Ukrainian tax authorities are notorious for their practice of failing to return VAT advance payments on time. This problem appears to be of an economic rather than legal nature and persists due to the constant shortage of budget funds, which are most commonly spent for purposes other than proper VAT rebates. Ultimately, the state is unwilling and often unable to refund VAT in the proper way, and so is continuously credited at the expense of local taxpayers ...
The first legal issue to consider is whether your company has the power to carry out non-commercial dealings such as making political or charitable donations. The company's constitution should be reviewed to ensure the company is expressly empowered to make such donations. If no express power exists you could consider putting a relevant amendment of the constitution to a shareholders' vote ...
By Eduardo A Trueba C. January 2005 Corporate subsistence, in an economy that each day becomes more competitive, dynamic and integrated to the global world in which we live, has exponentially increased corporate mergers and alliances, together with similar transactions, such as stock acquisitions from one company for another’s capital, company, know how, and royalties transfers, among others ...
Introduction: A Second Union is a “Marriage” of Competing Interests As a general rule, individuals who enter into a second marriage or a second union are more than 40 years of age, have accumulated their own property and have enjoyed a standard of living that they want to maintain or even improve upon ...
After long years of fierce debate, the Kyoto Protocol finally came into force on 16 February 2005, imposing obligations on states parties to reduce global greenhouse gas emissions. This article takes a look at the background to the Protocol, and the many new and varied opportunities for businesses in Scotland and across the globe. The Protocol itself was adopted at the Third Conference of the Parties to the United Nations Framework Convention on Climate Change in Kyoto on 11 December 1997 ...
The article appeared in the 2005 edition of The International Comparative Legal Guide to: Environment Law; published and reproduced with kind permission of Global Legal Group Ltd, London ...
The Benefits of Using a an Unlimited Liability Company (1) Introduction Unlimited Liability Companies (“ULC”) have become useful vehicles for the acquisition of a Canadian business by a U.S. investor. This paper summarizes the advantages of using a ULC, the treatment of a ULC in Canada and in the U.S. and the use of a ULC in a factual setting involving the acquisition of a Canadian business. Until recently, only Nova Scotia offered the possibility of incorporating a ULC ...
On April 13, 2005, the government of Canada announced the first phase of Project Green “Moving Forward on Climate Change: A Plan for Honouring our Kyoto Commitment”. Although there is no legislation in force in Canada which requires companies to reduce their greenhouse gas (GHG) emissions, emitting companies should begin preparing for this possibility. In some cases, they should even look at the advantages of immediately trading emission reduction credits ...
The coming into force of the Kyoto Protocol on February 16, 2005 has generated intense discussion and left many unanswered questions for the industrial sector. Over the last two months, the federal government has published several documents that, to a certain extent, uncover its intentions regarding its stated objectives and its strategies for achieving such objectives ...
MAJOR INDUSTRY USE AND CLASSIFICATION ISSUES I.Introduction A.General Principles of Classification Under s. 19(14) of the B.C. Assessment Act, R.S.B.C. 1996, c. 20 (the “Assessment Act”) and the Prescribed Classes of Property Regulation (B.C. Reg. 438/81) (the “Classification Regulation”), real property in B.C ...
EQUITY AND CONSISTENCY IN ASSESSMENTS I. General Principles of Equity A hallmark of the assessment and taxation of property in B.C. is the principle of equity: taxing authorities must deal even-handedly with all taxpayers in a municipality or rural area, and all taxpayers with a class must be treated in the same way. Equity in the context of the property assessment in B.C ...
Inheritance tax is often assumed to be a rich man's concern, but the recent housing boom means that this is no longer the case. The sharp rise in house prices has completely outpaced tax thresholds, meaning that there has been a huge increase in the number of families who could face large bills for Inheritance Tax (IHT) when the homeowner dies ...
Mexican tax laws, rules and regulations are subject to amendments on a regular basis. Herein we intend to provide our friends and clients a general overview of the most recent and significant changes to our tax system[1]. Rule JG-SAT-IE-1-2005. - Debt Forgiveness for Certain Taxpayers ...
On June 7, 2005, a Decree amending, enacting and repealing various provisions of the VAT Law was published at the Mexican Federal Register. These amendments, to a large extent, merely renumber and relocate various provisions of the VAT Law, leaving their content unaltered. Nonetheless, it is quite important to underline that these amendments repeal any reference to “activities which fall outside the scope of this tax” in the provisions dealing with creditable VAT ...
Do environmental considerations feature in your business plans? If not, then perhaps it is time they did. Minimising waste, reducing energy consumption and decreasing the environmental impact is not just good for the planet but can lead to increased profits. That is the message from the Scottish Executive in its paper 'Going for green growth: a green jobs strategy for Scotland' ...
Amendments made to the Quebec Professional Code in 2001 authorize professional orders to allow their members to exercise their professional activities within the framework of a limited liability partnership, or a joint-stock company. In 2002, the Ordre des comptables agréés (Order of Chartered Accountants) was the first professional order to adopt a regulation to this effect. The Quebec Bar and the Ordre des comptables généraux licenciés (Certified General Accountants) followed suit in 2004 ...
It is quite common in Hong Kong for employers to arrange an employee's employment by using dual contracts to take advantage of the tax position. Under Hong Kong law, only income derived from Hong Kong is taxable and earnings under a foreign employment contract with non-Hong Kong entity in respect of duties carried out outside Hong Kong are not taxable. However, the benefits under this arrangement may reduce following a recent UK guideline ...
As mentioned in our information bulletin of June 8, on June 7, 2005 the Federal Official Gazette published an “Executive Order to Amend the Value Added Tax Law” which altered the procedure for calculating the crediting of valued added tax by removing operations not taxable ...
In a decision released Wednesday, July 20,(1) the Supreme Court of Canada has overturned Court of Appeal decisions from New Brunswick and Nova Scotia finding that Mi’kmaq people have a treaty right to harvest timber for commercial purposes. In so doing, the Court also provided guidance on how to assess aboriginal title claims ...
Practical Advice for Defending Toxic Tort Actions - 11/29/2001 Texas Lawyer © 2001. All rights reserved Defending a toxic tort case involving multiple plaintiffs and defendants, not surprisingly, presents multiple issues of concern. In developing a litigation strategy, thoughtful defense counsel will anticipate these issues ...
The Ministry of Finance and the State Administration of Taxation jointly issued the Notice on the Issue of the Levy of Individual Income Tax on Income Derived by Individuals from Stock Options on 31 March 2005 ("Notice"). The Notice, which entered into effect on 1 July 2005, provides a number of guidelines regarding the taxability of such schemes. Taxable event The Notice applies to stock options granted to employees of listed companies or their holding companies ...
The State Administration of Taxation ("SAT") issued the Notice on Relevant Issues in Adjusting the Method for Calculation of Individual Income Tax Annual Lump Sum Bonus Etc. Received by Individuals on 21 January 2005. The Notice, which took effect on 1 January 2005, repeals two SAT Notices issued in 1996 and addresses the issue of the calculation of individual income tax ("IIT") on annual bonuses ...
The provisions of the Environment Quality Act (“EQA”) regarding contaminated land require a person intending to change the use of a parcel of land to perform a site characterization study1 if certain specific industrial activities have been carried on there. If this study reveals the presence of contaminants in excess of the limit values prescribed by regulation 3, a notice of contamination must be registered in the land register against the property in question ...
