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MGMI Consulting

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MGMI Consulting

International consulting company. Our main values are professionalism, reliability, transparency, openness, innovation, and flexibility.

We are convinced that the success of our business depends on our employees, so we encourage each of them to unleash their own potential.

02/03/2023

Main Types Of Insurance In France 🇫🇷👌

1️⃣ Health insurance

👉 On the territory of the French Republic, since 2016, there has been a universal health care system called Protection Universelle Maladie, which applies to all country residents.

🤝 Expats working in the French Republic are considered insured from the first work day.

👉 Foreigners legally residing in France can access the public health insurance system provided they stay in the country for at least three months on a regular basis.

🤝 The new system ensures that all residents legally residing in the state's territory can continue to use a valid health insurance policy, despite a change in personal circumstances, loss of work, and termination of business activities.

2️⃣ Real estate insurance

👉 Regardless of whether a person is a tenant or owner of immovable property, they must insure it.

🤝 French law for persons with unfurnished houses/apartments establishes the obligation of civil liability insurance to cover possible damage to third parties and their property.

👉 Real estate insurance policies are comprehensive and provide insurance for all possible risks, in particular compensation for damage caused to real estate or home property in connection with fire, flood, theft, or vandalism.

3️⃣ Insurance for schoolchildren

🤝 Some real estate insurance policies automatically cover damage a child may cause at school, while other companies take out a separate insurance policy for this risk.

👉 In both cases, the insurer provides a certificate, which must be submitted to the educational institution at the beginning of the school year.

23/02/2023

About Taxes In The Netherlands 🤝🇳🇱

1️⃣ Corporate Income Tax

👣 The procedure for paying income tax is determined depending on the main location of the legal entity-payer; therefore, it will be different for residents and non-residents.

🙌 All companies whose legal address is registered in the Kingdom are considered residents and are required to pay income tax in the Netherlands on all their income, regardless of where they are received - in the country of registration or abroad.

👣 In turn, non-residents pay income tax in the Netherlands exclusively on the funds received from entrepreneurial activities directly in the state.

The rate is calculated as follows: ⬇️

👉 If the amount of net income does not exceed two hundred thousand euros, income tax is paid at a rate of 20%.

👉 The corporate tax rate is 25% for all profits above this amount.

2️⃣ Value-added tax

👣 Value-added tax, which acts as an indirect tax on consumption, is established in the Netherlands following the general principles of EU tax policy. VAT is levied on all consumer goods and services except those with a preferential recovery regime. The base rate is 21 per cent.

3️⃣ Property tax

🙌 In addition to the charges described above, individuals in the Netherlands must also pay real estate tax. The rate of fiscal contribution varies depending on the area of the property. Its purpose, the length of stay in the owner’s ownership, and so on.

👣 According to its valuation, it can be 0.1 - 0.3% of the property’s value. When transferring real estate ownership, the seller must pay an additional tax of 6 per cent of the property’s value.

15/02/2023

Additional Types Of Insurance Policies In Austria 🇦🇹

1️⃣ Housekeeping insurance

🙌 This type of insurance coverage aims to repair damage to the contents of your home from damage or theft. Such insurances are quite popular among tenants since they are often responsible for the safety of their personal belongings. Basic plans start from EUR 60 per year, and comprehensive coverage can be purchased for at least EUR 100.

2️⃣ Pet insurance

🤔 Such insurance covers the treatment of an animal in case of swallowing various objects, biting insects or other animals, burns, eye injury, poisoning by toxic substances, dislocation or fracture of bones.

🙌 The cost of an insurance package for one pet can be EUR 5.3 per month. It is the minimum package that will include accident and sickness insurance. The price of extended policies varies from EUR 45 to EUR 884.

3️⃣ Personal liability insurance

🤔 In Austria, each person’s liability limits are determined by the provisions of the General Civil Code.

🙌 A person who, by his action or inaction, causes damage to another person is obliged to pay all the damages caused. Third-party liability insurance involves checking the legal situation, eliminating unfounded claims and settling justified conflicts.

🤔 A standard private liability insurance policy costs EUR 20 to EUR 40 per year, and extended insurance can cost EUR 90 per year.

08/02/2023

What Taxes Are Paid In The Czech Republic? 🤝🤔

1️⃣ Income tax

👉 Income tax is levied on residents’ income worldwide, as well as the income of non-residents from sources in the Czech Republic.

💼 The standard income tax rate in the Czech Republic is 19%.

👉 Capital gains are subject to income tax.

💼 There are reduced rates on profits from investment and mutual funds of 5%.

2️⃣ VAT

👉 The standard VAT rate is 21%. A reduced VAT rate of 15% is provided for basic foodstuffs, medicines, printed matter, medical equipment, heating, and social housing.

💼 VAT payers are companies whose turnover exceeds CZK 1 million in 12 months. This rule does not apply to non-residents.

3️⃣ Taxation of personal income

👉 Residents are taxed on all income, and non-residents are taxed on income from sources in the Czech Republic.

💼 The standard tax rate is 15%.

👉 Business income exceeding 48 times the average salary per year is subject to an additional solidarity tax of 7%.

4️⃣ Tax on real estate of individuals

💼 The taxpayer is the owner of real estate or land in the Czech Republic. Different coefficients are applied to calculate the tax depending on the location, real estate area or land.

👉 There is also a tax on the sale of real estate in the Czech Republic at a rate of 4%.

31/01/2023

3 Important Types Of Business Insurance In The Uk 🗣📲

💰 Professional indemnity insurance. This type of insurance protects a business against negligence claims of customers. It covers legal fees and compensation expenses.

👌 Public liability insurance. This type of insurance protects a business against claims on private property damage or a person’s injury due to business activity. It also covers other unexpected circumstances that are impossible to foresee. It is not obligatory insurance in the UK. Still, it is recommended to get one.

💰 Employer’s liability insurance is a legal requirement for most businesses. If you hire personnel, you need this insurance to be in place. Otherwise, the company will be fined. This insurance protects employers and covers the expenses if an employee gets ill or injured at work or as a result of working.

👌 Legal protection insurance defends a company in case of legal action due to misunderstandings or disagreements. It can be debt recovery, employment disputes, property damage, etc. This insurance in place will cover the legal costs.

24/01/2023

Tax Risk Review: Everything You Need to Know 🤝🤔

🙌 With the help of a skilled tax consultant, you can learn how to manage your tax risk and explore how to address gaps and weaknesses.

When preparing Tax Risk Review, our advisors consider the following questions:

1️⃣ How is tax risk currently identified, assessed, and escalated?

2️⃣ Is there an existing global tax risk register? How is this maintained?

3️⃣ What concerns does your senior management have regarding your main tax risk areas?

4️⃣ Are these risks consistent on a global basis?

5️⃣ Are there jurisdictions/business units where tax risk is a concern because you need more confidence or visibility?

6️⃣ Can jurisdictions/business units be placed into tiers based on risk profiles?

7️⃣ Are tax accountabilities and responsibilities clearly defined?

Our Tax Risk Review process:

👉 We have an established approach to reviewing tax risk management.

👉 We facilitate structured tax risk discussion workshops to clarify and determine your approach to tax risk.

👉 We apply questionnaires and digital tools to assess and benchmark your tax risk controls and framework.

Do you want to order Tax Risk Review or learn more about our other services?
Contact the MGMI Consulting crew anytime - http://mgmi-consulting.com/

19/01/2023

Top Tax Technologies In Europe In 2023 🇪🇺⬇️

The top tax technologies in Europe in 2023 are e-invoicing, real-time, and SAFT obligations.

1️⃣ E-invoicing.

👣 An e-invoice is an electronic invoice in XML format. In many countries, e-invoicing is obligatory in B2G transactions. But the mandatory implementation for the B2B sector takes longer.

💱 Italy and Portugal have used e-invoicing for years now. Poland and France are on the way to mandatory e-invoicing. Spain announced mandatory e-invoicing in B2B, but the due dates are unknown.

2️⃣ SAFT obligations.

👣 SAF-T stands for Standard audit file for tax. It is an internationally standardised file in SML format facilitating the tax data exchange. Technology implementation aims to reduce the VAT-fraud and make the tax audit easier for authorities.

3️⃣ Real-time reporting.

💱 RTR stands for real-time automated reporting of tax data to the authorities. Real-time reporting is less widely implemented than e-invoicing.

👣 Only Spain and Hungary have implemented obligatory real-time reporting. It should be noted that real-time reporting also applies to foreign countries registered for VAT purposes when certain conditions are met.

13/01/2023

What Taxes Are Paid In Italy? 🇮🇹

1️⃣ Personal Income Tax

👉 Every natural person carrying out activities in Italy and receiving the corresponding income must pay income tax. If the source of funds is only wages, it is withheld from the employee directly upon its accrual and payment.

🤝 In such situations, the employer acts as an agent. He is entrusted with the duty to correctly calculate and withhold to ensure a modern transfer to the state budget.

👉 Income tax in Italy is charged progressively. In other words, the higher the payer's income, the higher the rate will apply.

2️⃣ Corporate income tax

🤝 Resident enterprises must pay income tax in Italy on all income, including those received abroad. Non-resident legal entities pay according to the profits received from economic activities in the country.

3️⃣ Real estate tax

👉 It is one of the local mandatory fees Paid annually. The rate can vary from 0.4 to 0.7% of the cadastral value of the real estate, depending on the specific region.

4️⃣ Value-added tax

🤝 The general VAT rate in Italy is 22%. At the same time, many legislative acts allow a reduction to 4 or 10 per cent. For some types of products, a zero VAT rate is provided, including for goods that are exported outside the European Union.

05/01/2023

What Types Of Insurance Are Compulsory In Austria? 👌🇦🇹

🤝 Obligatory types of insurance in Austria include social insurance and car insurance. If you lose your job, you can get financial assistance for a particular time.

1️⃣ Health insurance

The Austrian healthcare system is one of the highest quality in the world. Local hospitals have highly qualified specialists and world-class equipment. Austria regularly ranks among the top 10 healthcare countries in the world.

All persons staying in Austria for more than six months receive the status of a resident and are required to pay for medical care from one of the local insurance companies. If the ex-pat is a citizen of a country with a social insurance agreement with Austria, then he needs to have an A3 form in case of a short stay and an A4 form for an extended stay.

2️⃣ E-card

Since 2005, all external medical certificates in Austria have been replaced by electronic medical records. E-cards have an electronic chip linked to an online database and contain information about each person’s health, pension, unemployment and accident insurance. It is only valid if all data fields are filled in and you pay the insurance premiums.

3️⃣ Car insurance

In Austria, car insurance is compulsory and can be arranged through an insurance broker or company. The car owner must provide an insurance certificate and registration documents to obtain licence plates.

30/12/2022

How To Minimise Tax Risks? 🤔⬇️

1️⃣ Constantly monitor tax laws

👣 Responsible persons must receive information about changes on time and update tax accounting in the organisation. It will help to avoid fines due to errors in documents and calculations.

2️⃣ Automate workflow

💲 Try to switch to legally effective electronic document management if you can. This makes it possible to store and quickly find the necessary documents conveniently.

3️⃣ Switch to electronic reporting

👣 Some companies like MGMI help correctly prepare and send reports on time. Accordingly, the risks of receiving fines for non-compliance with the deadlines for filing reports and errors in filling out are reduced.

4️⃣ Strictly follow the legal norms when drawing up contracts for transactions

💲 It is necessary to comply with the form of the contract depending on the type of transaction, correctly formulate the subject of the agreement, monitor the reasonableness of contract prices and compliance with the business goal.

👣 A properly drawn-up contract will not attract the attention of the tax service and reduce the risk of recognising the transaction as doubtful.

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Dublin
D08Y2E5

Opening Hours

Monday	8:30am - 6pm
Tuesday	8:30am - 6pm
Wednesday	8:30am - 6pm
Thursday	8:30am - 6pm
Friday	8:30am - 6pm

Website

https://mgmi-consulting.com/

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