#Legislation Archives - Page 3 of 3 - Law firm Finance Business Service: offshore registration, tax planning, legal services

Changes in immigration law in Czech Republic

Published: Dmitriy Batrakov | 15.09.2017 | blog

Recently, the President of the Czech Republic has adopted the amendments to the Law "On the Residence of foreign citizens" (hereinafter - the Law). The basis for such changes to the Law was the obligation of the implementation of the EU Directives on seasonal employment and permits for the employees transferred within the framework of international concern. However, the bill introduces various measures to combat illegal employment, the problem of which is acute in the Czech Republic. In addition, a number of measures are being introduced for the immigration support of the new investors. The specified changes are the largest since the times of introduction of the institution of the Labor Card in 2014 and they will come into force during August of this year. In view of the fact that the amendments to the Law are directly related to the creation and promotion of business in the Czech Republic, then we will focus on the key points and try to understand them. Some of the changes will affect the certain categories of the citizens who are not the EU citizens and have seasonal employment, as well as the managers, specialists and trainees of the international corporations who have been...

What has changed in administrative appeal of tax notification-decisions

Published: Ролан Бондарец | 15.09.2017 | blog

By the Law of Ukraine No. 1797-VIII of 21.12.2016, the functions of the tax inspections were significantly reduced, in particular, they are deprived of the right to conduct tax audits and take tax notification-decisions that resulted the changes in the procedure for appealing tax notification-decisions. Thus, by the Order of the Ministry of Finance of Ukraine No. 916 of 21.10.2015, registered in the Ministry of Justice of Ukraine on December 23, 2015 under No. 1617/28062, a new "Procedure for processing and filing complaints by the taxpayers and reviewing them by the regulatory authorities" was approved. The experts of the Finance Business Service were considering what significant changes have occurred in the procedure for appealing tax notification-decisions. Based on the provisions of par. 56.3. and 56.6. art. 56 of the Tax Code of Ukraine, administrative appeal against decisions and actions of the controlling bodies is two-level. Previously, this situation involved appealing tax notification-decisions. That is, the complaint against the tax notification-decision of the State Tax Inspectorate, was first submitted to the SFS of Kyiv or to the regional bodies of the SFS, and...

List of organizational and legal forms of non-residents is approved, with which operations will be controlled according to rules of tp

Published: Olena Vydysh | 14.09.2017 | blog

On July 27, the list of organizational and legal forms of foreign counterparties on the countries / territories was officially published (and therefore entered into force), operations with which can be recognized as controlled for the purpose of control of transfer pricing (TP). This list was approved by the Resolution of the Cabinet of Ministers of Ukraine No. 480 of July 4 of this year (hereinafter - the List) for the implementation of the provisions of the Tax Code of Ukraine on TP, namely the clause "d" 39.2.1.1 art.39, and it is another criterion for the recognition of the operation as controlled one. If we look more widely, this can be seen as the next step of our government within the framework of global campaign on de-offshoring, namely to fulfill the commitments to implement the BEPS plan (its minimum standard), which Ukraine assumed with the acquisition of an official BEPS membership from 1 January, 2017. The list includes more than 90 organizational and legal forms from 26 countries and territories. The absolute majority of organizational and legal forms on the list are partnerships (about 80% of total amount). There were also some forms of investment funds and...

New requirements of czech legislation to relations of parties before conclusion of m&a contracts

Published: Olena Kamenetska | 13.09.2017 | blog

Pre-contractual liability regarding M & A deals in the Czech Republic If you are going to start negotiations on mergers and acquisitions of the companies, or you are already such party, you should pay attention to our next material. The new complex pre-contractual obligations of the parties are applied in the Czech Republic. As we can understand from the title, pre-contractual obligations usually arise from the relations of the parties before the conclusion of the formalized contract. In case of mergers and acquisitions deals, they arise before the conclusion of a contract of sale or other similar contract. Until then, the mutual rights and obligations of the parties are often governed by a simple contract of intentions or an agreement on the non-disclosure of confidential information. As a result, the important aspects of the relationship between the parties before the conclusion of a sales contract or a similar contract may be consequently governed by the applicable legislative provisions on pre-contractual liability. Taking into account the importance of this phase of the preparation of M & A deals, as well as the costs incurred by the parties (for example, for legal and...

Improving investment climate in Ukraine

Published: Olena Vydysh | 07.09.2017 | blog

At the end of June, the President signed a law on removing the barriers for the foreign investors, which amends a number of existing legislative norms. In this publication we try to understand what it means for the investors themselves. So, the main achievements of the law are the establishment of the procedure for obtaining the work permit for a foreign investor at the legislative level, as well as determination of the possibility to obtain a residence by the investor (hereinafter - residence), not only permanent but also temporary. As for the work permit: the law clearly stipulates the procedure, all the necessary documents and requirements. Among the main documents are only four: 1. Application of the employer in the prescribed form 2. Copies of the passport of a foreigner with the translation 3. Color photo of a foreigner 3,5x4,5 4. Draft employment contract with a foreigner The additional documents (listed in the law) are required only for certain categories of the foreigners. It is also important that the law explicitly prohibits authorities demanding any other documents not provided for by law from the foreigners or their employers (both when...

The new Law about International business companies on the Seychelles came into force

Published: Sergey Panov | 28.11.2016 | blog

Within the Global forum FATF and OECD on transparency and exchange of information in the tax sphere, on July 26, 2016 in Seychelles the new law about International business companies was adopted (further in the text – "The new law"). The new law offers tough, but at the same time the attractive regulatory base promoting development of competitiveness and continuation of a strong growth of popularity of the Seychelles as the international center of financial services. Fixing of regulatory aspects of the law, for the purpose of compliance to international standards, reflects interest and observance of Seychelles Republic advanced international experience, in particular, concerning an international initiative on improvement of information openness that will affect reputation of the Seychelles in the opinion of the international community positively. From the moment of adoption of law about International Business Companies, 1994 (further – "The law of 1994"), international business companies have become very successful in the Seychelles in the sector of non-bank financial services. Despite success of the 1994 Law the Republic of Seychelles has noted the need to improve the...

Compensation to individuals for damage caused by the abuse of the financial services industry

Published: Sergey Panov | 23.11.2016 | blog

Began operating a law on compensation to individuals for damage caused abuse in financial servicesOn November 18 it was officially published, and on November 19 the Law of Ukraine came into force "About introduction of amendments to some laws of Ukraine concerning compensation to physical persons, through system of guaranteeing household deposits, the harm done by abuses in the sphere of banking and other financial services", in consequence of that in some way were changed the "rules of the game" in the field of guaranteeing deposits of individuals. The main innovation is equating with a contribution of loans and household deposits in the non-bank financial institutions performed through bank which acted as the attorney under the relevant agreement and and on the date of entry into force of the Law it is recognized as insolvent. An obligatory condition for the acceptance of such funds contribution and the physical persons which performed their placement / provision – investors, is lack of the written prevention of the bank signed by the investor that the guarantees provided by the law on system of guaranteeing household deposits don't extend to these means. In practice, this...

The draft law on simplification of export services

Published: Sergey Panov | 01.08.2016 | blog

July 12 the Verkhovna Rada adopted a basis the bill "On Amendments to Certain Legislative Acts of Ukraine (regarding the removal of administrative barriers to exports of services)." The adoption of this law will be an important step in the development of the export of services (particularly in the IT-sector) as will minimize bureaucratic delays and simplify the procedure of signing a foreign trade agreement, and accounting operations. Among the innovations: the possibility of a foreign trade agreement not only on paper but in electronic form - by taking the offer (public offer), electronic messaging or billing invoice; the abolition of exchange controls for the export of services (works) and intellectual property rights; recognition of invoice primary records sufficient to confirmation of economic operations, and to confirm the agreement of non-resident counterparty price and other terms of the contract. Payment of invoice shall be deemed acceptance of works and replace signatures and seals; the possibility of drafting primary and composite records in electronic form, as well as establishing new details: electronic signature, electronic signature or electronic signature of a...

Basic laws of Bulgaria

Published: Sergey Panov | 31.05.2016 | blog

In each developed country in the world, the main title documents, which shows all the state laws that have legal force, regulating the political, economic and legal system of the state is the Constitution. The main difference of Bulgarian legal system - transparency and accessibility. Before signing, the law is manifesting in the state newspaper "The State Gazette ". The newspaper publishing innovations, additional information on the laws; Ministries edicts; information regarding the opening of firms and changes in the authorized capital; proceedings in legal cases, etc. As soon as the laws came into force, they can be found in the city libraries, government organizations and companies. In addition, the information base can be removed from the Internet resources, specially designed sites. For the first time, the content of the legal part of the Constitution of the Republic of Bulgaria, was published in the "State Gazette" in 1991. To your review there is a brief summary legislative framework of Bulgaria below: «The law on the Bulgarian citizenship»; «Aliens Act»; «The Law on Local Taxes and Fees shall»; «The law on the right of ownership»; «Foreign Investment...

Preparation of the EU Law on the tax deals

Published: Sergey Panov | 30.05.2016 | blog

The European Union, which is mired in tax disputes with large multinational companies like Apple Inc. and McDonald's Corp., has announced his intention to restrain the government, who are trying to win over multinational companies by means of favorable tax benefits, enabling the latter reduce their tax liability by placing profits abroad. The European Commission, which has the right to prohibit unfair tax breaks provided by multinational companies, has announced his intention to limit the ability of EU Member States to adopt provisions that allow reducing tax burden for foreign companies. A document published by the European Commission determines how the regulator will provide support to Member States, and is a warning shot in the direction of the companies that are engaged in deducing profits, insisting that the transactions between related parties should be carried out at market prices. The document specifies that any intentions to deviate from the certain market prices should be limited and proportional. This applies to situations where it is impossible to determine a comparable transactions, for example, in matters of profits produced using sophisticated payment schemes...

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