The Companies and Intellectual Property Commission reported that between 2011 and 2018, a total of 2 867 South African companies initiated business rescue proceedings in terms of Chapter 6 of the Companies Act, 2008 (the “Companies Act”), with South African Airways SOC Limited (“SAA”) being the latest addition to this list ...
We have recently seen that the South African Revenue Service (“SARS”), in conducting audits in respect of taxpayer’s affairs, places reliance on section 99(4) of the Tax Administration Act, 2011 (“TAA”) to unilaterally extend the time period within which an assessment prescribes. Section 99(1) of the TAA deals with the period of limitation in respect of the issuance of assessments ...
With the growing globalisation of economic activity characterised by free movement of goods, capital and labour, more and more Rwandan residents are now working outside Rwanda, doing business with or in foreign countries, holding shares in non-resident companies and extending loans to non-resident borrowers. However, the tax treatment in Rwanda of foreign income earned from such activities is still the subject of some uncertainty, particularly with respect to double taxation relief ...
Summary On January 13, 2020, the Committee on Foreign Investment in the United States (CFIUS) issued final regulations to implement the Foreign Investment Risk Review Modernization Act of 2018 (FIRRMA)1 (the “Regulations”2). The Regulations go into effect on February 13, 2020. CFIUS’s existing regulations (the “Pilot Program”) will continue to apply to transactions that close prior to February 13, 2020 ...
On 30 January 2020, the World Health Organization (WHO) declared that the outbreak of novel coronavirus or COVID-19 constituted a Public Health Emergency of International Concern (PHEIC). The COVID-19 is a respiratory illness caused by a new coronavirus which first originated in Wuhan, Hubei Province, China, the death toll from which has reportedly surpassed 1,000 on mainland China, while confirmed infections have passed 40,000 globally ...
NEWSFLASH The commencement date of POPIA is no April Fool’s joke. the Chairperson of the Information Regulator, Advocate Pansy Tlakula, recently sent a request to President Cyril Ramaphosa to declare that the remaining provisions of the Protection of Personal Information Act, 2013 (“POPIA”) commence on 1 April 2020 (“commencement date”). it is expected that the president will act on this request ...
Case Law The Tax Court of South Africa, Cape Town IT 24819 whether insufficiency of funds was not reasonably foreseeable, and therefore constitutes reasonable grounds for non-payment of employees tax, considered. correct interpretation of the number of days for payment of employees tax considered as a point in limine. find a copy of this judgment here ...
Following the presentation of the 2020 Budget proposal and Finance Bill, 2019 to the National Assembly in October 2019, the President of the Federal Republic of Nigeria, MR. Muhammadu Buhari, signed the Bill into law on 13 January 2020. The Finance Act, 2019 (the “Act”) introduces amendments to the Companies Income Tax Act, Value Added Tax Act, Petroleum Profits Tax Act, Personal Income Tax Act, Capital Gains Tax Act, Customs and Excise Tariff Act and Stamp Duties Act ...
The False Claims Act (FCA) was enacted to punish and deter fraud against the United States, and to recover moneys obtained through such fraud. Whether an alleged fraud was actually against the United States is a threshold question not posed in the typical FCA case, where allegations usually involve claims for payment submitted to the Army, Navy, Medicare, or other entity clearly part of the federal government. But some cases are not so clear ...
On Feb. 6, 2020, the Ohio Supreme Court affirmed a decision of the Ohio Board of Tax Appeals (“BTA”), finding the sale price of interests in a limited liability company (“LLC”) was the best evidence of the true value of the LLC’s real property for tax purposes. In Columbus City Schools Bd. of Edn. v. Franklin Cty. Bd. of Revision, Slip Opinion No ...
The 2020 Regular Session of the West Virginia Legislature just reached the 30th day, or its half way point. As of today, the House has introduced 1289 bills, while the Senate introduced 725. We will continue reporting on and tracking the progress of significant legislation during the course of the session. During the legislative process, certain critical deadlines are imposed by the Legislature that impact the consideration of pending bills and their chances of success ...
In another step in President Trump's ongoing efforts to relax environmental restrictions impacting economic development, on January 10, 2020, the Council on Environmental Quality published its proposed rulemaking to update its regulations for implementing procedural provisions of the National Environmental Policy Act ("NEPA") ("Proposed Rule"). The deadline for filing comments on the Proposed Rule is March 10, 2020 ...
Our partner, Jessica Power, and our associate, Ximena Silberman, contributed to the Q&A section of the Chilean chapter in the “Corporate Tax 2020” edition of the International Comparative Legal Guides. Jessica Power has been a partner at Carey since 2008 and is co-head of the Tax Group ...
Hon’ble Finance Minister, Government of India, while presenting the Union Budget 2020 today stated that her proposals are structured around the themes of ‘Aspirational India’, ‘Economic Development’, and a ‘Caring Society’. As we start decoding the fine print of her tax proposals please find hereinbelow key tax highlights of the Finance Bill, 2020 ...
The Governor's Office of Planning and Research (OPR) has recently issued two technical advisories with helpful California Environmental Quality Act (CEQA) guidance on two prominent California land use topics. The first advisory outlines potential CEQA exemptions for immediate-term disaster recovery, with the goal of helping communities and public agencies prepare their climate change adaptation and resilience strategies ...
Near the end of 2007, the United States was hit by the subprime mortgage market meltdown. For years before, the public had experienced a steady increase in home prices and a seemingly never-ending supply of mortgage lending. Homeowners were able to enjoy ever-increasing home equity and mortgage products, virtually guaranteeing that anyone who wanted to get financed could ...
In last quarter’s issue, we discussed the rise of digital currencies and the blockchain, or distributed ledger, technology that supports them. We now turn our focus to how the financial industry and governments have embraced this technology and are working to adapt it to traditional banking services and applications as far ranging as recording property transfers and safeguarding nuclear missiles ...
As we enter into a new decade, we cannot over emphasize the importance of protecting your brands. In this digital age, trademarks are becoming more vulnerable to infringement. Mass production and counterfeit products are swamping the market ...
The Department of Health and Human Services (HHS) Office for Civil Rights (OCR) has announced several enforcement actions and settlements for violations of Health Insurance Portability and Accountability Act (HIPAA) rules. OCR Secures Voluntary Resolution with Hospital to Settle Provision of Auxiliary Aids and Services to Deaf or Hard-of-Hearing Individuals On Jan ...
The U.S. Department of Justice (DOJ) recently announced that in Fiscal Year 2019 (FY2019),1 total settlements and judgments in False Claims Act (FCA) cases rebounded back over the $3 billion mark after dipping to $2.9 billion in FY2018. The Department’s annual statistical overview of FCA-related fraud actions2 showed nearly three-quarters of recovered funds, or $2 ...
Can a local prosecutor obtain the president’s tax returns in a state criminal investigation? Tax Season is upon us. Fittingly, in one of a trio of cases involving the tax returns of President Donald Trump the U.S. Supreme Court will hear this spring, the Court must decide whether a local prosecutor can obtain the President’s tax returns for use in a state grand jury investigation. Trump v ...
This article updates information published in "Is Your Online Business Accessible To Persons With Disabilities?" In 2018, practitioners scouring nationwide federal court records identified more than 2,250 lawsuits filed alleging website inaccessibility under Titles II and III of the Americans with Disabilities Act (ADA)1 ...
On 12 December 2019, the new Minister of State Owned Enterprises, Erick Thohir, issued new Ministry of State Owned Enterprises Regulation No. PER-08/MBU/12/2019 on General Guidelines on the Implementation by State Owned Enterprises of the Procurement of Goods and Services (“MSOE Reg 8/2019”), which came into force on 16 December 2019. This regulation replaces the previous regulation, MSOE Regulation No. PER-05/ MBU/2008 as amended by MSOE Regulation No ...
