Lawyer's Blogs

The issue of protection of the economic interests of beneficiaries has got a new development in connection with the introduction of the automatic tax information exchange system (OECD CRS), as well as extremely high probability of fast signing of the corresponding document by CIS countries. The variant for solving the problem of protection of the economic interests of beneficiaries may be the use of free economic zones (FEZ). So, the UAE does not disclose the beneficiaries of resident companies, they do not provide data on their residents. The lack of exchange of tax data is due to the absence of the tax service as such. In addition, the Emirates differ with stability and have all the tools for doing business. The most understandable and reliable solution for obtaining a resident visa in the UAE is the establishment of a company in one of the Free Economic Zones of the Emirates and obtaining a resident visa through the status of an investor, i.e. the owner or co-owner of the company. Resident investor visa is not just a permit to live in the UAE, such a visa also gives a foreigner the right to study, do business, buy and rent housing in the Emirates. In addition, one of the...

The Ministry of Finance of Ukraine has issued a new draft on amending Order No.567 of 13.06.2017 “On Approval of the Criteria for assessing the risk level sufficient for suspension of registration of a tax invoice/adjustment calculations in the Unified Register of Tax Invoices”. The experts of Finance Business Service have considered what kind of changes may happen and whether they will simplify the “life” for business. Having removed the issue of regulatory technology and consistency of terminology, to which lack in some normative acts of the Ministry of Finance we are already accustomed, let us try to understand the consequences that taxpayers will have to face if such changes are adopted. Thus, the draft suggests introducing certain changes in the part of provision of the possibility not to take into account taxpayer data filed in the prescribed form, so-called “technological table”, by the State Fiscal Service of Ukraine. In which cases does the Ministry of Finance propose not to take into account the “technological table”? The Ministry of Finance defines two such cases, namely, when the supervisory body has received: Information that the “technological...

Fintech sector is developing with seven leap steps now, offering great opportunities, as well as a high level of reliability and confidentiality. Online payment system is a fast and reliable way of receiving and transferring money through the Internet, making payments on contracts, withdrawing funds to cards, etc. Moreover, international payment systems (PS) enable you to open corporate and personal accounts with unique IBAN, make SWIFT and SEPA payments, while the procedure for opening an account is faster - up to 5 days, the KYC procedure is easier than in the bank. Another advantage is that the payment systems work with VISA, Mastercard, American express, etc. At the same time, the requirements of the banks for verification and identification of customers are constantly growing, banks stop servicing customers from classical offshore zones, moreover, the availability of registration in positive jurisdiction also does not guarantee that the bank will not close an account or it will not check each transaction thoroughly. Advantages and disadvantages of international payment systems (PS) Most of the PS issue their VISA, Mastercard cards or white-lable cards, which allow the...

The legislative body of Singapore has approved a number of amendments and additions to the Income Tax Bill of 2017 (Income Tax Bill 2017). The specified changes involve a substantially changed approach to the policy of income taxation. It should be noted that during the discussion of this package of changes in the parliament, Minister of State for Finance of Singapore stated that a significant reduction in corporate tax would be achieved by raising the minimum taxable amount from 20,000 Singapore dollars (approximately 14,753 USD) to 25,000 Singapore dollars (approximately 18 441 USD). However, there will be no change in percentage terms, and the relaxation will remain at the level of 50%. At the same time, starting in 2018, the amount of relaxation will be 20% of the tax payable at an income of 10,000 Singapore dollars (approximately $ 7,376). Minister of Finance of Singapore also stressed that this package of changes would help companies overcome economic uncertainty and continue their restructuring. In addition, starting in 2018, a taxpayer will be able to claim a tax deduction for the full amount of payments that were made in accordance with the agreements on the distribution...

First of all, it is important to clarify what the M&A deals are. So, M&A deals ("Mergers & Acquisitions", mergers and acquisitions) constitute a set of activities aimed at merging two or more companies into one corporation with a single governing body, which is accompanied by the transfer of control of business management from one company to another other. M&A deals are a special kind of investment, based on the principles of voluntary consent of all participants of the process and mutual benefit. Such a phenomenon as mergers and acquisitions occurred due to the application of the world experience of the corporate management in the field of company restructuring. The M&A market in the Netherlands is currently very active. This is due to a combination of indicators such as access to cheap loans, positive economic data and constant competition for quality assets. After the parliamentary elections in the Netherlands in early 2017, several parties are attempting to form a coalition government. Once it has been formed, new legislative initiatives are expected. In the third quarter of 2017, the Dutch economy grew by approximately 3.5% and, according to official sources, it will continue...

Malta is rapidly becoming an international banking center, and today it has offices of more than 25 international banks. Among them are HSBC, BNP Paribas Fortis, Deutsche Bank, as well as the world-famous Mediterranean Bank, Bank of Valleta and APS Bank Ltd. The Maltese banks remain well-capitalized and have high liquidity which makes them attractive both for the deposits of individuals and legal entities, and for current banking operations. Until recently, opening a bank account in Malta was a simple and quick procedure for the customers from around the world, provided they met the requirements of the bank. However, in connection with the implementation of the new European legislation which entered into force in 2014, the European Central Bank assumed the authority to regulate the banking system of Malta at the highest level, significantly tightening the regulatory requirements for the prevention of money laundering and financing of terrorism (Directive (EU) 2015/849). Consequently, the local banks had to reconsider their requirements for the KYC procedure ("know your customer") and compliance. Now, not everyone can open a corporate bank account in Malta. Our specialists have...