading

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UAE – GIBAN – paying via fund transfer

–  A GIBAN is a unique IBAN number that is given to every taxable person.

–  A taxable person can make a fund transfer from certain UAE financial institutions using the GIBAN provided by the FTA.

–  This payment method can be used for settling any outstanding VAT and Excise Tax amounts payable including tax and penalties.


–  This option should not be used for other payments such as Miscellaneous Payments.

for more details please click HERE.


Bildquelle: Makrodepecher  / pixelio.de

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KSA – Update on the deadline for the registration

I would like to inform you about the following changes regarding the deadline of the registration:

The registration portal will open from 28th August after which point you have a few months to register ahead of VAT launch in January 2018. Continue reading

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PwC Webcast: Data Analytics – 3 December 2015 (9h00 CET – 10h00 CET)

465575_web_R_by_rudolf ortner_pixelio.deOver the last years, I have seen that challenges and demands faced by tax and finance departments have been growing rapidly. On the one hand, international developments mean that domestic and foreign authorities require more transparency on financial and tax-relevant data. Continue reading

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Hungary – Data export requirements effective as from 1 of January 2016

Photo_RGB_R_CAN_TR_D1_CM1_6401.jpgCorus Entertainment - One of Canada's largest media companies with a focus on children's televisionAs of 1 January 2016 in accordance with a new regulation (Decree of the Ministry for National Economy No. 23/2014, the „Invoicing Decree”) invoicing software must include a new function called “data export for tax authority review” (adóhatósági ellenőrzési adatszolgáltatás) and must be able to extract invoicing data either for a certain invoice (number) range or for a certain period. Continue reading