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Events > IFA Ukraine > New Trading Jurisdictions Presented to IFA Ukraine Membership

New Trading Jurisdictions Presented to IFA Ukraine Membership

02 july, 2015, Kyiv, Ukraine

July 2, 2015 senior-level tax advisors from Malta, Cyprus, Bulgaria and Hungary provide general overview of tax regimes for trading companies, as well as covered latest legislative and practical developments with regard to recent EU measures designed to prevent aggressive tax planning.

The Seminar panel was joined by Karl Cini, Nexia BT (Malta), Chris Damianou, Eurofast (Cyprus), Kirill Makarchuk, Rockshield Limited, Dr. Sándor Németh, Szecskay Attorneys at Law (Hungary), and Petar Varbanov, Eurofast (Bulgaria).

Karl Cini provided a detail overview of Maltese corporate regimes benefits, such as relative ease of incorporation for non-regulated entities, possibility of migrating companies to and from Malta, low minimum capital requirements, low registration and maintenance costs, no local shareholders or directors requirement, etc, as well as major tax benefits for structuring purposes, including extensive double tax treaty network (+68 countries), generous participation exemption regime and exemption on overseas permanent establishment profits, advance revenue rulings on international tax issues, and exemption of capital gains on transfer of shares in Maltese companies by non-residents.

Karl also paid attention to the fact that there is no exchange controls, thin capitalization rules, CFC legislation, dividend taxes, wealth and capital taxes, as well as no sophisticated rules for transfer pricing and no withholding taxes on dividends, interest and royalties paid to non-residents subject to the satisfaction of straightforward conditions. He also provided overview of company taxes, examples of basic trading structures with effective tax rate of 5 %, as well as typical holding structures, IP structures, and Maltese specifics of redomiciliation process.

Chris Damianou in his presentation focused on combination of trading structures via Cyprus, outlining tax efficient agency and double purchase schemes for Ukrainian business. Chris also provided some practical tips, designed to meet the growing requirements for substance, such as qualified persons as members of the BoD, company seal to be kept at the registered office and used sensibly, Board Meetings to be held in the place of registration, issuance of power of attorney only for specific transactions, full and accurate company documentation, and paying special attention to contract signing, invoicing, operating bank accounts.

Petar Varbanov discussed the use of Bulgaria in trading structures, making a specific focus on Intra-Community transactions, relating to goods supplied by one or more EU Member State Countries to another one. Petar also made a general overview of Bulgaria tax treaties and benefits, including withholding tax.

Kirill Makarchuk delivered the presentation on using UAE companies for international trade and tax planning. In particular, Kirill briefed in general on UAE tax environment (no income tax, withholding tax, value added tax, capital gain and inheritance taxes; corporate tax only enforced for oil & gas companies and foreign banks; extended network of DTTs with over 50 countries), as well as outlined major characteristics of UAE trade policy, such as liberal trade policy with no protective tariff or non-tariff barriers on import, general 5% of import duty on CIF value of goods imported from outside of GCC countries, and no import duty when importing to a Free Zone.

Kirill also described how the trading transactions could be structured through UAE to benefit from the Greater Arab Free Trade Area (GAFTA), which is a pan-Arab free trade zone between 17 countries.

Dr. Sándor Németh made a general overview of taxation basics in Hungary (corporate tax, personal income tax, local taxes and value added tax), as well as explained to seminar participants on what is needed (i.e. registered seat, Hungarian delivery agent, lawyer or a notary public, a capital) and what is not needed (residency permit, full starting capital, permanent personal presence) to register the company in Hungary. Dr. Németh also discussed effective trading vehicles available for Ukrainian businesses in Hungary.

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