Lawyer's Blogs

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...

It is well-known that from July 1, 2017, taxpayers have faced significant problems related to suspension of the registration of tax invoices. Before launching the system of "blocking" of tax invoices, the Ministry of Finance of Ukraine stated that the problem of suspension of the registration of tax invoices for manufacturers, service providers, and agricultural producers would be solved by submitting data in the established form of the so-called "technological table". However, in practice everything turned out to be completely different, and therefore these categories of enterprises are forced to file notice constantly, explanations and a "technological table" for each suspended tax invoice. That is, the promises of the Ministry of Finance of Ukraine were not kept, which caused quite justified discontent among small and medium businesses. The Ministry of Finance is trying to rectify the situation by amending paragraph 3 of the "Criteria for assessing the risk degree sufficient to suspend the registration of the tax invoice/adjustment calculation in the Unified Register of Tax Invoices" approved by Order No.567 of 13.06.2017 (hereinafter - the Criteria). The amendments to the...

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...