Lawyer blog - Law firm Finance Business Service: offshore registration, tax planning, legal services

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

Published: 13.09.2017 |

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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...

Pay attention to administrative appeal of decisions on refusal of registration of tl

Published: 13.09.2017 |

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#Tax disputes

Since July 1, 2017, the program for the suspension of the registration of tax invoices and adjustment calculations in the Unified Register of Tax Invoices has been launched. The taxpayers faced two problems from the very first days: the first problem is actually the suspension of the registration of tax invoices; the second problem is the refusal to register the tax invoices after the submission of the documents to the SFS Commission by the taxpayer confirming the legitimacy of the formation of tax indicators. The subparagraph 201.16.3. of clause 201.16. article 201 of the Tax Code of Ukraine provides for the possibility of appealing against the decision of the SFS Commission on the refusal of the registration of a tax invoice, in the administrative or judicial procedure. In accordance with par. 56.23.2. cl. 56.23. art. 56 of the Tax Code of Ukraine, the Cabinet of Ministers of Ukraine adopted a Decree No. 485 of 04.07.2017, which approved the "Procedure for considering complaints against decisions of the State Fiscal Service Commission on refusal to register the tax invoice / adjustment calculation in the Unified Register of Tax Invoices." The experts of the Finance...

Questions regarding suspension of registration of tax invoices

Published: 07.09.2017 |

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#Tax disputes

IT HAS BEGUN!!! SUSPENSION OF REGISTRATION OF TAX INVOICES Questions regarding suspension of registration of tax invoices And again back to the registration of the tax invoices, namely concerning the grounds for the suspension of their registration. As the representatives of the Ministry of Finance of Ukraine assured us, that the percentage of suspended tax bills will be minimal, but on the seventh day of work of the system of blocking, the first "victims" have appeared. And the first "victim" was the producers. Why? Because the monitoring system, in fact, compares the amount of the purchased goods with the amount of the goods sold in the context of its nomenclature. Certainly, there are certain questions" to the manufacturer in the program of blocking " - one product was purchased and another sold. But it should be understood that this is quite logical, because the manufacturer does not resale the goods but he creates a new product from the purchased components (raw materials, etc.). The experts of the Finance Business Service were considering how the issue of blocking the registration of tax invoices was solved and if it does not have any contradictions. The clause...

Improving investment climate in Ukraine

Published: 07.09.2017 |

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#Investments #Legislation #Reforms #Residence Permit

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...

Not all tax invoices will be monitored

Published: 06.09.2017 | blog

As it has been repeatedly noted by the experts of the Finance Business Service, the Law of Ukraine No. 1797-VIII of 21.12.2016 made numerous changes to a number of provisions of the Tax Code of Ukraine. The significant changes were made in the paragraph 74.2. art. 74 of the Tax Code of Ukraine, and no less significant addition was by the paragraph 201.16. of the article 201 of the Tax Code of Ukraine. So, the main concepts of the made changes in pp. 74.2. art. 74 of the Tax Code of Ukraine were: - implementation of the constant automated monitoring of the compliance of tax invoices / adjustment calculations (hereinafter referred to as "tax invoices" in the relevant cases), criteria for assessing the degree of risks that are sufficient to stop their registration in the Unified Register of the Tax Invoices; - entrusting the central executive authority that provides the formation and implementation of the state financial policy the obligation to determine the criteria for assessing the degree of risks that are sufficient to stop the registration of the tax invoice in the Unified Register of Tax Invoices. The changes in the paragraph 201.16. art. 201 of the...

New rules of financial services licensing: simplified conditions of the license

Published: 22.12.2016 |

New licensed conditions of implementation of economic activity on provision of financial services (except professional activity in the security market) were approved by the Order of the Government No. 913 of December 7 and came into force on December 10, 2016. The license on provision of financial services can be obtained quickly and cheap. Unless, of course, all documents are in order. According to Licensed conditions, the licensing authority issues licenses for such types of financial services: providing of borrowed money, including credit and financial conditions; attraction of financial assets with an obligation to follow their return; services in the sphere of insurance regarding carrying out the specific types of insurance determined by the legislation; services in system of accumulative provision of pensions regarding administration of non-state pension funds; property management for the financing of construction projects and / or implementation of real estate transactions in accordance with the Law of Ukraine "About financial and credit mechanisms and management of property under construction housing and real estate transactions"; trust management of financial...

The Council of Europe approved the Directive on access to information about beneficial owners

Published: 19.12.2016 |

On December 6 at a meeting of the EU Council on financial and economic questions the Directive of the EU Council concerning access of tax authorities to information on counteraction to money-laundering was approved. This document obliges EU Member States to provide access to information on beneficial owners of the companies, which dispose the authorities responsible for counteraction to money-laundering. It will allow tax authorities to perform monitoring of application of the rules of automatic exchange information established by the Directive 2014/107/EU, and finally will contribute to the prevention of tax evasion and tax fraud. The new Directive is one of a number of measures developed by the Commission in July 2016 in response to the Panama scandal. Its adoption by the need to ensure wider access to the tax authorities information about the beneficial owners of the intermediary organizations, and also other information of complex legal evaluation of clients. Let's remind that according to the Directive 2015/849/EU in the event that the owner of the financial account is an intermediary structure, financial institutions should conduct an audit and to identify its beneficial...

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

Published: 28.11.2016 | Без категории

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#Legislation #Seychelles

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...

Since January 1, 2017 Ukraine will join to the Plan of BEPS

Published: 25.11.2016 | Без категории

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#Taxation

Such news was told by the Ministry of Finance of Ukraine after transfer on November 22 by the Minister of Finance of the official letter on accession to the General secretary of OECD (Organization for Economic Cooperation and Development) which is the author of this Plan. The plan of BEPS (Base Erosion and Profit Shifting) was developed for fight, which connected with tax evasion and creating of equal conditions for all taxpayers companies. In general the plan of BEPS provides large-scale reorganization of the existing system of the cross-border taxation. It contains 15 points of counteraction to aggressive tax planning among which there are enhancements of rules of transfer pricing, the income taxation of the controlled foreign companies, prevention of avoiding taxation by international treaties, exchange of financial information, etc. With acquisition of official membership in BEPS Ukraine will undertake the liability to implement the minimum standard of the Plan including four points: fight against the tax speculation connected with use of special tax regimes; avoidance of abuses in case of application of tax conventions; disclosure of information on using schemes of...

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

Published: 23.11.2016 |

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...

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