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The Journal

The Journal November 2017

Surprises For International Retailers Coming to the USA

Matt Epstein

We are all aware that stateside landlords long for that new, fresh idea—something they can show off at their mall or street location and that can’t be found in every mall in every city in the country. Successful international retailers are aware of this potentially lucrative avenue to increase revenues. USA demographics are incredibly enticing. Some international brands translate well; upscale malls and high streets would suffer tremendous vacancies without contributions from European luxury retailers.

Simplification Measures for Intrastat Returns Starting from 1 January 2018

Roberto Galiero

The Italian Tax Authorities, with the Decision n. 194409/2017 published on 25 September 2017, approved the measures to simplify the data to be communicated in the periodic European Union (EU) Intrastat returns. The Decision has been adopted by the Director of the Revenue Agency together with the Director of the Customs and Monopoly Agency and in agreement with Istat.

The Shipping Industry in Cyprus

Maria Evangelou

Cyprus has a unique location in the Eastern Mediterranean and is conveniently located in the hub of three continents: Europe, Asia and Africa. The ideal location of the island has played a prominent role in its development into a thriving international business and shipping center. Nowadays, the international merchant fleet of Cyprus is the 10th largest merchant fleet in the world and the 3rd largest merchant fleet amongst all EU member states.

Corporate Criminal Liability

Ana Llorente

The National Congress passed a new law setting forth corporate criminal liability. Legal entities will be held liable if those crimes are carried out, directly or indirectly by them, with their intervention or on their behalf, in their interest or for their benefit. They will also be liable in case of intervention of third parties with no legal capacity to act on their behalf when the legal entity concerned would have subsequently ratified the actions carried out by such third parties in an express or tacit manner.

Is It Lawful to Sell a Product Below Its Cost?

Raul de Cruïlles

Selling below cost could be defined as a commercial practice whereby a company sells products at a price below the production cost so that the sale would make the company lose money. A priori, a company would have no interest in losing money with a sale, however, this practice can be used for commercial or economies of scale related purposes, so that such practice would be within the framework of the market economy and free pricing provided for in Article 38 of the Spanish Constitution.

Is the Home Office Trying to Break the Bank?

Mariam Khaliq

From the 30 October 2017, banks and building societies will be obliged to carry out quarterly immigration checks on their consumers. The law, as it currently stands, prohibits banks and building societies from opening current accounts for people who are known not to have Leave to Remain in or Leave to Enter the UK. The new regulations mandates there must now be additional quarterly checks of the immigration status of existing current account customers. 

Romanian Companies

Romeo Nicolescu

Natural and legal persons may freely enter into partnerships and set up companies in order to develop business activities under the Romanian Law. According to the provisions of the Romanian Company Law 31/1990, as republished and subsequently amended, there may be incorporated five types of companies. All companies must be registered with the Romanian Trade Registry (organized under the authority of the Ministry of Justice) and they acquire a legal personality as of their registration date.