British Virgin Islands Economic Substance - frequently asked questions Who has to comply with the Substance Legislation? All companies and limited partnerships that are registered or incorporated in the British Virgin Islands (“Entities”) must comply with the Substance Legislation. The Substance Legislation does not apply to trusts or general partnerships ...
Two new categories of tax-exempt bonds were created by the Infrastructure Investment and Jobs Act (H.R. 3684) (the Act) adopted by the House on Nov. 6, 2021: “Qualified Broadband Projects” and “Carbon Dioxide Capture Facilities ...
A recent opinion, 731 Market Street Owner, LLC v. City and County of San Francisco (Cal. Ct. App., June 18, 2020, No. A154369) 2020 WL 3285962 (“731 Market Street Owner”), issued by a California Court of Appeal in San Francisco provides some relief to San Francisco building owners ...
In a small victory for landlords of bankrupt tenants, the Bankruptcy Court for the Southern District of Texas has ruled that the Chuck E. Cheese parent company may not use its bankruptcy filing to avoid paying its rent. The COVID-19 pandemic and related stay-at-home orders have prompted numerous retailers and restaurants to seek bankruptcy protection. Many of those companies successfully used the bankruptcy process to obtain relief from their rental obligations ...
A recent New York federal court decision has called into question whether businesses may safely rely on Department of Labor guidance regarding the recently passed Families First Coronavirus Response Act (FFCRA). The FFCRA provides employees of businesses with fewer than 500 employees with two temporary forms of paid leave—Emergency Paid Sick Leave and Emergency Family and Medical Leave ...
By: Joshua M. Robbins, Michael C. Flynn, and Robert S. Gillison The past decade has taught lenders much about regulatory enforcement risk. In the fallout of the 2008 financial crisis and collapse of the housing and related markets, the Department of Justice and other agencies aggressively stepped up investigations of lenders seen as complicit in the misconduct of borrowers and others ...
Since the outbreak of the COVID-19 pandemic, local municipalities and state governments throughout the country have implemented stay-at-home orders and mandated closures of businesses and restaurants to lower the spread of the disease. California, after having permitted much of the state to reopen businesses, has seen a recent spike in COVID-19 cases and on July 13th implemented a new statewide order to curb the increase, reimposing certain business closures ...
In one of the latest and most high-profile decisions from across the country relating to commercial tenants’ rent obligations during the COVID-19 pandemic, the United States District Court for the Southern District of New York rejected an attempt by The Gap, Inc. (“Gap”) to excuse payment of such obligations due to the pandemic and related government restrictions ...
As more workers begin to return to the workplace, it is expected that there will be an increase in the number of lawsuits related to employee contraction of the virus in the workplace. While the general rule in most states is that the workers’ compensation system provides the exclusive remedy for work-related injuries and illnesses, claimants and their attorneys are eyeing exceptions to the workers’ compensation system in order to maximize their potential recovery ...
The Chancellor delivered the 2009 Budget on 22 April 2009. The following is a summary of the main points of interest. Income tax From 6 April 2010 there will be an additional higher rate of 50 per cent on taxable income above £150,000. The basic personal allowance for income tax will be reduced by £1 for every £2 an individual's net income is above £100,000 ...
As part of the June 4, 2014 Budget Speech, the Quebec Government announced an immediate 20% reduction in the rates of some business tax credits. The mining exploration tax incentives in Quebec did not escape this reduction. Flow-through share regimeThe flow-through share regime currently allows investors to deduct in the calculation of their income an amount equal to 100% of the subscription price ...
The 2016 Budget Review contained a most welcome – if cryptic – statement for venture capital companies (“VCCs”) and their investors. The statement reads as follows:“Venture capital funding for small businessesFunding remains one of the biggest challenges for small businesses. To encourage equity funders to invest in small businesses, the venture capital company regime was introduced in 2008. Currently, 31 venture capital companies are registered ...
Business in Bulgaria is experiencing a challenging legal environment in the context of rapidly changing emergency measures dealing with the COVID-19 pandemic. We have prepared a summary of the key legal measures affecting business in the BULGARIA COVID-19 TRACKER. It will be updated daily, as necessary. Please check regularly for updates. If you have questions, please contact a member of our C19 Task Force ...
27.06.2022 In the newest episode of News from Poland—Business & Law, Jakub Barański from Wardyński & Partners’ Dispute Resolution & Arbitration practice discusses arbitration as a solution to the rising number of IT-related disputes. Konrad GrotowskiNote, the link will open in a new window, host of the programme, talks about the situation in Poland for retail, real estate development, and transit of goods from Ukraine ...
Joseph Raczynski joins Paul Caddy to discuss horizon-gazing and what the future might hold. Joseph is a leading technologist and futurist. He speaks globally on subjects like blockchain, artificial intelligence, cryptocurrency, the Metaverse, NFTs and cybersecurity. Joseph hosts Technology Snippets Today a video podcast series which explores cutting edge technology and innovation ...
Many are still of the belief that business income tax (also called corporate income tax (CT)) is only under discussion and its introduction uncertain. That is certainly not the case. The UAE federal government has announced the application of income tax for business activities as of 1 June 2023. Although the law for CT has not yet been issued, we know that the Federal Tax Authority (FTA) (which also administers the VAT) is busy preparing for the introduction of CT ...
On March 27, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). This historic $2 trillion relief package received bipartisan support and is part of the third wave of federal government support as the nation copes with the acute economic fallout from the coronavirus (COVID-19) pandemic. The CARES Act, among other things, aims to provide significant aid to businesses and employees ...
Yesterday, the California Supreme Court issued an important ruling in a case that had the potential to profoundly affect how public entities budget and pay for publicly funded projects in California, Busker v. Wabtec Corp. (Cal., Aug. 16, 2021,No. S251135) __ Cal.5th __, 2021 WL 3612126 ...
This is a question that arises with some regularity in trust administration, and one to which the English Court has offered a very welcome answer in the recent case of Sarah Butler-Sloss & Others v Charity Commission [2022] EWHC 974. This case has potentially wide-ranging implications and in this article we will focus on those relevant to trustees of Guernsey-law trusts ...
On October 3, 2018, the IRS issued guidance for employers on how to claim tax deductions for business meals this year. Under the Tax Cuts and Jobs Act, ("TCJA") business expenses for "entertainment" are no longer deductible, effective for 2018. However, the TCJA did not modify the separate 50% deduction for expenses for business meals, which left employers wondering how to distinguish a business meal from entertainment ...
The decision will be relevant for parties seeking to bring claims in the BVI courts where there are competing jurisdictions and systems of law at play. Funders and ATE insurers will also find the decision of interest where they are considering the merits of funding cross-border claims involving BVI defendants. A copy of the judgment is available here. Background WWRT had commenced proceedings in the BVI against Carosan, a BVI company, and BK, a Ukrainian businessman ...
Key Points Starting July 31, 2021, all employees who are not fully vaccinated shall be provided respirators for voluntary use. Exclusion pay is required even if an employee is not able to work. Employers should amend their COVID-19 Prevention Plans. Introduction On June 3, 2021, the Cal/OSHA Standards Board (Board) passed changes to the COVID-19 Emergency Temporary Standards (ETS). Initially, the Board voted 4-3 against the proposed ETS ...
In a landmark victory for Federally-qualified health centers, a California Court of Appeal confirmed last October that federal and state law requires the State of California to pay FQHCs “100 percent” of their costs of furnishing core and other ambulatory services to Medi-Cal beneficiaries. (Tulare Pediatric Health Care Center v. State Department of Health Care Services (2nd Dist. 2019) 41 Cal.App.5th 163 ...
