Labour law
The Company is obliged to comply with human resources legislation governing its interaction with its staff. This legislation includes provisions on hiring staff/ health and safety/ minimum pay/ retirement.
Custom law (deleted, if not relevant)
The Company is obliged to comply with import and export regulations governing the sale of its products abroad and the import of goods from abroad. This legislation includes provisions on the types of goods that can be sold/ the notification of sales and purchases to the authorities/ duties/ other.
Company and tax law
The Company is obliged to comply with company and tax law governing its regulatory filings with the local authorities. This legislation includes provisions on the information to be filed/ the time permitted to make required filings/ payment of income tax expenses/ penalties for non-compliance.
Personnel expenses
"Management always monitors legal requirements and ensuring that operating procedures are designed to meet these requirements by instituting and operating appropriate systems of internal control and ensuring employees are properly trained and understand the code of conduct.
"
"Revenue of the Company has the following characteristics;
- Revenue is recognized when the goods are shipped
- Bad debts provided for a small number of specific debts
- Warranties do not exist
- Insignificant levels of sales returns/ credit notes or off invoice discounts or rebates
- No multiple-elements arrangements and/or non-standard sales terms
"