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Sberbank dividends: is it possible to receive dividends on converted depositary receipts?

The Supervisory Board of Sberbank recommended paying out dividends for 2022 financial year in the amount of 565 billion rubles, which equals to 25 rubles per share. This is a record amount for Sberbank dividends. The record date for the purpose of Sberbank dividends’ pay out is May 11, 2023. Accordingly, in order to [...]

Conversion of Russian ADRs and GDRs

A depositary receipt is a valuable security issued by foreign issuers that confirms an investor's right to a certain number of shares. Depositary receipts for shares of Russian issuers have traditionally been issued by major American and other foreign banks such as BNY Mellon, JPMorgan, Citibank, Deutsche Bank, and others. Due to the current sanctions [...]

Ukrainian VAT Return for Suppliers of Electronic Services

From 2022 onwards foreign companies supplying the so-called "electronic (digital) services" to customers in Ukraine may have to register with Ukrainian tax authorities and collect VAT. We have already shed some light on this topic in our previous article, which might help understand whether new Ukrainian VAT on electronic services affects your business. In [...]

Ukrainian B2B Software Provider (Gambling) License

On August 13, 2020 Ukrainian Law on Gambling had become effective marking the end of ban on gambling activity in Ukraine. Gambling has become subject to licensing and Ukrainian B2B Software Provider (Gambling) License was born. GFLO Consultancy is pleased to offer you its assistance in obtaining gambling licenses. Message us and we will [...]

Ukrainian VAT on electronic services

In 2021 Ukrainian parliament introduced new VAT rules applicable to foreign companies providing the so-called "electronic services" in Ukraine. Below is a brief overview of the new Ukrainian VAT rules. GFLO Consultancy provides consulting services in the field of tax law of Ukraine. Contact us today. [...]

What is a Confirmation Statement in the UK?

The UK is among the most favorable jurisdictions to set up and run a business. It offers simple conditions for incorporation and maintenance of a company, a convenient taxation regime and fairly relaxed reporting requirements. Business owners in the UK often hear about the annual filing of the so-called Confirmation Statement. Your Confirmation Statement [...]

EORI number: what it is, who needs it, and how to get it

Individuals and all business entities, including sole proprietors, that wish to perform commercial customs operations in the European Union eventually come across an EORI number requirement on their customs declarations. As a result, the following questions arise. What is an EORI number and in which situations is it required by the EU customs legislation? [...]

Gambling business in Ukraine: license requirements and application procedure

In 2020, the Verkhovna Rada (Ukrainian parliament) adopted a law regulating organization and conduct of gambling in Ukraine (the Law). Accordingly, with the adoption of the Law, gambling business in Ukraine became legal, and moratorium on its conduct (in effect since 2009) was abolished. GFLO Consultancy is pleased to offer you its assistance in [...]

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