Lawyer's Blogs

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...

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...

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...