Insights into the world of business

Utilizing the global reach of the Cathay Group we are aiming to provide you with insights to the local business, legal, investment, tax and IP environment of your target countries around the world.

Latest articles

July 16, 2018

Uruguay – Taxation on E-commerce Companies: New Regulations

Online companies incorporated abroad (with no presence in Uruguay) are required to pay taxes in Uruguay whenever their clients are located within Uruguayan territory. Online services providers (such as Netflix and Spotify) are subject to VAT at the rate of 22%, plus Non-Residents Income Tax (so-called IRNR) at the rate of 12%, both assessed over the sales price. Online services intermediaries (such as Uber and Airbnb) are subject to the same taxes, except that IRNR is assessed only over 50% of their sales where one of the parties of the ultimate transaction is based abroad.
July 10, 2018

Visit of Geneva Officials to China

A Geneva business delegation was recently in China and visited Tencent in Shenzhen.
July 10, 2018

Bureau of Internal Revenue Clarifies Taxes on Offshore Gaming

The Bureau of Internal Revenue (BIR) issued on December 27, 2017 Revenue Circular No. 102-2017 clarifying the tax imposed on entities engaged in Philippine offshore gaming operations. Philippine offshore gaming operators offer to offshore players online games of chance through the internet.
July 9, 2018

Joint Venture Guidelines of the Philippine Reclamation Authority

The Philippine Reclamation Authority (PRA) issued on 18 April 2018 Guidelines for joint venture agreements (JVAs) with private sector entities (PSEs). The Guidelines govern all JVAs formed for the development and disposition of PRA’s existing properties and projects, whether owned, administered or controlled by PRA.  The JVAs must be entered into only for activities directly and immediately related to the primary purpose of the PRA to dispose government assets. The Guidelines do not cover reclamation or to be reclaimed lands that are still part of the public domain.

Business

July 10, 2018

Visit of Geneva Officials to China

A Geneva business delegation was recently in China and visited Tencent in Shenzhen.
July 9, 2018

Joint Venture Guidelines of the Philippine Reclamation Authority

The Philippine Reclamation Authority (PRA) issued on 18 April 2018 Guidelines for joint venture agreements (JVAs) with private sector entities (PSEs). The Guidelines govern all JVAs formed for the development and disposition of PRA’s existing properties and projects, whether owned, administered or controlled by PRA.  The JVAs must be entered into only for activities directly and immediately related to the primary purpose of the PRA to dispose government assets. The Guidelines do not cover reclamation or to be reclaimed lands that are still part of the public domain.
July 6, 2018

Law Passed Strengthening Consumer Protection in the Philippines

On December 19, 2017, the Gift Check Act of 2017 (Republic Act No. 10962) was signed into law.
June 22, 2018

Shareholders’ Rights in Private and Public Companies in Turkey

Legal

July 3, 2018

Updates on Data Privacy Law Compliance

Pursuant to the Data Privacy Act of 2012, covered Personal Information Controllers (PICs) and Personal Information Processors (PIPs) complied with Phase I registration with the National Privacy Commission (NPC) by 8 September 2017 or within 2 months from commencement of their data processing systems. Registration of the PICs or PIPs under Phase I was accomplished through the designated Data Protection Officer (“DPO”).
July 2, 2018

Simplified Procedure for Employing Foreign Nationals

The amended Foreign Nationals (Employment and Self-Employment) Act, applicable as of 1 July 2018 will streamline the process of employing foreign nationals for certain categories of company.
June 29, 2018

When can a contractual penalty to the detriment of the worker be agreed on in an employment contract?

After we wrote, in June 2017, that in its decision the Higher Labour and Social Court took a dissenting position on the admissibility of determining the contractual penalties in the employment contracts, in the most recent decision the Supreme Court adopted a different view.
June 25, 2018

Additional requirements to justify the termination of the employment contract for business reasons

In the recent decision the Supreme Court departed from its previous practice, which had made it possible, since enactment of the Employment Relationships Act (ZDR-1), for the employers to terminate the employment contract of the worker for business reasons without being required to check whether it is possible for the worker to stay in employment.

Investment

June 5, 2018

About Real Estate Business in Turkey

In the following article you will be able to gain an insight of Real Estate Businesses in Turkey, where multiple questions have been answered.
May 18, 2018

Czech Republic a CEE hub for China

The Czech Republic is thanks to its location often called the hearth of Europe. A lot of multinational conglomerates have set up their logistics centres in the Czech Republic.
April 24, 2018

China and the CEE region

Chinese investments in Europe have reached record values. In 2017, when President Si Ťin-pching promised the One Belt One Road initiative another USD 124 billion to expand global business routes, the investments grew by 78%. Europe is one of the objectives of what was first described in 2013 as the New Silk Road with the aim to support investment into ports, roads and railways and other infrastructure worldwide.
February 28, 2018

Why to do Business in Cyprus

The local regulatory framework is very strong in part because it is compliant with the European Union regulations, the Financial Action Task Force on Money Laundering (FATF), the Organization for Economic Cooperation and Development (OECD) and the Financial Stability Forum, but also due to the fact that it aims to create a competitive market and be a financial center. Cyprus businesses are closely regulated by the relevant authorities and a strong policy on money laundering is also in place.

Tax

July 16, 2018

Uruguay – Taxation on E-commerce Companies: New Regulations

Online companies incorporated abroad (with no presence in Uruguay) are required to pay taxes in Uruguay whenever their clients are located within Uruguayan territory. Online services providers (such as Netflix and Spotify) are subject to VAT at the rate of 22%, plus Non-Residents Income Tax (so-called IRNR) at the rate of 12%, both assessed over the sales price. Online services intermediaries (such as Uber and Airbnb) are subject to the same taxes, except that IRNR is assessed only over 50% of their sales where one of the parties of the ultimate transaction is based abroad.
July 10, 2018

Bureau of Internal Revenue Clarifies Taxes on Offshore Gaming

The Bureau of Internal Revenue (BIR) issued on December 27, 2017 Revenue Circular No. 102-2017 clarifying the tax imposed on entities engaged in Philippine offshore gaming operations. Philippine offshore gaming operators offer to offshore players online games of chance through the internet.
June 1, 2018

Taxation Highlights

A company is resident in Iran if it’s established under the Iranian Commercial Code, or if it is managed from Iran. For tax purposes, the Iranian calendar year, starting 21 March and ending 20 March of the following year is generally used, but a company or branch may use its own accounting year if different.
April 27, 2018

Taxation Highlights

A company is resident in Iran if it’s established under the Iranian Commercial Code, or if it is managed from Iran. For tax purposes, the Iranian calendar year, starting 21 March and ending 20 March of the following year is generally used, but a company or branch may use its own accounting year if different.

Intellectual property

June 19, 2018

Chinese launch of CATHAY IP with successful events in Shanghai

Last week seven international CATHAY IP member firms, the international leaders of the group from three countries and the Chinese founding partner of CATHAY IP, Sinofaith attended the „2018 IPCOC Intellectual Property Commercialization Operation Conference” in Shanghai.
June 5, 2018

IPCOC 2018, Intellectual Property Commercialization Operation Conference is coming on 15th June, 2018

The first Intellectual Property Commercialization Operation Conference on June 2017 (“IPCOC”) was held in Jia-ding District, Shanghai, and gained high attention and wide influence in the industry The second 2018 IPCOC China intellectual property commercialization operation conference is about to meet with you on June 15th, 2018.
May 25, 2018

The new Personal Data Protection Act adopted on time?

The National Assembly did not include the proposal of the new Personal Data Protectionin the agenda of its next extraordinary session. This means that the controllers andprocessors will have to comply with the requirements of the General Data ProtectionRegulation no later than 25 May 2018, because there will be no promised adaptationperiod.
April 23, 2018

Is your business ready for the new protection rules?

Is your business ready for the new protection rules? As of May 2018 the European Data Protection Directive shall be replaced by the General Data Protection Regulation (GDRP)