The Miracle of Taxation
Published: 21 Mar 2017 at 04:00 / NEWSPAPER SECTION: BUSINESS The Miracle of Taxation Two hundred and forty years ago, the renowned economist Adam Smith set out four canons of taxation in The Wealth of Nations. A decent tax system, he wrote, should follow the standards of justice, certainty, convenience and economy.
Bulgaria: Opening the gas market for foreign traders!
Most recently, the Bulgarian Energy Regulator has taken significant steps towards the full liberalisation of the natural gas market: In December 2016, the Bulgarian Energy Regulator adopted legislative amendments to the Rules for Trading of Natural Gas (Правила за търговия с природен газ, "Trading Rules") and the Rules for Access to the Gas Transmission and/or …
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When Arbitration Meets Insolvency in Montenegro – Can They Coexist?
Even at first blush, it is apparent that arbitration and insolvency make strange bedfellows. The reason they make such an odd couple is the different underlying policies, objectives, and purposes they stand for. The heart of arbitration lies at the privity of contract and the existence of party autonomy independent from the state. In contrast, …
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Hungary: Registration Fees for Company Establishment Abolished
In an aim to simplify state administration and support economic growth, the Hungarian Parliament adopted a new law abolishing the registration fee and the publication cost for incorporating limited liability companies ("LLC") (korlátolt felelősségű társaság), limited partnerships (betéti társaság), general partnerships (közkereseti társaság), and sole entrepreneurships (egyéni cég). The new law becomes effective on 16 March 2017. …
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New regulation on unit-linked life insurance in Hungary
Policyholders of unit-linked life insurance products pay an agreed sum for the unit-linked insurance to the insurance company, as a regular premium, or in one lump sum. These payments cover the life insurance component as well as the investment, administrative costs, contracting fee and the commissions. The "total cost charged" ("TCC") is an indicator – …
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Hungary: Increase of Minimum Sale Price May Affect Retail NPL Transactions?
On 7 March 2017, the Hungarian parliament adopted a law that increases the minimum sale price of a residential property in the enforcement procedure from the current 70% of its market value to 100% (market value to be understood as the price set by the appraisal of the bailiff), provided that (i) the claim to …
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SyCipLaw TMT Bulletin: Philippine Central Bank Issues New FinTech Rules
The Bangko Sentral ng Pilipinas (BSP) (the Philippine Central Bank) has issued two new circulars that will be of interest to companies engaged in remittance services, e-money, digital currency, and other fintech businesses. Both circulars amend portions of the BSP Manual of Regulations for Non-Bank Financial Institutions.
IFLR: “Philippines: Foreign equity ownership decision”
The March issue of the International Financial Law Review (IFLR) includes an international briefing article by SyCipLaw partner Jose Florante M. Pamfilo entitled “Philippines: Foreign equity ownership decision”. The article discusses the Philippine Supreme Court decision on the case of Roy v. Herbosa (GR no. 207246) to invalidate the Securities and Exchange Commission (SEC) Memorandum Circular no. …
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Recent Court Order On Google Related To Protecting Information Rights
Korean appeals court orders Google to disclose to Korean users what personal information Google passed to U.S. government. A Korean appellate court has ordered Google Korea along with its U.S. parent Google Inc. (together, “Google”) to disclose to users of the Google search service, when they so request, the scope and status of the users’ …
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Ecj Case C-28/26 – Recoverability Of Input Vat Of A Holding Company
Case C-28/26 – Examines the right of a holding company to deduct input VAT on services acquired in the interest of its subsidiaries where those services are offered to its subsidiaries with no consideration. On 12 January 2017, the European Court of Justice delivered its judgment in the case of MVM (C-28/16), concerning the right …
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