The Registrar of Companies (ROC) has introduced an annual government licence fee of €350. The government licence fee for 2011 was payable by 31 December 2011. From 2012 onwards the government licence fee will need to be paid by 30 June of that year.Companies which are dormant and/or do not own any assets are exempt from this licence fee ...
On the 27th of February 2012, the Montenegrin Parliament enacted amendments to the Law on Corporate Income Tax, the Law on Personal Income Tax and the Law on Contributions for Mandatory Social Security Contributions. These amendments were published in the Official Gazette of Montenegro no. 14/12 dated the 7th of March 2012 and came into force that same day.I ...
The Securities and Futures (Amendment) Ordinance 2012 ("Amendment Ordinance"), except Part 2 of which in relation to disclosure of inside information, comes into operation as it is published in Gazette on 4 May 2012. The Amendment Ordinance has introduced several regulatory initiatives which will be discussed in brief details below ...
Contents: Recourses Seeking Rectification Under the New Business Corporations Act; You Do Business in a Province Other than Quebec: Are You Required to Register Yourself?; Resale Prices and Authorized Distributors: a Synopsis; France Arms Itself Against Trusts ...
Over the past decade, arbitration under the Federal Arbitration Act1 (“FAA”) has been the subject of much debate and discussion among courts across the United States, including both the West Virginia Supreme Court of Appeals (“the WVSCA”) and the Supreme Court of the United States (“the Supreme Court”). Historically, the Supreme Court has ardently favored the resolution of disputes through arbitration,2 while the WVSCA has been more cautious to embrace arbitration in the place of litigation ...
The U. S. House of Representatives overwhelmingly passed the JOBS (Jumpstart Our Business Startups) Act Tuesday, March 27, after receiving it from the Senate. The President signed the bill April 5, 2012. The JOBS Act is best known for its crowdfunding provisions, which I will address shortly, but it also is a boon to many community banks. Community banks often are formed with many investors ...
Information from Delphi’s Tax Group - The Swedish government has proposed new legislation which will entail further restrictions regarding tax deductions for interest expenses on inter-company loans. Kindly note that the proposed legislation will broaden the definition of the term "affiliated companies" ...
Bankers confront the bankruptcy world regularly. It can be a world of somewhat unfamiliar, if not confusing, concepts and terms. Unfortunately, it can also be a world fraught with risk associated with taking actions (or not taking actions) that run afoul of the rules or jeopardize the bank’s rights against the borrower. Here are a few of the “truths” that bankers need to keep in mind in the bankruptcy world. 1. The automatic stay is, well, automatic ...
A creation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. Law 111-203 (“Dodd-Frank Act”), the Consumer Financial Protection Bureau (“CFPB”) is charged with regulating consumer lending activities of financial institutions and, in partnership with state attorneys general, enforcing numerous federal consumer protection laws ...
E-DISTRIBUTION OF INSURANCE PRODUCTS: THE AMF WANTS YOUR INPUT!On February 24, 2012, the Autorité des marchés financiers (the “AMF”) published, on its website, a notice of consultation entitled Notice and Request and Comment on Internet Insurance Offerings in Québec (the “Notice”). This process follows the AMF’s analysis, initiated a few years ago, on the issues relating to e-distribution of insurance products ...
Israel’s taxation system has undergone a major reform since 2003. The Income Tax Ordinance was revised as of 2003 pursuant to which an Israeli resident is taxed on worldwide income rather than the previous territorial tax system. The Taxation of Trusts Law (the "Law"), effective as of January 1, 2006, while imposing taxes on Israeli residents with respect to trusts is advantageous to foreign residents. Israel is a major international business and financial center for non-residents ...
On December 20, 2011, President Barack Obama, Vice President Joe Biden, Deputy Defense Secretary Ashton B. Carter, and Army General Martin E. Dempsey, chairman of the Joint Chiefs of Staff, welcomed home the final group of United States troops from Iraq. After more than twenty years and two wars with Iraq, this long-awaited homecoming symbolized the end of an era for many ...
On 6 January 2012, Bank Indonesia issued Regulation No. 14/2/PBI/2012 on the Amendment to Bank Indonesia Regulation No. 11/11/PBI/2009 on Card-Based Payment Instrument Activities (“New Regulation”). The New Regulation is aimed at re-evaluating the role of credit cards as a means of payment and to promote consumer protection when using credit and debit cards as a method of payment. The New Regulation is also aimed at limiting the provision of loans through credit cards ...
Bank Indonesia has issued Regulation No. 13/25/PBI/2011 regarding The Precautionary Principle to Delegate Some Commercial Bank Work to Third Parties (“Regulation”). Under the Regulation, banks should be more selective in selecting outsourcing companies in order to maintain the level of service provided to customers ...
Contents * Recourses Seeking Rectification Under the New Business Corporations Act * You Do Business in a Province Other than Quebec: Are You Required to Register Yourself? * Resale Prices and Authorized Distributors: a Synopsis RECOURSES SEEKING RECTIFICATION UNDER THE NEW BUSINESS CORPORATIONS ACT Julie Cousineau jcousineau@lavery ...
Among other matters, this law establishes the use limitation principle in the treatment of personal data. This law will supplement our legislation on this matter, in particular Law 19,628 on Data Protection. This law specifically focuses on the collection and treatment of personal data of an economic, financial, banking or commercial nature by data banks, distributors of personal records or personal data banks ...
On 26 January 2012 and 2 February 2012, the Council of Ministers approved two Agreements with the State of Qatar and the Special Administrative Region of the People’s Republic of China and also two international Conventions to Avoid Double Taxation and Prevent Tax Evasion in the area of Income Tax with Japan and the Republic of Colombia. It should be noted that international double taxation is an obstacle to commercial relations and the free movement of goods, services, people and capital ...
Over the last few years as tax revenues have decreased and budgets have tightened, states across the country have aggressively pursued out-of-state retailers that may owe sales or use tax. From ticket sellers like StubHub, online retailers like Amazon, and mail-order companies like Scholastic Books, states are asserting that a wide variety of businesses once thought to be exempt have the substantial nexus necessary to require that they collect sales and use tax from their customers ...
The scope of additional hypothecs was examined by the Superior Court of September 6, 2011 in the case of Banque Nationale Du Canada v. Larouche. At issues in this case was whether the additional hypothec provision contained in the deed of hypothec granted by Mr ...
Most of our clients are aware that Congress dramatically increased the individual gift tax exemption from $1,000,000 to $5,120,000 in 2012, and that the exemption is scheduled to revert to $1,000,000 on January 1, 2013 unless Congress takes some action. If this reduction in the gift tax exemption occurs, clients may lose an opportunity to remove a substantial amount of assets from their estates, and, with it, the opportunity to reduce estate taxes payable by their children ...
TAX REFORM The purpose of the current Angolan tax reform is to diversify sources of tax revenue (which up to now has been excessively dependent on oil), to modernise the Angolan tax system with a view to promoting greater tax justice and equity and also to increase the effectiveness and efficiency of the machinery of tax administration ...
On January 9, 2012, the IRS issued a news release announcing that the IRS is opening a third Offshore Voluntary Disclosure Program for taxpayers who come forward (including taxpayers who have come forward since the 2011 disclosure program closed last September) to report previously undisclosed foreign accounts and assets ...
Bank Indonesia (BI) issued a new Bank Indonesia Regulation No. 13/2011 on 30 September 2011 on Receipt of Export Earnings in Foreign Exchange and Withdrawal of Offshore Loans in Foreign Exchange. The new regulation will be effective as of 2 January 2012 ...
