UAE VAT Executive Regulation Update

Please allow me to refer you to the article below, providing an update on the UAE VAT Executive Regulation. This is a big development for the UAE.  The UAE has no corporate or personal income tax (except for taxes on foreign banks and oil companies) and, as a result, there were generally no financial reporting requirements. 

The introduction of VAT has necessitated the formation of a Federal Tax Authority and filing of financial information for the first time for most businesses.

To Read The Full Analysis on the UAE VAT Executive Regulation Click Here: http://www.worldservicesgroup.com/publications.asp?action=article&artid=8911

The Romanian Government has recently approved a draft law on mining activities that is intended to replace the existing law, enacted in 2003. The new law gives titleholders of mining licenses enhanced rights of access to the land necessary for the mining operations.

 

What is New and Important Regarding the Draft Law?

-Land access rights

-Transfer of rights and obligations deriving from the mining license

-Obligation of the titleholder to incorporate a Romanian subsidiary after being awarded the mining license

-Elimination of the approval of the production mining licenses by Government Decision

-Mining royalties and special taxes on prospecting, exploration and production of mineral resources

 

To read more on the Draft Law Click Here: http://www.worldservicesgroup.com/publications.asp?action=article&artid=8937 

Please allow us to refer you to the article below on the appointment of the new General Counsel for the National Labor Relations Board:

The U.S. Senate confirmed Peter Robb as the new General Counsel for the National Labor Relations Board ("NLRB" or "Board"). In private practice, Robb was a noted critic of the NLRB under the Obama administration, particularly the Board's so-called quickie election rules and what he has termed the Board's narrow definition of supervisory status.

This appointment is significant both because the NLRB has been particularly active in recent years, issuing numerous pro-employee, pro-labor decisions, and because the General Counsel role comes with substantial power.

To continue reading on how the nomination affects Non-Union Attorneys, click  here

Please allow me to refer you to the article below, analyzing the legal and economic significance of off-shore finance in the British Virgin Islands:

International financial records recently stolen from two offshore services firms and 19 corporate registries maintained by governments were leaked to journalists and their details subsequently published around the world. But beyond the hype, however, we find no intelligent inferences of legal significance in the reporting.

For example, the media draws attention to a United States Cabinet member's offshore financial transactions but does not allege that his shipping stake was illegal. Nor does it allege his foreign-registered holding company was illegal or that he failed in any disclosure duty.

(To read the full analysis click herehttp://www.worldservicesgroup.com/publications.asp?action=article&artid=8936).

Please allow us to refer you to the blog below on the SEC Chairman’s remarks on ICO’s and Securities Offerings:

SEC Chairman Jay Clayton spoke at the PLI Annual Institute on Securities Regulation in re: The DAO and his skepticism about ICOs being a securities offering.

Among several other topics, Mr. Clayton made reference to the SEC’s Report of Investigation Pursuant to Section 21(a) of the Securities and Exchange Act of 1934; The DAO.

To read the full post as well as the script and comments from Mr. Clayton, click here: http://www.wallerlawblog.com/post/176/SEC-Chairman-Sees-ICOs-as-Securities-Offerings 

 

Please allow me to refer you to the analysis below on the development of Latin America through Foreign Trade & Investment:

José Francisco Mafla and Camilo Castrill at Brigard & Urrutia Abogados explore the development of trade throughout Latin America, and its effect on and importance for the region’s economic growth. 

Latin America’s current economic growth levels are among the world’s highest, and the region is preparing its regulations to meet new economic challenges. As such, the fostering of foreign trade and foreign direct investment (FDI) is important to increase GDP growth, create job opportunities, and improve logistics and production. In the pursuit of economic and social development, modern economies are implementing new regulations to develop strategies aimed at attracting new investments and facilitate trade. In this article, we analyse the most important regulatory tools that Latin American countries are developing, with the aim of improving their economic and social conditions, and ultimately consolidating Latin America as a region open to business with favourable conditions for the development of high-value investment projects.

You can read the full analysis on the development of Latin America through Foreign Trade & Investment herehttp://www.worldservicesgroup.com/publications.asp?action=article&artid=8912 

Please allow me to refer you to the article below on the challenges with international recognition and enforcement of mortgages on ships:

Having practised both as a shipping lawyer and an aviation lawyer for many years, I do find the experience and practice with the Cape Town Convention and aviation finance transactions to be interesting when experiencing the challenges faced by the shipping industry with respect to recognition and enforcement of mortgages. The shipping industry does not have a global legal regime governing these issues in the same way as the aviation industry, and when looking at the OSX-3 matter from last year, where the Brazilian courts have set aside the Liberian first priority mortgage, the need for a global legal regime becomes quite evident.

The fact that the shipping world is yet to adopt an international legal scheme governing recognition and enforcement of rights in ships and offshore units is complicating the financing of such objects, and the mentioned court case in Brazil has cast a shadow over the Brazilian offshore sector which should trouble the international banking community. In this brief article I would like to discuss a little more in detail the challenges caused by the Brazilian judgment and how these challenges could be solved by looking towards the aviation finance sector and the Cape Town Convention.

You can read the full analysis of the solutions offered by the Cape Town Convention and the aviation finance sector here: https://goo.gl/izpyY5.

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