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CONVENÇÃO SOBRE A ELIMINAÇÃO DA EXIGÊNCIA DE LEGALIZAÇÃO DE DOCUMENTOS PÚBLICOS ESTRANGEIROS
Em 06 de julho de 2015 o Congresso Nacional aprovou o texto da Convenção sobre a Eliminação da Exigência de Legalização de Documentos Públicos Estrangeiros (“Convenção”). Subsequentemente, em 02 de dezembro de 2015 o Brasil apresentou ao Ministério das Relações Exteriores dos Países Baixos o instrumento de adesão à Convenção.
A adesão à Convenção tem como intuito reduzir significantemente o tempo e os custos para que os documentos públicos tenham validade tanto no exterior (nos países que participam da Convenção), quanto no Brasil, mediante eliminação de exigência de legalização diplomática ou consular de documentos públicos estrangeiros. A Convenção entrará em vigor para o Brasil, em relação aos Estados Contratantes que não se opuserem à adesão do país à Convenção, em 14 de agosto de 2016.
REGIME ESPECIAL DE REGULARIZAÇÃO CAMBIAL E TRIBUTÁRIA – RERCT
A Receita Federal publicou em 15.12.2016 a Instrução Normativa nº 1.627/2016, regulamentando o procedimento para adesão ao Regime Especial de Regularização Cambial e Tributária (RERCT), instituído pela Lei nº 13.254/2016.
Podem aderir ao RERCT as pessoas físicas e jurídicas residentes ou domiciliadas no País em 31.12.2014, que possuam bens e direitos mantidos no exterior ou repatriados, de origem lícita, mas que não tenham sido declarados, ou tenham sido declarados com omissão ou incorreção até essa data. Não podem aderir ao regime especial as pessoas que tiverem sido condenadas em ação penal por qualquer dos crimes mencionados na Lei 13.254/2016, ou os detentores de cargos e funções públicas de direção ou eletivas, ou seus parentes.
India has seen an exponential growth in the education sector and it holds an important place in the global education market. With 1.3 plus billion population, a market size of US$ 100 billion plus, more than 36,000 higher education institutions contributing 59.7 per cent of the market size, India has one of the largest higher education systems in the world*. With private sector taking a larger share of student enrolments every year, there is a huge potential for private equity participation in the education sector for sustained growth and delivery of quality education. However, this participation has also created unique challenges and one of such challenges is the amenability of educational institutions to the wider writ jurisdiction of the High Courts under Article 226 of the Constitution of India (“COI”) in its capacity of being an ‘authority’.
ASEAN Economic Community News
The ASEAN+3 Macroeconomic Research Office (AMRO), a Southeast Asian version of the International Monetary Fund, is expected to be upgraded to an official international organization in mid-2016. AMRO was formed by the 10 ASEAN member states together with Japan, China, and South Korea in 2011 as an independent regional surveillance unit to monitor and analyze regional economies and support Chiang Mai Initiative (CMI) decision-making. One of its main tasks will be to issue recommendations to invoke the CMI for members to jointly supply hard currency in the event of a currency crisis.
External Risks Slow Growth
A major global bank believes that external risks will continue to slow economic growth in ASEAN. The bank says that negative growth factors for the region include the commodity price plunge, global demand slowdown, currency fluctuations, poor implementation of investment plans, and restructuring and macro-prudential measures. However, the bank says that GDP growth in the Philippines and Vietnam should remain high in 2016.
To augment the entrepreneurial spirit of country’s youth and tap on the immense potential of innovative ideas, the Government of India has recently launched its ambitious new scheme, ‘Startup India’. While vast majority of Indian population is below 35 years of age and the Start-up culture is on the rise, young ventures face many challenges including lack of clarify on regulatory approvals, multiple registrations and compliances, lack of supporting eco-system and most important funding constraints. Sensitive to these constraints, the Government has decided to provide an enabling environment for nurturing talent, simplifying systems and processes, handholding, mentoring and incubating new ventures and most important providing financial support through this new initiative.
The e-commerce boom and build-up of online sales, has opened up a massive opportunity for the online service providers/aggregators. Popularity of the online market places has however, also brought with it certain legal and regulatory challenges especially in relation to taxability of the online aggregators.
One such issue that the online aggregators seem to be grappling with is applicability of value added tax (“VAT”). In one of its recent judgements, the Kerala High Court dealt with this issue, in the matter of Flipkart Internet Private Limited and Ors. v.State of Kerala and Ors.(2015 (5) KHC 522). The state revenue authorities had imposed a penalty on the petitioner (Flipkart Internet Private Limited and others) under the Kerala Value Added Tax Act (“Act”), on the ground that the petitioner had not registered itself as a ‘dealer’ under the Act and not filled returns and maintained true and correct accounts as mandated under the said Act.
Extension of investment support in the Czech Republic – amendment on investment incentives On May 1, 2015, an amendment regarding investment incentives came into effect. The amendment introduces new types of incentives and at the same time removes the current limitations in the Act on Investment Incentives and connected acts. Under the Act on Investment Incentives, investors who make or expand their investments in the Czech Republic may gain support in the form of investment incentives. The supported areas currently include the manufacturing industry, technology centres and centres of strategic services. For centres of strategic services the support is also extended to data centres and customer-support centres (call centres). In addition, the government determined through a resolution that industrial zones are to be provided with more attractive investment incentives – increased financial support for new jobs or completely new incentives such as an exemption from property tax for five years. The amendment also significantly reduced the required minimum number of newly-created jobs in activities with high added value.
COUNTDOWN 2015 – ASEAN Economic Community
Asia Infrastructure Investment Bank
China’s Finance Ministry announced the formal establishment of the Asian Infrastructure Investment Bank (AIIB) which will be headquartered in Beijing and commence operations in early 2016. The bank’s Articles of Agreement became effective after the parliaments of 17 founding members who hold a 50.1% stake ratified the agreement. The bank has 57 founding members, 37 regional and 20 non-regional, including all ASEAN member states. The AIIB will provide infrastructure financing for the construction of roads, railways, and airports across Asia-Pacific. A major regional bank estimates that Asian countries will need USD 8 trillion in infrastructure investments over the next 10 years to sustain current economic growth rates.
Michael Noonan, Minister for Finance, has delivered a budget for 2016 in which he states that, “the top priority… is to keep that recovery going.” “It is a testament to the commitment and resilience of the Irish people that Ireland is on course to be the fastest- growing economy in Europe for a second consecutive year.” It will “reward work, enterprise and innovation.” With this in mind we were delighted to support and co-sponsor the launch of the Limerick Startup Gathering. We are again pleased to support local businesses by sponsoring the Limerick Chamber Regional Business Awards 2015 which take place at the Bicentennial Limerick Chamber President’s Dinner, for which we are the main sponsor. The businesses involved are illustrative of the innovation, success, diligence and hard work of enterprises in Ireland that are key to our recovery and growth.
By Lindsay Griffiths on Fri, 03 Aug, 2018