When crafting a liquidation or “pass-through” agreement for a subcontractor claim against the government, the key provision from the prime contractor’s perspective is a release from liability for the subcontractor’s claim with the exception of amounts recovered from the government related to that claim. If the release language is too broad, however, the agreement may provide the government a legal defense to the pass-through claim known as the Severin doctrine ...
In commercial contracts there is often a ‘waterfall’ clause, which provides for a dispute escalation process prior to the commencement of formal legal proceedings, leaving litigation as the last resort. Such clauses were determined to be legally binding in Cable & Wireless Plc v IBM United Kingdom Ltd [2002] EWHC 2059 (Comm) ...
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 ...
On February 8, 2011, the IRS announced a second voluntary disclosure program that will allow U.S. taxpayers to disclose offshore accounts that were previously kept secret from the IRS. U.S. citizens and resident foreign nationals are required to pay U.S. federal income tax on their worldwide income. The objective of this initiative is to bring taxpayers that have used undisclosed foreign accounts to avoid or evade taxes into compliance with United States tax laws ...
Introduction In the context of trusts situated in foreign participating jurisdictions, the Common Reporting Standards (“CRS”) require the trustees to identify the settlor, beneficiaries and other natural persons exercising ultimate effective control (including through a chain of ownership) and report the necessary financial information in respect of those persons to the relevant foreign revenue authority ...
Since the early stages of the COVID-19 pandemic, municipalities in Michigan have met virtually under the authority of a series of executive orders issued by Governor Whitmer permitting public bodies, except the state legislature, to meet by virtual means. These executive orders, including most recently Executive Order No ...
In October 2022, the Virginia Supreme Court decided the case of Hawkins v. Town of South Hill (view the opinion here), which fundamentally alters 40 years of precedent in the Commonwealth concerning what is considered confidential and not subject to production in response to a Virginia Freedom of Information Act (“FOIA”) request. Earlier this month, the Circuit Court issued its decision on remand in light of the Virginia Supreme Court’s decision in Hawkins ...
The government of Vietnam issued Decree No. 19/2023/ND-CP dated 28 April 2023 (“Decree 19”) to provide guidance for the Law on Anti-Money Laundering. Decree 19, effective as of its issuance date, includes the following: Details on Know Your Client (“KYC”) Decree 19 sets out the specific situations in which financial institutions must carry out KYC procedures ...
The new Law on Tax Administration No. 38/2019/QH14 (“LTA” or “new Law”) was passed by the National Assembly in June 2019 will become effective from 1 July 2020. New provisions relating to electronic invoices and electronic documents take effect from 1 July 2022. We summarize below some of the salient features of the new Law ...
On 18 June 2019, the Council for Arbitration Development at the Ministry of Justice of the Russian Federation, authorized Vienna International Arbitral Centre («VIAC») to administer arbitration disputes with the seat (place of the arbitration) in Russia. According to Secretary General of VIAC, Dr. Alice Fremuth-Wolf, the arbitration institution receives approximately 60 – 70 claims per year, with 5 – 7 involving Russian parties ...
On 18 June 2019, the Council for Arbitration Development at the Ministry of Justice of the Russian Federation, authorized Vienna International Arbitral Centre (“VIAC”) to administer arbitration disputes with the seat (place of the arbitration) in Russia. According to Secretary General of VIAC, Dr. Alice Fremuth-Wolf, the arbitration institution receives approximately 60 – 70 claims per year, with 5 – 7 involving Russian parties ...
On 18 June 2019, the Council for Arbitration Development at the Ministry of Justice of the Russian Federation, authorized Vienna International Arbitral Centre («VIAC») to administer arbitration disputes with the seat (place of the arbitration) in Russia. According to Secretary General of VIAC, Dr. Alice Fremuth-Wolf, the arbitration institution receives approximately 60 – 70 claims per year, with 5 – 7 involving Russian parties ...
On 3 August 2014, Law of Ukraine "On Amending the Tax Code of Ukraine and Certain Other Legislative Acts of Ukraine" No. 1621-VII which was adopted on 31 July 2014 for creating conditions to increase financial inflow into the state budget (the "Law"), came into force. Implementation of the proposed regulations will provide a possibility to boost in 2014 the resources of Ukraine's unified budget for nearly UAH 10.3 bn ...
Introduction This is the first in a series of articles on venture capital companies, a tax-favoured investment vehicle regulated by section 12J of the Income Tax Act, 1962 (“ITA 1962”). The venture capital company (“VCC”) scheme, introduced in 2009, is a tax-based scheme designed to encourage individual and corporate investors to invest in a range of smaller, higher-risk trading companies by investing through the VCCs ...
The VAT domestic reverse charge - referred to below as the reverse charge - is a major change to the way VAT will be collected in the building and construction industry. The reverse charge regime will come into effect on 1 March 2021 and will in many instances require customers receiving building and construction services to pay the VAT due directly to HMRC, instead of paying the supplier. This is a fundamental change to the way in which VAT is administered on construction contracts ...
The South African Revenue Service (“SARS”) issued Binding General Ruling No. 48 (“BGR 48”) on 25 July 2018, which provides much needed clarification for residential property developers following the recent cessation of relief under section 18B of the Value-Added Tax Act, 1991 (the “VAT Act”) ...
The recent amendments to the VAT legislation introduced by the Taxation Laws Amendment Act, No 31 of 2013, gives effect to government’s proposal that all foreign businesses supplying e-books, e-music and other digital goods and services in South Africa be required to register as South African value-added tax (“VAT”) vendors ...
The United Arab Emirates (UAE) Federal Tax Authority (FTA) has commenced accepting registrations for Value Added Tax (VAT) through its online portal ...
On 9 July the United Arab Emirates (UAE) Ministry of Finance (MOF) published an update of the Value Added Tax (VAT) FAQ section of its website.Following on the awareness workshops launched by the MOF, such update provides some clarification on substantive and procedural aspects pertaining to the implication and implementation of VAT ...
The UAE has issued substantive law on Value Added Tax (VAT) and Excise Tax. Federal decree law No.8 of 2017 deals with VAT. The imposition of VAT will commence in the UAE from 1 January 2018 at a rate of 5%. The VAT law provides a framework for implementation of VAT in the UAE ...
Several legislative instruments on VAT issues were published in the Official Journal of the European Union on 20 February, amending the rules for determining the place where services are supplied for the purposes of VAT: - the general rule will be reversed and services will now be taxed in the place of consumption as opposed to where the supplier has its establishment ...
The judgment of the Supreme Court of Appeal (“SCA”), which established certain guidelines and principles regarding the claiming of input tax for value added tax (“VAT”) purposes in the Commissioner for South African Revenue Services v De Beers Consolidated Mines Ltd (503/11) (1 June 2012) case may have far-reaching consequences for the private equity and venture capital industry ...
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 ...
