Italy Permits VAT Payments on Cash Receipt Basis; Portugal Sets New Data Reporting Obligations for Resident Individuals and Companies: Accounting and Compliance Updates from Nair & Co.

SUNNYVALE, Calif.--(BUSINESS WIRE)--Nair & Co., the leader in international business expansion services has released business, accounting, and compliance updates for companies doing business in Dubai, Italy and Portugal.

Dubai Reiterates Free Business Zone Rules

Dubai's Department of Economic Development has clarified that companies established in the Free Zones across the UAE, need to have a registration and license, mandatorily, in case of availing the benefits of previous laws.

Italy Permits VAT Payments on Cash Receipt Basis

Italy introduces VAT Cash Accounting Scheme, allowing VAT payment on cash (receipt) basis with effect from 1 December 2013. It is mandatory for the taxable person to indicate in invoices, if the cash accounting scheme has been applied.

Portugal Sets New Data Reporting Obligations for Resident Individuals and Companies

The Bank of Portugal has set new statistical data reporting obligations, for resident individuals and companies, who make their entry into the economic and financial activities in foreign countries.

For more information about doing business overseas or specific International Tax, HR, Compliance or Legal issues please contact us at http://www.nair-co.com/global-offices.aspx

About Nair & Co.

Nair & Co. provides you with your one touch outsourced finance, HR, legal and compliance department for your international operations. If you are expanding abroad for the first time or increasing your global footprint, our turnkey solutions help you do so with minimal risk, stress and cost. We support 4000+ client operations in over 56 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more at www.nair-co.com.