NAV: the inspection of trust asset management will begin in mid-November

The National Tax and Customs Administration (NAV) will begin inspections of over a thousand trust asset managements and private foundations in mid-November. The focus will be on ensuring that these entities have genuine economic substance rather than being established solely for tax advantages. Inspectors will review various aspects, including the purpose of the asset management, documentation, and financial transactions, to ensure compliance with stated goals. Legitimate operations will benefit from this scrutiny, while cases involving misuse of public funds will face zero tolerance. The inspections will apply to organizations established before September 12, 2023, with practical guidance to be published on NAV's website soon.