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UK sanctions guidance for Uzbek businesses
Information about UK sanctions and relevant local laws to support compliance of non-UK businesses operating in Uzbekistan.
Protecting Business Reputation When Entering Foreign Markets
Expanding into new international markets presents promising growth opportunities. However, such moves come with challenges, especially when it comes to maintaining and protecting a business’s brand reputation.
Essential Steps When Moving Business Goods Across Borders
Shipping goods between countries brings up several obstacles for businesses. Customs rules and paperwork can differ significantly depending on the destination and the nature of the goods being shipped. Customs systems and documentation requirements vary across regions, making it necessary for companies to stay informed.
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Capital Control And VAT Changes In Greece
Our Managing Director in Athens provides a summary of Greek capital control and VAT changes over recent weeks. You may have seen the news posted last week about the abolishment of reduced VAT rates on six popular holiday islands. From 1 October 2015, the Greek mainland VAT rates of 6%, 13% and 23% have applied on the islands of Rhodes, Santorini, Mykonos, Naxos, Paros and Skiathos
Businesses based on the above islands must adjust their prices and update their software and devices. These changes also impact the filing of VAT returns.
Capital Controls
Following is a summary of what is allowed under the current capital control measures.
- The opening of a bank account for all new established companies and professionals (with a date of incorporation after 1 May 2015) is allowed.
- The opening of one single bank account (not for cash withdrawal) is allowed for servicing any loan taken before or after the end of the bank holiday (caused by capital controls) by the financial institution in which the loan has been opened.
- The use of credit or debit cards is allowed for buying goods and services abroad. Buying goods from abroad is allowed in general however there are some exceptions (eg. clothing market, online betting).
- The early loan payoff is exceptionally allowed (partial or total) with cash, remittances from abroad and with a new loan for the purpose of restructuring.
- The early ending of time deposits is exceptionally allowed for the payment of hospitalization and tuition, payroll, overdue debts to the banks, and Greek public and social security departments.