The Legal 500 > Wolf Theiss > Tirana, ALBANIA

EU TRANSACTION TAX: ADDITIONAL BURDENS ON BANKS?

The finance ministers of the European Union met again last week to discuss the plan of introducing a single EU financial transaction tax. According to the plan, a 0.1 percent tax would be levied on bond and capital transactions, while a 0.01 percent tax would be charged on derivatives transactions.

- Wolf Theiss

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Jersey Royal Court considers measure of damages for dilapidations claims

In the absence of any statutory provision in Jersey addressing how dilapidations claims are to be quantified, the Royal Court's decision in JSSL v Barclays has provided some much needed guidance, particularly in circumstances where there is an acceptance that works to redress dilapidations have not been and will not be carried out.

- Ogier
English Supreme Court rules on Mistake and Hastings Bass

On 9 May 2013 the English Supreme Court handed down a unanimous judgment on the seminal cases of Pitt-v- Holt and Futter -v- Futter , with Lord Walker's valedictory judgment conclusively resolving the English position on the rule in Hastings Bass and rescission on the ground of mistake.

- Ogier
Getting the breaks

Shook, Hardy & Bacon currently authors the Insurance section of The In-House Lawyer magazine. For more information and articles from this author click here .

- Falcon Chambers
Product liability and dietary supplements

Shook, Hardy & Bacon currently authors the Insurance section of The In-House Lawyer magazine. For more information and articles from this author click here .

- Shook, Hardy & Bacon International LLP
The calm before  the storm: are  you prepared for  a dawn raid?

WilmerHale currently authors the Fraud and Corporate Crime section of The In-House Lawyer magazine. For more information and articles from this author click here .

- WilmerHale
International shipment of waste: transporters beware

Burges Salmon LLP currently authors the Environment and Energy section of The In-House Lawyer magazine. For more information and articles from this author click here

- Burges Salmon LLP
Cyprus Shipping Industry : Business as usual. Why despite recent events Cyprus remains an internatio

Cyprus is the third most populated island in the Mediterranean Sea. It is strategically located at the crossroads of Europe, Africa and the Middle East. Traditionally Cyprus has always been at the heart of the seafaring trade and therefore always functioned as an important centre for trade and commerce. Today as a member of the European Union it remains an optimal business base. It is one of the most attractive locations for foreign investments worldwide. Foreign companies have been given the opportunity to invest and establish business in Cyprus on equal terms with local investors as no distinction is made between foreign and Cypriot companies.

- Michael Kyprianou & Co
FOREIGN EXCHANGE OPERATIONS

The excellent support system in combination with the ideal jurisdiction provided in Cyprus set the country in the list of the most desirable countries through which you can offer foreign exchange operations. In addition, the accession of Cyprus within the European Union and, most importantly, the extremely beneficial economic advantages available due to the low costs and the outstanding taxation, create a covetable environment for foreign investors.

- Michael Kyprianou & Co
National public order. Adoption of the Draft

The Presidium of the Supreme Commercial Court of the Russian Federation (hereinafter - SCC RF) adopted by the Informative Letter No. 156 dated the 26th of February, 2013 (hereinafter - the Informative Letter) on Review of the consideration by arbitrazh courts of the cases on the implementation of the public order clause as the ground for rejection of the recognition and enforcement of the foreign court decisions and arbitral awards.

- Lidings Law Firm
China Customs New Interpretation

For many products, tariff classification can be technically complex, confusing, and subject to multiple interpretations. Often several different Harmonized System Codes ("HS Code") may seem applicable for one given product with different tariff rates. Tariff classification is indeed a process of application of customs classification rules, including customs rulings and decisions, and misclassification may trigger severe legal consequences. The sad fact is, unfortunately, that many companies rely on non-legal professionals to determine the HS Codes for imports or exports. A recent interpretation issued by the General Administration of Customs of China ("GACC") (Circular No. [2012] 495 Shu-Fa-Fa) (the "Interpretation") reinforces the process of tariff classification as a legal matter, and formulates the test as to what counts for regulatory violation if tariff classification rules are improperly applied by the importer or exporter in a given case. If the legal defense is successful, misclassification may only be treated as a non-violation misclassification, with the possible obligation to pay up additional customs duties, if any, but without administrative or criminal consequences. The Interpretation took effect as from February 1, 2013.

- Haoliwen Partners