This year it may be easier to predict developments in environmental law and policy than in 2020. The main reason for that is that there are several key developments that should have happened in 2020 but didn’t because of the Covid-19 pandemic. Here are our top five predictions. 1. The Environment Bill The Environment Bill is a key piece of legislation that establishes a post-Brexit environmental governance framework for England ...
On Friday, May 30, 2021, the U.S. Department of Treasury released its “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals” (the “Green Book”). The Green Book, a copy of which is locatedhere, provides detailed descriptions of the Biden Administration’s legislative tax proposals, which the White House formally announced on May 28, 2021, when it released its fiscal year 2022 Budget proposals ...
After the highlights of the Environment Act 2021 and COP26 in 2021, what does this year hold for environmental law and policy? Here are our top five predictions. 1. The Office for Environmental Protection gets down to work The Office for Environmental Protection (OEP) is a new independent body, established by the Environment Act 2021 (EA 2021), tasked with holding public bodies to account for the environment ...
The 2022 tax assessment of real and personal property have been determined by the local Assessor and a Notice of Assessment was issued and mailed to property owners. Property owners should make sure to check the mail for a copy of the Notice in order to determine whether an appeal of their taxable value should be filed ...
On November 17, 2023, New York State Governor Kathy Hochul signed into law Senate Bill 4516, amending General Obligation Law Section 5-336 (GOL 5-336). As set forth in our earlier alert from when the law was first enacted, Section 5-336 limited employers’ use of nondisclosure provisions in agreements releasing claims involving sexual harassment ...
With the 2022 year quickly coming to an end, we take this opportunity to remind our clients and readers of the annual compliance obligations for enterprises in Cambodia. With each year that passes there seem to be more compliance obligations, and the latest 2023 compliance requirements continue this trend. With that in mind, we have provided below what we believe are the most important annual compliance requirements that enterprises in Cambodia should be aware of ...
On March 21, 2023, Quebec?s Minister of Finance tabled his budget for the 2023-2024 fiscal year. One of the budget?s key measures is the introduction of a new tax holiday in connection with major investment projects. At first glance, the new measure does not appear to be specifically aimed at the mining industry, but some mining companies involved in the extraction of critical and strategic minerals and planning substantial investments in the near future could greatly benefit from it ...
In some ways, the 2023 proxy season might be met with a sigh of relief as some extraneous factors impacting United States capital markets—such as the COVID-19 pandemic and ongoing Russo-Ukrainian conflict—have stabilized in terms of their increased effect. In that same vein, some changes that may have once been viewed as “trends” in disclosure are very much here to stay ...
After a disappointing outcome at COP28 and a weakening of several key net zero policies by the government in 2023, what does 2024 hold for environmental law and regulation? Here are our top 10 things to watch out for. 1. Extended producer responsibility for packaging 2023 saw the introduction of packaging waste data reporting regulations in England, Scotland and Wales ...
1. How do you foresee the evolving regulatory landscape in offshore jurisdictions impacting Asia-based clients in 2024, and what strategies is your firm considering to navigate these changes effectively? Anthony McKenzie (AM): Asia is the world's largest and most populated continent, comprised of many different economies, cultures and laws. The use of Cayman, BVI and Bermuda structures has a long track record throughout Asia and it is this familiarity which has contributed to their popularity ...
Many founders are familiar with tax-exempt charitable organizations. These nonprofit entities—which are commonly known by reference to Section 501(c)(3) of the Internal Revenue Code—are operated exclusively for a broad range of charitable purposes. 501(c)(3) organizations come in a wide range of flavors, including private foundations, donor-advised funds, and public charities ...
On Oct. 22, 2012, the U.S. Court of Appeals for the Ninth Circuit ruled that the Bureau of Land Management and the U.S. Fish and Wildlife Service (FWS) violated the Endangered Species Act (ESA) by granting a right of way for the Ruby Pipeline project. Center for Biological Diversity v. Bureau of Land Management, No. 10-72356 (9th Cir. Oct. 22, 2012) ...
The Davis Tax Committee (“DTC”) issued a media statement on 25 April 2017, calling for written submissions on the introduction of a possible wealth tax in South Africa. This proposal comes two months after an increase in the top income tax bracket for individuals by 4% to 45%, resulting in an effective capital gains tax (“CGT”) rate for individuals of 18%. This should be seen on the back of the increase the CGT rate by nearly 5% from 13 ...
Houston Business Journal Internal Revenue Code section 179 contains an important benefit for small businesses—the ability to completely expense the costs of certain assets. In general, businesses who purchase assets with a useful life of greater than one year are required to depreciate the cost of the property over a number of years. Section 179, however, allows a business to fully expense the cost of certain qualifying property in the year it is purchased ...
BackgroundIndustrial activities are of great importance to Europe’s financial wealth. Industrial emissions, however, cause environmental pollution and industrial emissions constitute a major part of Europe’s total emissions to air, water and soil. Consequently, there is a need for regulation of industrial operations at an EU level.In view hereof the so-called IPPC Directive (Integrated Pollution Prevention Control) was adopted in 1996 ...
Law firms periodically receive requests for advice from CPAs regarding a client’s need to come into compliance with the relatively new and sometimes confusing “economic nexus” or “Wayfair” rules for selling goods or providing services to customers in another state ...
Article PDF On April 17, 2019, the Treasury Department released a second round of proposed regulations (the "4/19 Regulations") providing additional guidance on the implementation of the Opportunity Zone (“OZ”) tax incentive included in the Tax Cuts and Jobs Act. The 4/19 Regulations are taxpayer-friendly and expand upon (but in some cases modify) the guidance provided in the initial proposed regulations released on October 19, 2018 (the "10/18 Regulations") ...
Article PDF On April 17, 2019, the Treasury Department released a second round of proposed regulations (the "4/19 Regulations") providing additional guidance on the implementation of the Opportunity Zone (“OZ”) tax incentive included in the Tax Cuts and Jobs Act. The 4/19 Regulations are taxpayer-friendly and expand upon (but in some cases modify) the guidance provided in the initial proposed regulations released on October 19, 2018 (the "10/18 Regulations") ...
Article PDF On April 17, 2019, the Treasury Department released a second round of proposed regulations (the "4/19 Regulations") providing additional guidance on the implementation of the Opportunity Zone (“OZ”) tax incentive included in the Tax Cuts and Jobs Act. The 4/19 Regulations are taxpayer-friendly and expand upon (but in some cases modify) the guidance provided in the initial proposed regulations released on October 19, 2018 (the "10/18 Regulations") ...
In seeking to address the impact of climate change within Hong Kong’s fund management industry, the SFC has introduced new climate-related regulatory requirements for fund managers in relation to disclosures and to their investment risk and management processes. In this ten-minute podcast, Jeremy Lam outlines key features of the new regime, the timeframe for implementation and how best to plan ahead ...
“I’ve been involved in ESG and sustainability for over 20 years and in the last few years the focus has increased significantly,” says Rich Hall, Head of Sustainability at leading accountancy and professional services firm RSM, on the shift in perception of ESG-related risk within corporate organisations. “Even before the pandemic, we were beginning to see more commentary on ESG issues, mainly centred around the environmental side ...
What is a JPUT? A Jersey Property Unit Trust (JPUT) is a legal structure whereby legal ownership of assets (primarily non-Jersey real estate) is vested in one or more trustees who hold the assets on trust for the benefit of unitholders upon the terms of a written trust instrument. What are the benefits of a JPUT? JPUTs have many plus points: Familiarity: JPUTs are generally recognised and accepted by investors, lenders, advisers, regulators and tax authorities in the UK and elsewhere ...
When a company goes into administration, a statutory moratorium takes effect to help the administrators achieve the objectives of the administration. Amongst other things this means that no legal process can be started or continued against the company without the consent of the administrators or the court ...
