As global compliance experts, Global Upside has been providing relevant news and updates on recent country regulations. With so much going on around the world, it can be easy to get lost in the barrage of information.
In Northwestern Europe, various new labor laws have been implemented, and notable amendments have been made to those already in effect.
The Czech Republic has introduced several changes in insurance, UBO, and reporting policies for the year of 2021. As of January 1st, 2021, the income base amount for health insurance contributions has been raised by CZK 500. The threshold for health insurance participation which had been previously set at CZK 3,000 is now at CZK 3,500.
Several Canadian labor law updates have been imposed by the CRA (Canada Revenue Agency). Major updates pertain to reporting and travel allowance tax.
As year-end approaches, it’s crucial for any company with business in Europe to comply with the annual accounting reporting requirements. Not only does this regularly pose a challenge for new and growing businesses, but even those who have established themselves on the continent can struggle when regulation changes are considered.
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