Mohamed Houcem NJEH, (FMVA)®, (BIDA)™’s Post

IPA’s new research initiative plans to investigate the costs of digital financial services in #Tanzania by reviewing the following drivers that can influence affordability: ➡️Business models ➡️Regulation & Competition ➡️Tanzanian Instant Payment System ➡️Taxation ➡️Consumer Price Sensitivity Learn more: bit.ly/tadfri2024 #Finclusion #DFS #TADFRI

What Will Montenegro’s SEPA Membership Mean for Its Economy? On January 1, 2025, Montenegro will officially join the Single Euro Payments Area (SEPA), a landmark step toward economic and financial integration with European standards. This membership promises significant benefits for citizens and businesses, including substantial reductions in transaction costs, faster and more secure payment processing, and simplified cross-border euro payments within the European market. SEPA’s framework unites 36 countries, fostering efficient, secure, and uniform financial transactions. For Montenegro, this shift enhances economic connectivity, simplifies trade, and strengthens its position in European markets. Businesses will experience improved cash flow and lower administrative burdens, while citizens gain seamless financial operations. By adopting SEPA standards, Montenegro reaffirms its commitment to modernization and integration, creating opportunities for growth, increased investment, and stronger economic stability. This move represents not only a milestone in financial infrastructure but also a step forward in Montenegro’s broader European integration ambitions. #SEPA2025 #SEPAExpansion #MontenegroIntegration

🚀 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺𝗶𝗻𝗴 𝗧𝗮𝘅𝗽𝗮𝘆𝗲𝗿 𝗦𝗲𝗿𝘃𝗶𝗰𝗲𝘀: 𝗧𝗵𝗲 𝗟𝗮𝘂𝗻𝗰𝗵 𝗼𝗳 𝗣𝗔𝗡 𝟮.𝟬 𝗣𝗿𝗼𝗷𝗲𝗰𝘁 On November 25, 2024, the Cabinet Committee on Economic Affairs (CCEA), under the leadership of Prime Minister Narendra Modi, approved the ambitious PAN 2.0 Project, marking a significant step towards the modernization of taxpayer registration services in India. With a financial outlay of ₹1435 crore, this initiative aims to leverage technology to enhance the efficiency and accessibility of PAN (Permanent Account Number) and TAN (Tax Deduction and Collection Account Number) services. The PAN 2.0 Project is designed to transform the existing PAN/TAN ecosystem by re-engineering business processes and integrating advanced digital solutions. This upgrade from the current PAN/TAN 1.0 system will not only streamline operations but also consolidate core and non-core activities, ensuring a more cohesive and user-friendly experience for taxpayers. 𝗞͟𝗲͟𝘆͟ ͟𝗯͟𝗲͟𝗻͟𝗲͟𝗳͟𝗶͟𝘁͟𝘀͟ ͟𝗼͟𝗳͟ ͟𝘁͟𝗵͟𝗲͟ ͟𝗣͟𝗔͟𝗡͟ ͟𝟮͟.͟𝟬͟ ͟𝗣͟𝗿͟𝗼͟𝗷͟𝗲͟𝗰͟𝘁͟ ͟𝗶͟𝗻͟𝗰͟𝗹͟𝘂͟𝗱͟𝗲͟:͟ 📌𝗘𝗮𝘀𝗲 𝗼𝗳 𝗔𝗰𝗰𝗲𝘀𝘀 𝗮𝗻𝗱 𝗦𝗽𝗲𝗲𝗱𝘆 𝗦𝗲𝗿𝘃𝗶𝗰𝗲 𝗗𝗲𝗹𝗶𝘃𝗲𝗿𝘆: The new system promises improved quality and faster turnaround times for taxpayer services, making it easier for individuals and businesses to navigate tax-related processes. 📌𝗦𝗶𝗻𝗴𝗹𝗲 𝗦𝗼𝘂𝗿𝗰𝗲 𝗼𝗳 𝗧𝗿𝘂𝘁𝗵: By enhancing data consistency, the project aims to provide a reliable and unified view of taxpayer information, reducing discrepancies and improving trust in the system. 📌𝗘𝗰𝗼-𝗙𝗿𝗶𝗲𝗻𝗱𝗹𝘆 𝗣𝗿𝗼𝗰𝗲𝘀𝘀𝗲𝘀: The initiative emphasizes cost optimization and the adoption of sustainable practices, aligning with global efforts to reduce environmental impact. 📌𝗘𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗮𝗻𝗱 𝗜𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲 𝗢𝗽𝘁𝗶𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻: With a focus on agility, the project will bolster security measures and optimize infrastructure, ensuring that taxpayer data is protected while enabling seamless service delivery. The PAN 2.0 Project aligns with the Indian Government's vision of a Digital India, where PAN serves as a common identifier across various digital platforms of government agencies. This integration is expected to facilitate better coordination and efficiency in service delivery, ultimately benefiting millions of taxpayers across the country. As India continues to embrace digital transformation, the PAN 2.0 Project stands as a testament to the government's commitment to enhancing taxpayer services and fostering an environment of transparency and efficiency in tax administration. This initiative not only simplifies the taxpayer experience but also paves the way for a more robust and digitally integrated tax system in India. Source: https://lnkd.in/gvKS8NQn #DigitalIndia #TaxReform #PAN2.0 #Innovation #Technology #Sustainability #TaxpayerServices #GovernmentInitiative #EconomicGrowth

#Budget expectations #2024 for Financial Services: Setting the tone for Kartavya Kaal from Amrit Kaal* Ease of doing business for Data Embassies: With the Data Embassy requirements specified within IFSC GIFT framework in Budget 2023, it would be worthwhile to push an initiative for providing a single window clearance for setting up Data Embassies within IFSCA Official GIFT City . This would help India become the Data Embassy Capital of the world, given the country's internet infrastructure and competent professionals. For more details: https://lnkd.in/dbv-vw89 #budget2024 #giftcity #datacenter

The Finance Act, 2024, has indeed introduced a notable amendment to the definition of Pakistan-source income by incorporating the concept of "significant economic presence" for non-residents. This expansion means that non-residents with substantial economic engagement in Pakistan can now be considered as having a business connection in the country. This change aligns with global trends where jurisdictions are adapting their tax frameworks to address the challenges posed by the digital economy and the activities of multinational enterprises. By defining significant economic presence, Pakistan aims to ensure that income generated from its market by non-resident entities, especially those engaging in digital and online activities, is subject to taxation. This includes scenarios where non-residents have considerable sales, user bases, or other forms of economic interaction within Pakistan, even without a physical presence. This amendment can potentially impact a wide range of foreign businesses, including e-commerce companies, digital service providers, and other entities leveraging digital platforms to engage with Pakistani consumers. It signifies Pakistan's effort to modernize its tax system and ensure that it captures revenue from the global digital economy effectively. 4o

#DPI : Digital Public Infrastructure can drive a sustainable increase in #revenue collection and build trust in government. -India's adoption of digital public infrastructure has helped reduce the country's income tax return processing time. Trust in government and government effectiveness have a reciprocal relationship. Trust is enhanced when political institutions are strong and governments implement policies and initiatives that are aligned with the public interest and improve people’s daily lives. And governments can be effective only when their citizens trust them enough to comply with laws, thereby creating the space for reforms. Of course, trust in government needs more than just robust digital platforms. But the building of India’s digital platform infrastructure has laid some of the foundations for increasing trust by creating an inclusive platform for citizens to transact digitally and empowering users to have more control over their data. Good digital infrastructure can create trust between any two counterpart actors by introducing tamperproof components for identity, #payments, and #security , which allows citizens and businesses to be certain of the #identity of their counterpart and of the legitimacy of the transaction. This allows the reduction in explicit and implicit costs to citizens when they interact with their government, and for businesses in their transactions with individuals, other businesses, and the government. -Kamya Chandra, Tanushka Vaid, and Pramod Varma's article in  International Monetary Fund 's September 2024 F&D (Finance & Development) Edition

The Finance Act, 2024, has introduced a significant amendment to the definition of Pakistan-source income by including the concept of "significant economic presence" for non-residents. This change broadens the scope of what constitutes a business connection in Pakistan. 𝐒𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐏𝐫𝐞𝐬𝐞𝐧𝐜𝐞: -         Transactions involving goods, services, or property by a non-resident with any person in Pakistan, including data or software downloads, if payments exceed a prescribed amount. -         Systematic and continuous soliciting of business activities or digital interactions with a prescribed number of users in Pakistan, regardless of: o  Whether the agreement is signed in Pakistan. o  Whether the non-resident has a residence or place of business in Pakistan. o  Whether the non-resident renders services in Pakistan. Income attributed to the extent of activities in Pakistan shall be deemed to arise from a business connection in Pakistan and hence taxable. This legislative move appears to target major tech companies with substantial user bases in Pakistan. Companies like Facebook, Netflix, Spotify, You tube and others will be significantly affected as their digital interactions and transactions with Pakistani users will now fall under the ambit of Pakistan-source income. As a firm believer in fair taxation, I see this amendment as a progressive step towards ensuring that global digital giants contribute their fair share to the Pakistani economy. This change aligns with global trends where jurisdictions are adapting their tax frameworks to capture economic value generated within their borders, especially from digital and e-commerce platforms. However, it will be crucial for the authorities to implement this measure effectively and fairly, ensuring clear guidelines and support for compliance. It is also important for businesses to stay informed and adjust their operations accordingly to adhere to these new requirements. Share your thoughts and insights on this significant development! #Taxation #FinanceAct2024 #DigitalEconomy #BigTech #PakistanTaxLaws #SignificantEconomicPresence #TaxAmendments

With certainty, I can say that changes in fiscalization indeed happen, but predicting the dynamics of these changes is challenging. 🔄💼 In some countries, changes occur more frequently, especially in those that have recently implemented #fiscalization, while in others, they are less frequent. In most of my meetings, the question about which country experiences the most frequent changes often arises. 🤔🌍 Although it's difficult to determine definitively, following the changes in more than 30 countries, it has come to my attention that #Greece has undergone several significant changes recently. 🇬🇷💼 One of the latest changes is the extension of the deadline for interconnecting #fiscaldevices with payment terminals for an additional month. This means that companies that have not yet connected their systems now have until March 31, 2024, to comply with the requirement. ⏰💳 Having a well-defined monitoring system is essential to stay informed and up-to-date with these changes, especially if you operate in multiple fiscal countries. 📊🌐 To set up the Monitoring System, please send me an email at tm@jbfiscalconsulting.com. 📧

According to the 2024 Business Ready (B-READY) report from The World Bank, North Macedonia is making significant strides in creating a favorable business environment. Key Highlights: ✅ Top Scores: North Macedonia ranks highest in Business Entry, Utility Services, and Financial Services. The economy excels with unique business identification, transparent information on connection requirements, tariffs, and complaint mechanisms for electricity. Additionally, it offers enhanced and simplified Customer Due Diligence processes based on client risk. ❌ Areas for Improvement: The country scores lowest in Taxation, Business Location, and Business Insolvency. Current challenges include a lack of clarity in tax regulations, no electronic system for submitting building permit applications, and an absence of digital services for liquidation and reorganization proceedings. 📌 The 2024 Business Ready (B-READY) report provides an extensive dataset with 1,200 indicators per economy to guide reforms in three key areas: 1️⃣ Quality of Regulations: Enhanced regulations are fostering transparency and efficiency, making it easier for businesses to operate. 2️⃣ Strength of Public Services: Improving public services to effectively implement regulations. 3️⃣ Overall Efficiency of the System: Increasing the efficiency of our business environment. 🔗 DOWNLOAD the report ➡️https://lnkd.in/ew6tpBGp #NorthMacedonia #InvestmentOpportunities #BusinessReady #WorldBank #FDI #EconomicGrowth

I am delighted to share that I have contributed together with my colleagues to the special edition of the “Droit Bancaire et Financier” publication with an article dealing with fund finance matters. #fundfinance #privatefunds #AIF #AIFM #Luxembourg #ALJB #droitbancaireetfinancier #banks #debtfunds