Euro Finance

 

      The new financial information system presents the economy of the European Union.

Euro Finances contains:

  1. The economic and trade activities regulated in the European Community.
  2. The European financial and social practice based on decisions and orders of the European Court of Justice.
  3. Economic and financial operations applicable to the EU-member states.

The case law of the European Court of Justice (ECJ) related to financial and social matters.

Contents and functionality of Euro Finance

  1. Commentaries and practice on the application of the European legislation concerning the economic and financial fields systematized by subject:

    • Tax policy in the European Union:

    - Indirect taxation – Regimes of taxation, tax base, taxable persons and exempt supplies;
    - Fiscal policy and direct taxation- European practice in prevention deviation from taxation, rights of the natural persons, specific corporate tax regimes.

    • International Accounting Standards (IAS), International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) – source: European Commission:

    - Accounting for the business operations in accordance with the International Accounting Standards and the International Financial Reporting Standards;
    - Comparison between the accounting records made by adhering to the IAS (IFRS) and those abiding by the National Accounting Standards;
    - Accounting for liabilities, fixed assets, inventories, receivables, concessions, donations, leasing payments, treasury bonds and also accounting for expenses related to property, machines and equipment;
    - Yearly financial statements - consolidated and individual;
    - Audit.

    • Social and health insurance as a result of the free movement of human capital and services:

    - Social insurance of Bulgarian citizens working in the member states of the European Union.

    • Pensions, compensations, social support and right of residence within the European Community:

    - Application of the european safety and health regulations in the working environment;
    - Gain special tax-free compensations - financial and material/other acceptable receivables;
    - Common terms and requirements on labour exercise and payment; - commission, stay and representation of workers in the countries of the Community ;

    • Banking, financial operations and insurance policies in the Community.
    • Business relations and transactions.

     In the commentaries are defined the areas with direct execution of the European legislation and the applicability of the local (Bulgarian) legislation.
     Together with the presentation of the economic processes in the developed topics are indicated the relevant European regulations.

  2. Systematized legal practice organized in a convenient tabular format offering to the customers the opportunity of tracing lawsuits having the same subject- the typical for the European judicial system so called “Associated cases”- with reference notes on the commentaries in the following fields: 

    • Tax policy:

    - Interpretations on consumption tax- VAT (Sixth Directive);
    - Exemption from taxation (excise duty on mineral oils);
    - Exemption from the harmonised excise duty;
    - Import in one EU member state of a vehicle for a personal usage with origin of another member country;

    • Social and health policy:

    - Recognition of inability to work;
    - Benefits for people having disabilities;
    - Social insurance of migrant workers;
    - Recognition of professional qualifications;

    • Economic and monetary policy:

    - Introducing the euro as currency;
    - Taxation on the profits of companies;
    - Prohibition on the establishment of a mortgage on a specific liability in a foreign currency;

    • Free movement of capital:
    - Regulation on the free (licensed) regime of the physical money transactions (ex. “Bordessa Case”);
    - Capital incomes originating from a third country;
    - Dividends from shares distributed in “company with a limited number of shareholders”;
    - Tax credit on dividends paid by local companies.
  3. Useful reference information:

    • Macroeconomic statistics and indexes of the different member states with actualization of the data twice a week:
    • Interest rates of deposits (balances) and credits (balances) - of households and non-profit enterprises;
    • Basic interest rates of the European Central Bank on deposit and marginal credit facilitation in percentages;
    • Quarterly interest rates of the countries outside the European Union;
    • Minimal wage in the countries of the EU and the countries applying for membership;
    • Table of comparisons expressing the changes in the European legislation.
    • Financial and insurance authorities accredited to act on the territory of the European Community.
    • Official economic terminology and abbreviations used in the Community.
  4. Forms and examples regulated by the EU regarding the above-mentioned fields:

    • Calculation and printing - reports, forms, templates.
  5. Precise calculation modules with included validation of the introduced data:

    • Automatic calculation of the following:

    - Interests based on the European Central Bank;
    - Contractual interests with or without accumulation of the principal;
    - Calculation of compensatory interest.

    • Guaranteed possibility for acquisition of data and results from past, current and future periods.