Here are select December 2012 rulings of the Supreme Court of the Philippines on commercial law:Corporations; liability of corporate officers. Settled is the rule that debts incurred by directors, officers, and employees acting as corporate agents are not their direct liability but of the corporation they represent, except if they contractually agree/stipulate or assume to be personally liable for the corporation’s debts, as in this case. Ildefonso S. Crisologo vs ...
On 14 November 2012, the Minister of Manpower and Transmigration of the (“MOMT”) issued MOMT Regulation No. 19 of 2012 regarding Terms of Partial Assignment of Work to Third Party Companies (“Regulation No. 19”) Regulation No. 19 covers two types of outsourcing: business activity outsourcing (pemborongan pekerjaan); and manpower outsourcing (penyediaan tenaga kerja) ...
After the financial crisis hit the markets in 2008, small and medium sized enterprises ("SME") have found themselves at the sharp end of diminished access to credit. In their search for credit, they have turned to alternative forms of financing, such as crowdfunding. Last year around €300 million was raised through different types of crowdfunding. This amount is expected to increase significantly in 2013 ...
During the years of the recent property and development boom in the Turks and Caicos Islands (TCI), stamp duty on the real estate transactions became a substantial contributor to Government coffers. All real estate transactions in TCI are subject to stamp duty at varying rates depending on the size of the transaction and on the island on which the real estate is situate. In most cases, stamp duty is charged at the rate of 9.75% of the consideration passing ...
Acquiring investment property This alert is intended to highlight certain VAT issues relating to the purchase and management of property which is subject to a lease(s). In general VAT should not be chargeable on the sale of such property. Depending on the circumstances this VAT free treatment is based on exemption from VAT and/or “transfer of business” relief applying. VAT free treatment does not apply in all situations but exceptions are few ...
The Philippine Securities and Exchange Commission (SEC) issued Memorandum Circular No. 1, s. 2013 dated 7 January 2013, requiring the incorporation of the tax identification number (TIN) of foreign investors in all forms papers and documents filed with the SEC ...
SummaryEffective January 1, 2013, companies that file Exchange Act reports with the SEC are required to identify whether their products contain certain "conflict minerals" originating from the Democratic Republic of Congo (DRC) and adjoining countries (an area comprising most of Central Africa) ...
Effective January 1, 2013, companies that file Exchange Act reports with the SEC are required to identify whether their products contain certain "conflict minerals" originating from the Democratic Republic of Congo and adjoining countries (the Covered Countries) ...
1. Interest on Equity and Dividends: the Brazilian Perspective Brazilian companies have two main instruments for remunerating shareholders for the capital invested in companies: dividends and interest on net equity (“Juros sobre o capital própio”, referred to as “IoNE” in this article). Both instruments can be used at the same time, but their tax treatment will depend on the particular characteristics of each case ...
Corruption is undoubtedly one of the biggest problems facing civil societies these days. It prevents naturalcompetition in a marketplace and makes goods or services more costly. It has a detrimental effect on themoral, legality and transparency in a society and is an enemy to democratic decision-making. By underminingpredictability in business transactions, corruption makes investments more hazardous and reduces growthand business opportunities ...
SummaryEffective January 1, 2013, companies that file Exchange Act reports with the SEC are required to identify whether their products contain certain "conflict minerals" originating from the Democratic Republic of Congo (DRC) and adjoining countries (an area comprising most of Central Africa) ...
The Scottish Courts: The largest volume of litigation takes place in the Sheriff Courts located throughout Scotland, which are similar to the County Courts in England & Wales in that they typically handle disputes which are relatively straightforward and low value ...
“The audit committee directly oversees management’s reporting of the company’s financial position and results to investors. Auditors validate. Naturally, both agents should support each other’s work with an open dialogue about how to protect investors from misleading or inadequate management reports.” - James R. Doty, PCAOB Chairman, PCAOB Open Board Meeting, Aug. 15, 2012 The Public Company Accounting Oversight Board (“PCAOB”) recently issued Auditing Standard No ...
On January 14, 2013 the United States and Spain signed a new protocol (the “Protocol”) amending the existing income tax treaty between the United States and Spain that was signed on February 22, 1990 (the “Treaty”). The Protocol modernizes the Treaty to conform with the existing treaty policies of both the United States and Spain. Key provisions of the Protocol include: Exclusive residence-state taxation (i.e ...
On January 4, 2013, the United States District Court for the Northern District of Illinois, Eastern Division (the “District Court”) issued a Memorandum Opinion and Order1 that seems demonstrably at odds with the majority of cases analyzing the § 546(e) safe harbor provision.2 General Background Facts Sentinel Management Group, Inc ...
Key principles approved by the Polish Council of Ministers - On 16 October 2012, the Polish Council of Ministers approved key assumptions for the long-awaited shale gas production and taxation legislation. The assumptions, which impact both conventional and unconventional oil and gas production, have in particular, been awaited by the developing shale gas sector and investors interested in joining this brand new market. ...
In re: Signal Mountain Cement Company – Assessment Appeals Commission Upholds Assessor’s Use of “Value in Use” Methodology for Standard Valuation of Tangible Personal Property in Tennessee but Affirms Taxpayer Use of “Fair Market Value in Exchange” Methodology in Nonstandard Valuations ...
After all of the sand had run out of the hourglass, Congress finally passed (and the President signed) a compromise tax bill to avoid very substantial income tax increases on taxpayers with income under $400,000 ($450,000 for joint filers). The good news for our estate planning clients is the “permanent” extension of the current estate, gift, and generation-skipping transfer tax exemptions, and a slight increase in the tax rate from 35% to 40% ...
This is an important year on the taxation front. New rules restrict interest deductions and increase the transfer tax related to the sale of shares in housing and real estate. Additionally, two tax incentives support research and development activities, as well as innovation and growth. Restriction on interest deductionThe Finnish legislature has restricted interest deductions applied in taxation starting in the 2014 taxation year ...
The so-named “American Taxpayer Relief Act,” now signed by the President after having been passed in the wee hours by the Senate on January 1, 2013, and later that day by the House, may pull the country back from a self-created fiscal/political ditch, but leaves the country at the edge of a fiscal cliff with spending cut issues, debt ceiling issues and undoubtedly more tax issues to be dealt with before March 1, 2013. Overview ...
With a law enacted on 17 December 2012, the Finnish parliament moved forward on the longstanding plan to house intellectual property rights disputes in the Market Court. This legislative reform has a significant impact for all companies operating in Finland. The Market Court will start to hear these disputes in the autumn of 2013 ...
Coming as a surprise to some, the European Parliament approved rules creating a Unified Patent Court and a Unitary Patent on December 11, 2012, after lengthy consideration ...
As we embark upon the season of goodwill, those wishing to embrace the Christmas cheer may wish to consider settlement of an ongoing commercial dispute bringing peace and goodwill to all - besides saving their business time and money in the process.Should you settle? Parties settle disputes for a variety of reasons ...
The 2013 Federal Revenue Law was published yesterday and its Transitional Article 3 includes an amnesty covering payment of federal taxes and related government charges, as follows: a) 80% forgiveness of tax assessment consisting of federal taxes, antidumping duties, and fines for failure to comply with federal tax obligations, other than payment obligations, arising prior to January 1, 2007 ...
Employment Conditions of Foreign Workers (2) Share Ownership: An Overview (3) Certificate of Intellectual Property Pertaining to Software. Employers frequently resort to the use of foreign workers. In some industries, this is practically unavoidable. Faced with the new reality of foreign workers, many companies have questions about how to manage the workers they hire and the specific conditions applying to them ...
