A new Circular Letter of the Central Bank of Cyprus on shell companies

Legal firm Pepeliaev Group advises that the Central Bank of Cyprus has issued an additional circular letter regarding shell companies, containing more favourable explanations as to when a company is classified as a shell company.

A tax agent may recover an amount of tax it paid from its own property on behalf of a foreign person by using the institution of unjust enrichment The Commercial Court, in the case of the Organising Committee of the 2014 Olympic and Paralympic Winter Games in Sochi, has recognised as lawful the application of the civil law mechanism for recovering from a foreign person an amount of unjust enrichment in the form of tax that a tax agent has paid on behalf of the foreign person, together with interest for using the other party’s money.

The Russian Supreme Court on a tax benefit for movable property

Despite the literal wording of article 381(25) of the Russian Tax Code, movable property that was acquired from a related party can be exempted from taxation in certain cases, according to the Russian Supreme Court.

The Russian Supreme Court on withholding tax at source when services of a foreign company are paid for According to the Russian Supreme Court payments under cross-border agreements for services (work) are treated as passive income if no operations have actually been performed.  
The status of an international company has been enshrined in Russian law

Pepeliaev Group advises that Federal Law “On international companies” (the “Law”) came into full force on 3 August 2018. The Law establishes a regime for foreign companies allowing them to change their personal law and obtain the status of international companies.

A time limit has been established for filing a motion for reconsideration of a specific case with the Russian Supreme Court

Pepeliaev Group informs you that a time limit has been set for filing a motion with the Chief Justice or a Deputy Chief Justice of the Russian Supreme Court in the case of a refusal to refer a cassation appeal for consideration by the Judicial Chamber of the Russian Supreme Court. This time limit may not exceed two months, which is the statutory timeframe for filing a cassation appeal.

Pepeliaev Group has set up a cross-sectoral Digital Economy Legal Support Group
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Pepeliaev Group’s Practice Groups Have Achieved Exceptional Results in IFLR 1000
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Pepeliaev Group is pleased to offer its clients an escrow agent services
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