Compliance

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Recent Articles

  •  
    26/03/2024
    Sweden

    Sweden intensifies crackdown on credit-funded gambling

    Proposed new amendments to the Swedish Gambling Act will mandate gambling companies to decline all credit-based payments from consumersSince the implementation of the Swedish Gambling Act (SFS 2018:1138) in 2019, Sweden has made several amendments to the Swedish Gambling Act to mitigate potentially harmful effects that gambling may entail. A notable addition has been the introduction of a gambling software operating permit during 2023. CMS Wistrand has previously published an article on this matter, which can be found here.Currently, Sweden is considering further legislative amendments aimed at...
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  •  
    25/03/2024
    United Kingdom

    Introduction to the Crypto-Asset Reporting Framework

    The market for Crypto Assets is growing rapidly. Crypto Assets can be issued, recorded, transferred and stored in a decentralised manner, without the need to rely on traditional financial intermediaries or central administrators. Further, the Crypto-Asset market has given rise to a new set of intermediaries and other service providers, such as Crypto-Asset exchanges and wallet providers, which may currently only be subject to limited regulatory oversight. Overall, the characteristics of the Crypto-Asset sector have reduced tax administrations’ visibility on tax-relevant activities carried...
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  •  
    25/03/2024
    Sweden

    Additional Swedish judgment in a dispute between a gambler and two gambling operators

    BackgroundThe Swedish resident gambler P.H. sued two Maltese-based gambling operators within the same company group for repayment of losses and damages for pure economic loss and for personal injury. The first gambling operator, Kindred Group PLC, was sued for repayment and damages in the amount of SEK 10,242,409 plus interest concerning gambling during the years from 2011 to 2018 (Claim A). The gambling services were not provided under a Swedish license, since such was not available at that time. The second gambling operator, Spooniker Ltd, was sued together with Kindred Group PLC for joint and...
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  •  
    07/03/2024
    United Kingdom

    Introduction to Crypto-Asset Reporting Framework, the new OECD international standard on automatic exchange of information and amendments to the CRS

    In 2023, the OECD conducted its first comprehensive review of the Common Reporting Standard (“CRS”) since CRS was adopted by the OECD in 2014. This has resulted in amendments in two key areas:(A) The introduction of a new tax transparency Crypto-Asset Reporting Framework (“CARF”) which provides for the automatic exchange of tax information on transactions in Crypto-AssetsThis is to address the emergence of Crypto-Assets, which can be transferred and held without interacting with traditional financial intermediaries and without any central administrator having full visibility...
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  •  
    06/03/2024
    United Kingdom

    Spring Budget 2024 – key tax announcements

    Against the backdrop of an election (probably) later this year, the Chancellor was evidently feeling the pressure to make tax announcements that would find favour with the electorate, whilst constrained by the economic environment. Warning that further tax cuts can only be funded by growing the economy and making the state more efficient, the emphasis was on fiscal responsibility and increasing resilience to future shocks. The reduction in employee NICs – matching that in the Autumn Statement - had been so heavily rumoured in the immediate run up to budget day that it was hardly a surprise. ...
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  •  
    08/02/2024
    Bulgaria

    Bulgarian land acquisition provision deemed incompatible with EU law by CJEU

    On 18 January 2024, the Court of Justice of the European Union (CJEU) officially released a long-anticipated judgment in which it ruled that a provision of the Bulgarian Agricultural Land Ownership and Use Act (Article 3B) was incompatible with EU law.Article 3B of the Bulgarian Agricultural Land Ownership and Use Act requires that foreign individuals or entities should have resided or be established in Bulgaria for more than five years to be eligible to acquire agricultural land in Bulgaria, even if they are based in the EU.The CJEU, however, ruled out such restrictions, finding the Bulgarian...
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