Members of the Zimbabwe ruling party’s decision making body told Bloomberg in April 2014 that Zimbabwe is considering the reintroduction of the Zimbabwe dollar as it struggles to meet its monthly wage bill. In May Zimbabwe’s Treasury postponed the pay dates for its 230 000 public workers the second time in two consecutive months, after having awarded civil servants a 23% increase in April to honour a 2013 election promise made by President Robert Mugabe and the Zanu PF ...
The Value Added Tax (VAT) Law (5735-1976) sets out that zero-rate VAT applies to the export of services to a foreign resident. However, recent judgments have interpreted such relief in a narrow manner and have significantly reduced the ability to charge zero-rate VAT on services rendered to foreign residents. General overview VAT is levied in Israel pursuant to the VAT Law with respect to the consumption of goods and services in Israel ...
As seen in Bank Director Banks should not wait on lawmakers taking action on the myriad of proposed cannabis banking bills to make important strategic decisions about servicing marijuana-related business. It is unclear if any of the proposed cannabis banking bills will gain enough traction and support in Washington to pass through Congress. Despite the inaction, a growing number of financial institutions are choosing to provide banking services to the cannabis industry ...
On January 20, 2017, in a case of first impression among the appellate courts, a panel of the Ninth Circuit concluded in Syed v. M-I, LLC (Case No. 14-17186) that an employer violates the Fair Credit Reporting Act (FCRA) when its background check disclosure/authorization document includes a sentence that releases the employer, the consumer reporting agency (the vendor), and their agents from liability for any violations of the FCRA ...
The U.S. General Services Administration recently added Green Globes as an additional third-party green building certification system for federal government construction projects. With this addition, many are now asking about the difference between Green Globes and LEED. Green Globes has emerged, in some parts of the U.S., as a rival building option to the more well-known Leadership in Energy and Environmental Design (“LEED”) system ...
Before 2019 comes to a close, it may be worthwhile to review the state of your tax, estate, and charitable giving plans. Along with the typical end-of-year considerations, it is important to remain aware of the effects of the 2017 tax act (informally called the “Tax Cuts and Jobs Act of 2017,” and herein the “2017 Tax Act”) that altered many longstanding rules and assumptions ...
Following is a list of year-end administrative issues for Texas limited partnerships and limited liability companies (“LP/LLC”): Ensure that the LP/LLC’s activities, transactions, capital infusions (capital contributions or loan proceeds), and distributions are accurately reflected in the entity’s records; Avoid causing the LP/LLC to make any distributions not in compliance with the terms of its LP/LLC agreement or applicable law; for example, an LP/LLC should not make disproportion
Application of the exemption method conditional on fulfillment of requirements with regards to ownership fraction and period The Norwegian rules regarding participation exemption have in general entailed that companies tax resident in Norway investing in companies tax resident in the UK have benefited from participation exemption rules with regards to dividends and capital gains on such shares, and the same has been the case for UK companies investing in Norwegian companies ...
Record number of fines in 2021 At European level, a record number of fines have been issued during 2021 for violating the EU General Data Protection Regulation (GDPR). Since the GDPR entered into force in the EU on 25 May 2018, the supervisory authorities have imposed or notified fines in approx. 900 cases with an accumulated amount of approx. EUR 1.3 billion. As many as 500 of these cases are from 2021 with accumulated fines of as much as EUR 1 ...
We have in 2021 seen a remarkable (continued) recovery in the Norwegian financial market. This is also evident from the perspective of our banking and financing team. We have assisted our clients with a considerable number of new financings and refinancings, across most sectors. It has especially been hectic within the shipping, aviation and renewable energy sectors and we have seen a steep increase within acquisition financing ...
As the end of another tax year approaches, now is a good time to consider your financial position and check whether you have taken full advantage of the tax reliefs and exemptions that are available. This note is intended to provide a brief guide to the opportunities that we believe may be worth considering. There are many tax-saving measures available and we detail below a number of steps that can be taken to improve your tax position, without significant effort ...
As the end of 2013 draws near, taxpayers should consider the effect of the new 3.8% surtax on investment income. Beginning January 1, 2013, a 3.8% surtax is placed on certain investment income for individuals, trusts, and estates. The surtax is imposed in addition to all other taxes imposed by the Internal Revenue Code (including the alternative minimum tax). Prior to the end of 2013, individuals, trustees, and executors should consider ways to minimize the 3.8% surtax ...
Physicians, physician assistants, and advance practice nurses who have sought to treat opioid-addicted patients with Schedule III-V Controlled Substances that have been approved by the United States Food and Drug Administration for that indication have had to apply for a waiver under the Drug Addiction Treatment Act of 2000. Eligible medications are presently limited to buprenorphine-containing products such as Suboxone and Subutex ...
In the latest development relating to West Virginia’s new aboveground storage tank (“AST”) legislation, on December 22, 2014, the West Virginia Department of Environmental Protection (“WVDEP”) filed with the West Virginia Secretary of State its proposed legislative rule implementing the Aboveground Storage Tank Act (the “AST Act”), 47 C.S.R. 63 ...
In the latest development relating to West Virginia’s new aboveground storage tank (“AST”) legislation, yesterday afternoon the West Virginia Department of Environmental Protection (“WVDEP”) filed with the West Virginia Secretary of State its finalized Interpretive Rule outlining mechanisms for compliance with the imminent deadlines under the Aboveground Storage Tank Act (the “AST Act”), W. Va. Code §§ 22-30-1 et seq ...
[!<CDATA[ Bradley Arant Boult Cummings LLP attorneys Aron C. Beezley and Sarah Osborne examine proposed changes to the Federal Acquisition Regulation and highlight how they affect women-owned small businesses seeking a government contract ...
Revenue legislation and administration: The Federal Constitution provides that tax shall only be levied by or under authority of federal law. This means the general body of tax law is to be found in tax statutes, supplemented by other legislative instruments such as subsidiary legislation and ministerial orders ...
Recently, public and political commotion has arisen in cases where the remuneration of managing directors increased, while the employees received no or a marginal increase in salary. This public debate was the reason for the government to propose an expansion of powers of the work's council on this subject ...
In response to the outbreak of COVID-19, the Occupational Safety and Health Administration (OSHA) and the California Department of Occupational Safety and Health (Cal/OSHA) have issued guidance for employers. The guidelines provide guidance on how to determine if COVID-19 is a hazard in the workplace and employer obligations. Is COVID-19 a Workplace Hazard? Employers should determine if COVID-19 infection is a hazard in their workplace ...
The Department for Transport today announced that design work on the £1.75 billion Midlands Rail Hub can commence with an injection of £123 million. The Midlands Rail Hub project is poised to transform rail connectivity in the heart of England, promising significant benefits for commuters and travellers alike. This is a comprehensive upgrade project that aims to enhance rail services across the Midlands region ...
An interesting piece of news in the sphere of tax law has recently been provided by the Court of Justice of the European Union (CJEU) decision that found Portuguese withholding tax rules to be breaching EU law.The case concerns a loan given to Auto Estradas do Litoral SA ("Brisal"), a Portuguese company by the Irish bank – KBC Finance Limited ...
IntroductionOn 6 June 2013 the Council of Ministers approved the bill to finalise the transposition of Directive 2003/49/ EC of the Council of 3 June into the IRC (corporate income tax) Code. The Directive, which establishes a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States, is commonly known as the ‘Interest & Royalties Directive’ ...
IntroductionOn 6 June 2013 the Council of Ministers approved the bill to finalise the transposition of Directive 2003/49/ EC of the Council of 3 June into the IRC (corporate income tax) Code. The Directive, which establishes a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States, is commonly known as the ‘Interest & Royalties Directive’ ...
