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  • Unlimited stay, opportunity or warning light?

    Unlimited stay, opportunity or warning light?

    Published: 29 Jan 2018

    Third-country nationals, posted to Belgium, can be authorised to stay for an unlimited period. Practically, the Immigration Office, based on its discretionary power, issues to long-term posted workers, residence permits type B, valid five years. Such authorisation can be considered on the one hand as a warning light and on the other hand as an opportunity. Although a very particular case, it me...

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  • MAT relief for companies facing insolvency proceedings

    MAT relief for companies facing insolvency proceedings

    Published: 29 Jan 2018

    In view of the problems being faced by the companies undergoing insolvency cases under the Insolvency and Bankruptcy Code (IBC), the Central government has relaxed certain norms linked to minimum alternate tax (MAT). This has been effected in order to ease certain procedures for companies fronting such proceedings and expedite quick disposal of insolvency cases. The underlying intent in relaxing...

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  • Stay away from Benami transactions

    Stay away from Benami transactions

    Published: 29 Jan 2018

    Post demonetization, many persons and entities possessing millions and billions of unaccounted/unsecured cash deposited such cash into banks through others with the objective to escape from IT surveillance and safeguard themselves from getting punished for violation of the laws. However, government is in no mood and intent to let so-called tax evaders go unnoticed, unpunished and unaccounted for...

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  • New York Governor's Executive Budget Includes Benefits for State Alcohol Industry

    New York Governor's Executive Budget Includes Benefits for State Alcohol Industry

    Published: 29 Jan 2018

    New York Governor Andrew Cuomo has proposed his FY2019 Executive Budget, and it includes several provisions that will benefit the state’s tourism industry generally, as well as the growing craft alcohol beverage industry in particular.   Buried in the budget is a provision that amends the definition of a Hotel under the New York State Alcoholic Beverage Control ("ABC") Law Sect...

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  • FDI reforms in aviation and retail trading

    FDI reforms in aviation and retail trading

    Published: 28 Jan 2018

    In a major easing of FDI norms in the aviation sector, the Indian government has today allowed foreign airlines to hold up to 100% in Indian aviation companies under the automatic route, with the exception of Air India. Foreign investors have been allowed to invest up to 49% in Air India through government approval route ahead of its proposed privatization. Existing rules allow foreign airline...

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  • Auditing the auditors ...

    Auditing the auditors ...

    Published: 28 Jan 2018

    In the corporate world the financial position of the company is the key component that will certainly decide the destiny (development or destruction) of such company. Audit reporting assumes great importance in substantiating the financial statements of a company and make known the existing state of financial affairs of the company to stakeholders and general public. There is mammoth responsibil...

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  • Tackling the shortage of independent directors

    Tackling the shortage of independent directors

    Published: 27 Jan 2018

    I have been writing frequently on the one-sided, high-handed and unjust treatment met out to independent directors recently by the government which disqualified many, if not, all of them merely because some companies defaulted on their statutory filing. This summary dismissal was against natural justice – they should have been given a chance to submit their case at least. Their woes were compounde...

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  • Government mandates Joint Audit under FDI policy

    Government mandates Joint Audit under FDI policy

    Published: 27 Jan 2018

    Central government has recently altered the existing Foreign Direct Investment (FDI) policy in relation to audit firms with a directive that audit process of any transaction contemplated between Indian entities and foreign investors for FDI to be conducted by auditors of the parties’ joint selection, if the foreign party insists on a particular audit firm of its choice from an international networ...

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