By EDUARDO BRAVO LOSADA, CPA
The Office of Foreign Assets Control recently authorised new investment in and exportation of financial services to Myanmar, easing sanctions that have been in place for over 15 years. The statutory framework for the US sanctions remains in place, thereby permitting the US government to re-impose sanctions should reforms in Myanmar not proceed as hoped.
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By EDUARDO BRAVO LOSADA, CPA
On January 1 2013 a new accounting and auditing law will enter into force in Switzerland. The new law establishes uniform requirements for all kinds of business, irrespective of their form of incorporation, by introducing the 'same size, same rules' principle. Unlike under certain international reporting standards, consolidated financial statements will usually be required only if the size of a business exceeds certain thresholds.
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By EDUARDO BRAVO LOSADA, CPA
The British Virgin Islands (BVI) is the world's most popular offshore corporate domicile. The Business Companies Act has been amended to introduce a number of measures aimed at keeping the BVI's keystone corporate legislation up to date and attractive. The amending act represents the first major review of the Business Companies Act since 2006.
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By EDUARDO BRAVO LOSADA, CPA
Mainland China and Hong Kong have reached an agreement on the enhancement of economic and trade cooperation and exchanges between the two jurisdictions under the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) and signed Supplement 9 to CEPA. Supplement 9 provides for a total of 43 measures for services liberalisation and trade and investment facilitation.
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By EDUARDO BRAVO LOSADA, CPA
A bill submitted to Parliament in late 2011 proposed the extension of the Collective Settlement of Mass Claims Act to bankruptcy situations - a move influenced by the bankruptcy of DSB Bank and the possibility of tens of thousands of client claims arising from it. However, it is unclear whether the proposed change in legislation will actually expedite the handling of bankruptcy class actions.
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By EDUARDO BRAVO LOSADA, CPA
The Ontario Superior Court of Justice recently considered the evidence required when seeking the appointment of a receiver and the approval of a 'quick-flip' sale of a debtor company's assets in circumstances where the debtor, secured party and proposed purchaser are related parties. If privately appointing a receiver appears to be viable, the applicant must show sufficient grounds for the court to intervene.
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By EDUARDO BRAVO LOSADA, CPA
It is no longer possible to submit British nationality applications to the UK high commission or consulate in the applicant's home country. Instead, all applications – with the exception of those in Hong Kong – will need to be submitted to the UK Border Agency in the United Kingdom.
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By EDUARDO BRAVO LOSADA, CPA
Criminal liability presupposes the existence of mens rea (guilty mind) and actus reus (guilty act) - the two essential ingredients of an offence under the Penal Code 1860. Natural persons can be convicted of an offence as they possess mind; companies do not and therefore often escape conviction. Recent court decisions have settled this controversy, holding that corporate bodies can be prosecuted for criminal offences.
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By EDUARDO BRAVO LOSADA, CPA
As part of the government's programme to stimulate the economy, Cyprus recently amended its income tax laws to introduce a series of incentives and exemptions relating to income from IP rights, commonly known as an IP rights box. By amending its tax legislation, Cyprus hopes to consolidate its position as a hub for the cross-border holding and exploitation of IP rights.
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Se establecen los plazos para el ingreso de divisas al Sistema Financiero Local producto de las operaciones de exportación de determinadas empresas.
B.O.: 22.08.2012
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