The Luxembourg Government presented today a new set of tax measures to be implemented by 2017, known as the 2017 tax reform package. The new measures concern both corporate and individual taxation, with a particular focus on social justice and international competitiveness. The amendments may be summarised as follows: Corporate taxation Decrease of the statutory corporate income tax rate The maximum statutory corporate income tax (”CIT”) rate will be progressively decreased from its current rate of 21% to 19% in 2017 and...

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In a recently published letter to “Manufacturers, Importers, and Retailers of Self-Balancing Scooters,” the Consumer Product Safety Commission (“CPSC”) urged the trade to make certain that self-balancing scooters (hover boards) comply with currently applicable voluntary safety standards, including all referenced standards and requirements contained in UL 2272 – Outline on Investigation for Electrical Systems for Self-Balancing Scooters.   In addition, the CPSC indicated that all lithium ion battery products must comply with test requirements under UN/DOT 38.3 Transport of Dangerous...

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What is this PSC register everyone's talking about? The register of people with significant control (the PSC register) is a register of individuals or legal entities that have significant control over UK companies and UK LLPs. It has been introduced under the Small Business, Enterprise and Employment Act 2015 with the purpose of identifying the ultimate beneficial owners and controllers and making their holdings public.  The new requirement is intended to increase corporate transparency with the aim of combatting money...

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Global Professional Search have recently been asked to find a large number of full time, entry-level positions to fill for one of their clients who is a prominent, world-renown, multinational company in the telecom space. Specifically, these are sales positions in Manhattan that require fluency in Persian and English, or Armenian and English. If you know some recent graduates who are looking for permanent work, or people with good tentacles into these heritage communities, the job description is below to...

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Further to the verification by the International Atomic Energy Agency (IAEA) that Iran has implemented the agreed nuclear-related measures as set out in the Joint Comprehensive Plan of Action (JCPOA), the Council of the European Union terminated all EU nuclear-related economic and financial sanctions on 16 January 2016 (I). This statement does not however mean that all business restrictions sanctions have ceased to apply to Iran. Some proliferation-related sanctions and restrictions against Iran will indeed still be applicable while...

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DS-Concept Factoring, a member of the EACCNY and a global commercial finance company specializing in international non-recourse factoring, has provided a $1 million export accounts receivable facility to a sporting goods and accessories manufacturer in Pakistan. The client, exporting to Europe and North America, is implementing this facility to support the increased demand for open account payment terms from their overseas buyers. With the export factoring facility in place, the client anticipates an annual factored volume of $8MM-$10MM. “We are excited to announce another...

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C. Matthew Keen has been elected Managing Shareholder of Ogletree, Deakins, Nash, Smoak & Stewart, P.C. (Ogletree Deakins), effective February 1, 2016. Keen was elected during the firm’s annual Shareholders Meeting and succeeds Kim F. Ebert, who has served in the role since 2010. Ebert will return to his full-time practice in the firm’s Indianapolis office. Keen joined Ogletree Deakins' Raleigh, North Carolina office in 1987 and has spent his entire career with the firm. He has held a number...

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The Netherlands implements OECD BEPS Country-by-Country Reporting as well as the amendments to the EU Parent-Subsidiary Directive As from 1 January 2016, new rules have become effective in the Netherlands that require multinational enterprises ("MNEs") to comply with new transfer pricing documentation requirements, including the obligation to prepare a Country-by-Country Report ("CbC Report"), a Master File and a Local File. These rules essentially implement Action 13 of the OECD BEPS project into Dutch tax law. The new rules require taxpayers to...

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