A big step towards strengthening the legal and regulatory framework The UAE government has introduced UAE Federal Law No. 2 of 2015 concerning the Commercial Companies (the new CCL) which was published in the Official Gazette on 31st March 2015 and came into force on 1st July 2015. The time allocated to comply with the new requirements is up to…

In the letter of April 09, 2014 No. 03-00-RZ/16236 the Ministry of Finance of the Russian Federation has touched upon a subject of the actual recipient of the income (the beneficial owner). The Ministry of Finance, in particular, has specified in this letter that at application of the international agreements regarding granting a right to use privileges (the lowered rates…

Goods and Services Tax has been enforced one year since its implementation on 1 April 2015. In the early stages of the transitional period in implementation of GST, the Royal Malaysian Customs Department (RMCD) encountered many challenges. Nevertheless, GST regime is now smooth and fairly well accepted by businessmen and people. In early May 2016, RMCD with ultimate responsibility for…

 The Korean tax authorities issued guidance on 17 February 2016 regarding the upcoming requirement for domestic companies to withhold income tax from the salaries of certain foreign employees seconded to a Korean company. Currently, a foreign secondee to Korea whose employment costs are not borne by a Korean entity is not subject to income tax withholding. Instead, the individual must…

1.“Normal” deliveries within the European Union One goal of the European Union is free trade. As VAT could be a barrier, the delivery of goods from one EU Company to a company in another EU country is exempted from VAT. Example 1 To receive an exemption from VAT some regulatory requirements have to be met. Besides other information like the…

Permanent Establishment Bahrain: The definition of “permanent establishment” also includes a building site or construction or installation project or any supervisory activities in connection with such site or project constitutes a permanent establishment only if it lasts more than 12 months (definition in compliance with OECD   model). Ethiopia: The definition of “permanent establishment” also includes a building site or construction…