Foreign Entities

News & Analysis as of

Development of Russian court practice on tax liabilities of permanent establishments that accept expenses from theirs foreign head...

On 29th of June 2016 the Commercial Court of Moscow delivered a judgement in case No. ?40-51925/16 under the claim of the Austrian company Strabag AG (the “Company”), which carries out business in Russia through a permanent...more

Development of the practice on assessing of withholding tax on interest income (coupon yield) payable by a Russian company for...

On 29 June 2016 the Commercial Court of Moscow rendered a decision in the case No. ?40-178650/15-75-1487 under the application of Gazprombank JSC (the “Bank”). The decision contains a number of findings that in future may be...more

Unlocking the EU General Data Protection Regulation: A practical handbook on the EU's new data protection law: Chapter 4 -...

Why does this topic matter to organizations? The GDPR does not necessarily apply to every organisation in the world. It applies to all organisations that are established in the EU. However, for organisations established...more

U.S. Customs Aims to Increase Enforcement of the Jones Act

In what could foretell a significant increase in the enforcement of the coastwise trade provisions of the Jones Act, U.S. Customs and Border Protection (Customs) announced on July 18 the creation of the National Jones Act...more

SC Department of Revenue Issues New Guidance on Application of Use Tax to Foreign and Out-of-State Property Brought into South...

The South Carolina Department of Revenue (“DOR”) has issued new SC Revenue Ruling #16-6, providing use tax information for individuals, businesses, and nonprofits. The ruling supersedes SC Revenue Ruling #08-6 and provides...more

Amendments to Kazakhstan Broadcasting Law Take Effect January 2017

The changes oblige foreign TV channels to have registered representative offices. Beginning January 1, 2017, changes to the Kazakhstan Broadcasting Law will take effect that will apply to the operation of foreign TV and...more

SEC Adopts New Rules Requiring Disclosure of Resource Extraction Payments

On June 27, 2016, the Securities and Exchange Commission (SEC) adopted new rules requiring certain producers of oil, natural gas and minerals to publicly disclose information regarding payments to the U.S. federal government,...more

Argentina Relaxes Restrictions on Ownership of Rural Properties by Foreigners

On June 29, 2016, the Argentine executive branch enacted decree 820/2016 (the New Decree), easing certain restrictions imposed under existing law on the acquisition and leasing of rural lands by foreign individuals and legal...more

President Signs Law Charging VAT on Services Provided via the Internet

On 3 July 2016 the President of the Russian Federation signed Federal Law No. 244-FZ on Amendments to Parts One and Two of the Tax Code of the Russian Federation (the “Law”), which enters into force on 1 January 2017....more

Supreme Court Clarifies Extraterritorial Reach of RICO

In an unusual four-member majority opinion in RJR Nabisco, Inc. v. European Community, the U.S. Supreme Court settled a host of controversial questions about the extraterritorial scope of the Racketeer Influenced and Corrupt...more

Did Ethiopian Electric Power Violate California’s Corporate Securities Law?

Last week, the Securities and Exchange Commission announced a $6.5 million settlement with Ethiopian Electric Power, which was described in the SEC’s order as “a government-owned power utility headquartered in Addis Ababa,...more

IRS Proposed Regulations Under Section 305(c)

In April, the IRS issued proposed regulations interpreting deemed distributions under Section 305(c). Specifically, the proposed regulations would clarify the amount and timing of deemed distributions that result from an...more

China’s New Laws on Foreign and Domestic NGOs

Operating in China just became a bit more complex for foreign nongovernmental organizations (NGOs). China’s new “Law on the Management of Foreign Non-Governmental Organizations’ Activities within Mainland China”, which was...more

U.S. Market Entry Steps

BEFORE Organizing a Legal Entity in the United States - 1. Product Evaluation and Adjustment for the U.S. Market - compliance with relevant regulatory requirements: Consumer Products Safety Commission (CPSC), Food...more

IRS Issues Proposed Regulations That Would Recast Certain Debt Instruments as Equity

On April 4, 2016, the IRS and U.S. Treasury Department, in connection with a package of anti-inversion regulations prompted by news of the recent spate of corporate inversions (particularly the $160 billion Pfizer-Allergan...more

What Law Governs A Foreign General Partnership?

The California Uniform Partnership Act of 1994 defines a “partnership” to mean “an association of two or more persons to carry on as coowners a business for profit formed under [Cal. Corp. Code] Section 16202, predecessor...more

Delaware Supreme Court Rules that Qualifying to Do Business as a Foreign Entity Does Not Operate as a Consent to General...

On April 18, 2016 the Delaware Supreme Court, in a 4-1 decision, held that a foreign corporation does not expressly consent to general jurisdiction by merely registering to do business in the state and appointing an agent for...more

Moving Your Company to Texas or Just Across the Street? Top 5 Considerations

Fleeing the California minimum wage increase, N. O. Smelz, owner of Smelz Carpet Cleaning calls his friend and fellow entrepreneur Billy Brazos to announce that he’s moving to Texas and to ask for any advice. Having just...more

China Eases Access to Interbank Bond Market by Overseas Financial Institutions

According to the Announcement of 2016 No. 3 (the “Announcement”) promulgated by the People’s Bank of China (the “PBOC”) on February 17, 2016, eligible offshore commercial banks, insurers, securities companies, asset managers,...more

Iran Secondary Sanctions Relaxation: Effect on Shipping and Related Activities

Shipping companies should be mindful of restrictions that still apply. The relaxation of Iran sanctions that the United States implemented on January 16, 2016—“Implementation Day” for the Joint Comprehensive Plan of...more

California Member Rights To Inspect Delaware LLC Records

A Delaware limited liability company might reasonably expect that Section 18-305 of Title 6 of the Delaware Code governs the inspection rights of its members. However, members of a foreign LLC, including an LLC organized...more

CFTC Staff Issues No-Action Relief Helpful for Non-U.S. Commodity Pool Operators and Commodity Trading Advisors

The U.S. Commodity Futures Trading Commission (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) provided no-action relief on February 12, 2016 to commodity pool operators (CPOs) and commodity trading advisors...more

FY2017 Budget Proposal Sets Its Sights on Insurance Companies

On February 9, the Obama Administration released its fiscal year 2017 budget proposal (FY2017 Budget). Many of the tax proposals included in the FY2017 Budget closely follow those included in the President’s fiscal year 2016...more

SEC Adopts Rules on Non-US Firms That “Arrange, Negotiate, or Execute” Security-Based Swaps in the US

On Wednesday, the Securities and Exchange Commission (SEC) adopted rules that will affect firms operating in the global security-based swap market. Specifically, the SEC is requiring non-US firms that arrange, negotiate, or...more

European M+A News, Winter 2016

Smart Acquisition Structures For Deals In Germany And The UK - What Are the Criteria for Smart Acquisitions via Corporations? - Inbound investment structures seeking to acquire a German or UK corporation should take...more

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