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English Articles

Michalaki Pitsillidou Rozen Law Firm > English Articles (Page 10)

European Union Rule on Government payments Implications for Oil & Gas Industry

European Union Rule on Government payments Implications for Oil & Gas Industry According to an estimation, about 3.5 billion people live in countries that endowed with oil, gas and mineral reserves. Despite the fact that the citizens of these countries are the legal owners of the natural resources, in many cases, governments have hindered the effective exploitation of such resources resulting in an unequal wealth distribution, poverty and lack of sustainable economic development. Evidence indicates that this happens mostly in under-developed countries, with high level of corruption and lack of transparency considered among the responsible key factors. In particular, there are several examples...

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Tax Implications Regarding ‘Real Estate Fund’ in Cyprus

Tax Implications Regarding 'Real Estate Fund' in Cyprus Real Estate Fund is a type of mutual fund that emphasizes on investing in securities, offered by public real estate companies. Most of the real estate funds are invested in commercial and corporate properties, although they may also have investments in raw land, apartments complexes and agricultural space. Indeed, there are specific tax implications that apply for real estate funds. Initially, the rental income minus tax deductible expenses, is charged with 12.5% corporation tax. Additionally, by deducting 25% from the rental income, there is 3% SDC tax applied in the remaining income. In certain cases, though, double...

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Crime as a Social Construction

Crime as a Social Construction It is generally held that “crime is a violent human act which is against the law and it is usually committed by people with the power to do so”. Taking into consideration the question ‘How crime is socially constructed’ it is being potential to analyze the deviant and criminal acts, of people who commit crimes which they both include a breach of social rules. To begin with, concerning social construction feedback to crime, it has been usually caused by social factors and situations. Indeed, Bucker’s, says “Rules including criminal laws, are made by people with power and enforced...

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Can consent ever be used as a defence to a charge of assault? (Causing a non-fatal injury)

Can consent ever be used as a defence to a charge of assault? (Causing a non-fatal injury) Without any doubt, consent can be used as a defence of an assault to all non-fatal injuries against the person, nonetheless it cannot be applied to all crimes. To begin with, it is not a defence to an offence of a serious bodily harm or a murder. Indeed, consent can be easily defended to the facts involving tattooing, surgeries, any sports or any non-violent sexual relations, but not on a case of serious wounding or murder. Furthermore, a consent can be a defence to an assault...

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Levels Of Jurisdictions for Forex Companies

When a company or an individual would like to get a license to trade in Forex it is logical to question which will be the ideal jurisdiction to incorporate and license the future business. In this article we will divide the various jurisdictions into Levels by taking into consideration the complexity and time needed to obtain the license as well the cos and requirements. In order to protect citizens from fraud, many countries have established state or private organizations to regulate the Forex market and usually these organizations are backed by the local governments. These countries include USA (NFA, CFTC) and...

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Cyprus Tax Tonnage System

The ship management sector in Cyprus manage in 2015 to raise revenues over 450 million Euros something that demonstrates its strength. The Cyprus sectors corresponds approximately to 6% of Cyprus GDP. The advantage or registering a ship management company in Cyprus include: simplicity of the process, the geographic location of Cyprus, the island offers worldwide first class services and of course the Cyprus Tonnage Tax system which makes Cyprus an attractive location for ship management companies Under the Cyprus Tax tonnage system the annual tax calculated is based on the net tonnage of the qualifying vessels managed by the ship manager. Cyprus...

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CySEC Procedures for the receipt and follow-up of reports of infringement of Regulation (EU) No 596/2014 on market abuse

The Cyprus Securities and Exchange Commission issues this circular under article 12(1) of the Market Abuse Law of 2016, as amended from time to time, wishing to inform about the procedures in place regarding the receipt and follow-up of reports of infringement pursuant to article 32 of the Regulation (EU) No 596/2014 of the European Parliament and of the Council, of 16 April 2014, on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC. For the purposes of this circular and the completion of the “Whistleblowing...

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What is Forex ?

What is Forex? In simple terms Forex is the foreign exchange market, FX or currency market is where one currency is traded for another. It is a decentralized global market where all the world’s currencies trade. It is one of the largest most liquid market in the world with daily trading exceeding $5 trillion. It does not have a central exchange as it trades over the counter and is active 24 hours a day, five days a week. What Happens when I trade Forex? If you have ever travelled overseas then you have made a Forex transaction! A vacation to USA and you have to convert your...

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Stamp Duty Law of Cyprus

Paying Stamp Duty in Cyprus In an attempt to simplify and modernise the Stamp Duty law of Cyprus (Law 19/1963) (the “Law”) there have been some recent amendments. Main amendments relate mainly to the stamp duty rates payable regarding different types of document The law states that stamp duty is payable on any document concerning a property that is situated in the Republic of Cyprus. This is irrespective as to the place of execution of the document. Changes Contracts valued from 1 euro to 5000 euros, zero stamp duty Contracts valued from €5001 to €170,000  and for every €1000 or part of €1000 the stamp duty...

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CIFs : Cyprus Investment Firms

CIFs : Cyprus Investment Firms Directors’ Liabilities in the case of an offence (illegal act) Any Cyprus Investment Firm (CIF) should have at least two executive Directors on their Board of Directors. Any independent non-executive Directors will be experienced in their fields, have good reputations, use their abilities and skills to promote their company, and be well known in the business community. The majority of Directors will be Cypriot residents. Section 138 of the Investment Services and Activities Regulated Markets Law 144 (1) 2007 (the ‘law’) states that the commission may impose a fine of up to €175,000 For any person who violates the provisions...

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