Accessing the lucrative market of Macau is on every foreign investor’s radar. Though challenges regarding corporate structure and registration, real estate, employment, litigation and licensing appear intimidating, a good understanding of local practice ensures a smooth and solid transaction. The Chinese gaming enclave of Macau has experienced another boom last year, far beyond analysts’ wildest dreams ...
Even if the parties determine that a proposed transaction is not subject to the requirements of the Hart-Scott-Rodino Antitrust Improvements Act (the “HSR Act”),1 the parties should take note of the recent activities and current views of agency staff regarding investigations of non-reportable transactions. Almost 20 percent of merger investigations opened by the Department of Justice (“DOJ”) between 2009 and 2013 related to non-reportable transactions ...
Stories of trade marks becoming generic - which may have the result that trade mark registrations become vulnerable to cancellation - are rare. Yet there have been a number of examples recently. In March 2014, there was a decision of the Court of Justice of the European Union (CJEU) that dealt with a claim that a trade mark registration for Kornspitz should be cancelled because the word had become generic ...
The Industrial Property Bill that was passed on the 22nd August 2013 was accepted into Ugandan law on the 6th January 2014. This Bill brings about various changes in the law protecting inventions, creations and designs in Uganda, and is intended to support development in the private sector and promote private investment ...
The South African Revenue Service (“SARS”) has extensive powers in terms of the Tax Administration Act No. 28 of 2011 (“the TAA”). In terms of section 46(1) of the TAA, SARS may, for the purposes of the administration of a tax Act in relation to a taxpayer (“Taxpayer”), require such taxpayer or another person (“Third Party”) to submit relevant material that SARS requires within a reasonable period. SARS may require such relevant material to be submitted orally or in writing ...
The Taxation Laws Amendment Act, 31 of 2013 (the “TLAA”) introduced with effect from 1 April 2014, a new section 8F into the Income Tax Act, 58 of 1962 (the “Act”) in order to reduce the opportunity for the creation of equity instruments that are artificially disguised as debt instruments (“hybrid debt instruments”) ...
The Taxation Laws Amendment Act, No 31 of 2013 introduced amendments to the VAT registration provisions contained in the Value-Added Tax Act 89 of 1991 (“the VAT Act”), aimed primarily at streamlining the VAT registration process. These amendments came into force on 1 April 2014 ...
Clients unfamiliar with patent prosecution are often surprised to learn that few patent applications receive a first-action allowance, or FAA. There are even rankings of law firms that receive the most FAAs each year. But what does an FAA signify? Is it a cause to celebrate, or to conduct a post-mortem? The answer is, of course, “it depends ...
The D.C. Circuit recently expanded the scope of the False Claims Act’s first-to-file defense. See United States ex rel. Shea v. Cellco Partnership, __ F.3d __, 2014 WL 1294687 (D.C. Cir. April 11, 2014). The court concluded that this defense – which bars FCA suits based on facts related to a “pending action” – applies even after the first action is dismissed ...
Although a federal court recently ruled that the United States Federal Trade Commission (the “FTC”) has the authority to regulate data security practices, a clinical testing laboratory is arguing that the FTC’s regulatory authority does not extend to entities covered by the Health Insurance Portability and Accountability Act (“HIPAA”) ...
On 7th March 2014 the Supreme Court of Appeal delivered judgment in the as yet unreported case of Commissioner for the South African Revenue Service v Mobile Telephone Networks Holdings (Pty) Ltd, (966/2012) [2014] ZASCA 4 (7 March 2014) which dealt with the deductibility of audit fees incurred for a dual or mixed purpose and the apportionment thereof for tax purposes in light of section 11(a) of the Income Tax Act 58 of 1962, as amended (‘the Act’) read with sections 23(f) and 23(g) of the A
Launching a market inquiry into a certain, seemingly problematic sector of the South African economy is not a new modus operandi for the South African Competition Commission (the “SA Commission”). In the past the SA Commission has relied upon general powers found in the Competition Act, No. 89 of 1998 (as amended) (the “Competition Act”) to conduct a market inquiry into the retail banking sector (the “Banking Inquiry”) and the supermarket sector (the “Supermarket Inquiry”) ...
Times have certainly changed. Ten years ago a tax query from a SARS assessor would find its way to the desk of the financial director or in-house tax advisor who would send it off to their auditors. The auditors would, in turn, give it to their tax department who would draft a reply to SARS and hope the matter went away. If not, an informal meeting between the financial director and tax advisor at the audit firm would usually settle the dispute ...
In Roshcon (Pty) Ltd v Anchor Auto Body Builders CC (“Roshcon”) the Supreme Court of Appeal (“SCA”), in a unanimous judgment drafted by Wallis JA, has clarified the issues caused by its previous decision in SARS v NWK Limited (“NWK”). Roshcon was not a tax case; it concerned supplier and floorplan agreements relating to the sale of trucks, with a reservation of ownership to a finance house as security until the trucks were fully paid for by the purchaser ...
Each of the Common Monetary Area (CMA) Member States presented their 2014/15 Budgets during February 2014. An overview of the Budgets of Lesotho, Namibia and Swaziland reveals Namibia as the only country proposing fiscal amendments of any significance. A common theme of these Budgets is a concern about the increased uncertainty regarding the future of the South African Customs Union (SACU) and a firm intention to reduce reliance on SACU revenue ...
Beleaguered companies suffering from data breaches got more bad news when a federal judge held that the United States Federal Trade Commission (the “FTC”) has the authority to regulate corporate cybersecurity practices ...
Beleaguered companies suffering from data breaches got more bad news when a federal judge held that the United States Federal Trade Commission (the “FTC”) has the authority to regulate corporate cybersecurity practices ...
To strengthen the competitiveness of retail trading businesses carried out by modern stores and shopping centers, the Minister of Trade issued Regulation Number 70/M-DAG/PER/12/2013 on 12 December 2013 concerning Guidelines on Administrating and Fostering Traditional Markets, Shopping Centers, and Modern Shops (Reg. 70). Reg ...
Minister of Energy and Mineral Resources Regulation No. 38 of 2013 on Compensations for Land, Buildings, and Plants Located under High Voltage Air Channels (SUTT) and Extra High Voltage Air Channels and Free Spaces (SUTET) has been enforced as of 24 December 2013. The Regulation provides the procedures as well as formula for compensation for the owners of impacted land, buildings, and plant due the establishment of electricity infrastructure ...
On 29 July 2013, the Indonesian Minister of Trade (MOT) issued Regulation No. 35/M-DAG/PER/7/2013 on Affixing Retail Prices and Tariffs to Goods and Services (Reg. 35). The Regulation came into effect 6 months as of its enactment, i.e. on 29 January 2014. It is an implementing regulation of Law Number 8 of 1999 on Consumer Protection. Two of its provisions will have a significant impact on businesses in Indonesia ...
An amendment to Law No. 30 of 2004 pertaining to Notary was issued on 15 January 2014 (Law No. 2 of 2014). The amendment came into force on its issuance date and various amended provisions were introduced, such us provisions on requirements for the appointment of a notary, confirmation of the Indonesian language as the formal language of a notarial deed or obligations of a notary and restriction on double positions. A number of interesting points were also addressed ...
What to Know When Pursuing Coverage For A Cyber/Privacy Breach During an investor conference call on Wednesday, February 26, Target CFO John Mulligan reported that the highest profile data breach of 2013 cost the retailer $61 million in out-of-pocket expenses during the fourth quarter, of which $44 million was covered by insurance ...
The Internal Revenue Service (the “IRS”) has temporarily suspended the issuance of private letter rulings on master limited partnership (“MLP”) “qualifying income” under Internal Revenue Code Section 7704(d) during the pendency of an internal committee review of existing rulings in that area ...
