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    Lawyer's Blogs

    New european legislation on regulation of financial services markets will soon come into effect

    Published:   29.09.2017 |
    Tags:
    #Investments#Legislation#Reforms

    On January 3, 2018, a new MiFIDII will come into force, significantly changing the existing requirements on regulating the financial markets in the EU. We will consider in today's blog what exactly is MiFIDII and how the regulation of the European financial markets will change. The MiFIDII (Markets in Financial Instruments Directive) is the common name for a complex network of legislation, which includes two Directives and three EU Regulations, supported by a number of technical standards and guidelines of the European Securities and Markets Authority (ESMA). The measures provided for in the Regulations are directly applied in the EU member states. For the implementation of other standards and harmonization of the national legislation, the updated requirements are established by the competent authorities in each Member State. The current MiFID was adopted in 2004 and it operates with small updates of the end of 2007. Thus, the MiFID not only preceded the financial crisis, but it also did not consider many business models and technologies, which today became a common phenomenon. Consequently, there was an extreme need for such an update. When developing the new provisions, the EU...

    Application of blockchain technology in field of insurance

    Published:   28.09.2017 |
    Tags:
    #Bitcoin#Investments

    The technology of the distributed registry gives the potential to the companies in different spheres of activity to enable them to work more efficiently, create new business models and launch innovative products. But, naturally, the reasonable question arises: will the technology "Internet finance" be able to justify the arisen agiotage? The Distributed ledger technology (hereinafter referred to as DLT), also known as Blockchain, refers to the innovations that can offer a tremendous potential to the large companies for more efficient operation and better customer service but it is not sufficiently developed yet for such applications. The Distributed registries are common databases that contain digital lists of the transaction records. Their unique feature is that the identical copies of the registry are "distributed" between several hosting and information storage servers (hosts) that check transactions written in the form of "packages" by means of the agreed process. After checking, the "packages" are blocked with a cryptographic "hash" or an alphanumeric string of the fixed size, which allows the hosts to check incoming data but does not allow data recovery. Conceptually, the...

    Features of taxation of operations with customer-owned raw materials from non-resident

    Published:   26.09.2017 |
    Tags:
    #Tax disputes

    To date, a fairly large number of taxpayers are carrying out their activities in the field of processing of customer-owned raw materials. The processing of customer-owned raw materials on the territory of Ukraine can be conditionally divided into two groups: the first - processing of raw materials received from a resident, the second - raw materials received from a non-resident, imported into the customs territory of Ukraine with subsequent export of the finished products (re-export). If it is quite clear with the first group, then regarding the processing of the raw materials imported by a non-resident and the procedure for the export of the finished products, certain questions arise. The specialists of Finance Business Service were considering the procedure for the processing of the customer-owned raw materials of the non-resident on the customs territory of Ukraine, as well as the features of the customs and currency regulation of this business transaction. Schematically, the processing of the customer-owned raw materials looks as follows: Most economic relations begin with the conclusion of an agreement. According to its legal nature, the agreement for the processing of...

    Responsibility for late registration of tax return or mistakes made in it

    Published:   19.09.2017 |
    Tags:
    #Tax disputes

    We have repeatedly paid your attention to the changes in the Tax Code of Ukraine, introduced by the Law of Ukraine No. 1797-VIII of 21.21.2016, and the peculiarities of their influence regarding the taxpayers. Today, the Finance Business Service wants to draw attention to another important aspect that arose in connection with the adoption of the above-mentioned Law. Thus, by Law No. 1797-VIII of 21.12.2016, the Tax Code of Ukraine was supplemented by Article 120-1. The issues regulated by this article can be conditionally divided into two groups: 1) violation of the terms of registration of the tax invoice / adjustment calculations; 2) mistakes made in the tax invoice / adjustment calculation. The amount of the penalty for the violation of the deadlines for the registration of the tax invoices is determined as a percentage of the amount of the value-added tax specified in the tax invoice, and the amount of interest depends on the number of missed days from the deadline for the registration. This rule does not apply to the tax invoices made for the supply of goods / services for the transactions exempt from the taxation or those that are taxed at a zero rate. TIME OF...

    Amendments to federal law on gambling are likely to be adopted at next parliamentary session of Australia

    Published:   18.09.2017 | blog
    Tags:
    #Legislation#Offshores#Reforms

    Recently in Australia, the reform of the regulatory environment concerning online gambling has been started. The proposed amendments to the basic federal law on gambling (Interactive Gambling Act - IGA) are at the final stage of consideration by the Australian parliament and are likely to be adopted at the next parliamentary session. The purpose of the bill on amending the IGA (hereinafter - the Bill) is the combat with illegal offshore gambling and provision of additional enforcement powers to the federal regulator - the Australian Communications and Media Authority (ACMA). 1. Requirement for licensing in Australia The draft law defines the concepts "regulated interactive gambling services" and "prohibited interactive gambling services". The main difference between these two categories of services is that it is not allowed to provide prohibited interactive gambling services to the individuals in Australia, while regulated online gambling services may be provided, but only by the operators licensed by the Australian regulator and authorized to provide data services in accordance with the terms of their license. Previously, the certain services classified according to the Bill were...

    What is initial coin offering and how it works?

    Published:   18.09.2017 |
    Tags:
    #Bitcoin#Investments

    The developers, businesses and ordinary people are increasingly using the Initial Coin Offering, which is also called the ICO or the sale of tokens to raise capital. Such activities provide fair and legitimate opportunities to attract investment. Nevertheless, new technologies and financial products related to the ICO can be misused to attract investors with the promises of high profitability in the new investment space. Providing this material, we begin a series of articles on crypto-currencies in order to acquaint you with the current issues of regulating a new and actively developing sphere of investment. Virtual coins or tokens are created and distributed using the distributed registry technologies or distributed storage of reliable records (blockchain technology). Recently, the sale of virtual currency through the ICO is more and more popular. The buyers (investors) can use funds to purchase money (for example, US dollars) or virtual money to buy virtual coins or tokens. The creators (promoters) provide the buyers with the information that the capital raised from the sales will be used to finance the development of the digital platform, software or other projects of this...

    Actions or decisions that are appealed under new order of administration of taxes

    Published:   15.09.2017 |

    As is known, from July 1, 2017, the system of "blocking" of tax invoices was started, which entailed considerable difficulties. The specialists of the Finance Business Service were considering what actions and decisions of the supervisory bodies the taxpayers faced, how and what can be disputed in connection with such introductions. First, we will determine what normative acts regulate these relations. First of all, it is: - The Tax Code of Ukraine (art. 56 and paragraph 201.16 art. 201) - Resolution of the Cabinet of Ministers of Ukraine No. 1246 of December 29, 2010 (as drafted in the Resolution of the Cabinet of Ministers of 26.04.2017 No. 341), which approved the Regulations on the procedure for maintaining the Unified Register of Tax Invoices; - Resolution of the Cabinet of Ministers of 29.03.2017 No. 190, which approved the Grounds for the taking the decision by the SFS Commission on the registration of a tax invoice / adjustment calculation in the Unified State Register of Tax Invoices or on refusal of such registration; - Order No. 566 of the Ministry of Finance of Ukraine of 13.06.2010, No. 566, registered in the Ministry of Justice of Ukraine under No. 752/30620 of...

    Changes in immigration law in Czech Republic

    Published:   15.09.2017 |
    Tags:
    #Citizenship#Czech Republic#Investments#Legislation#Residence Permit

    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:   15.09.2017 |
    Tags:
    #Legislation#Tax disputes#Taxation

    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:   14.09.2017 |
    Tags:
    #Accounting#De-offshorization#Investments#Legislation#Tax planning

    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...