On 28 January 2013 the «Diário da República» (official gazette) published a set of measures1 - that came into force the following day - to improve and streamline the special scheme2 for granting a Portuguese ‘investment residence permit’ (“IRP”) to foreign nationals to enable them to make certain investments in the country ...
On March 22, 2013, the Department of Homeland Security ("DHS") announced that it will submit to the Office of Management and Budget ("OMB") a new Information Collection Request ("ICR") related to the implementation of the Chemical Facility Anti-Terrorism Standards ("CFATS") Personnel Surety Program ("PSP"). DHS is soliciting comments during a 60-day public comment period (which ends May 21, 2013) prior to the submission of the ICR to OMB ...
In 2008 the government introduced important intellectual property (IP) legislation. The Intellectual Property Rights from Publicly Financed Research and Development Act 51 of 2008 - which only came into force on 2 August 2010 – governs the ownership and exploitation of IP which flows from publicly financed research and development (R&D) ...
The Committee on Foreign Investment in the United States The Exon-Florio Amendment to the 1988 U.S. Defense Production Act established the Committee on Foreign Investment in the United States ("CFIUS"). CFIUS is composed of representatives of several U.S. Government agencies, including the Departments of Treasury, State, Defense, Homeland Security, Labor and Commerce ...
Contents Part XII.2 Tax Applicable to Trusts: a Potentially Expensive Tax Which Is Often Overlooked Application of the Anti-avoidance Rule in Subsection 83(2.1): Caution Is Required in the Context of the Acquisition of a Private Corporation Revenu Québec to Scrutinize Trusts Directors’ Liability for the Debts of a Corporation Payable to Employees for Services Rendered During the Directors’ Term of Office PART XII ...
In 2008 the government introduced important intellectual property (IP) legislation. The Intellectual Property Rights from Publicly Financed Research and DevelopmentAct 51 of 2008 - which only came into force on 2 August 2010– governs the ownership and exploitation of IP which flows from publicly financed research and development (R&D) ...
The Comelec promulgated Resolution No. 9615 on 15 January 2013. This Resolution implements the provisions of Republic Act No. 9006, more popularly known as the Fair Election Act, for purposes of the 2013 national and local mid-term elections ...
The Philippine Supreme Court has issued a decision that may have a significant impact on how local nationality requirements (i.e., constitutional and statutory provisions requiring minimum Filipino ownership in certain industries) must be construed and applied. Enterprises such as telecommunications, media, advertising and land ownership are subject to such nationality requirements.The case of Gamboa v. Teves, et al. (G.R. No ...
The rules for the application for the tax amnesty program that were published on February 19, 2013 in the Federal Official Gazette provide that taxpayers wishing to benefit from the program must file an application online with the Tax Administration Service (“SAT” for its Spanish acronym) not later than May 31, 2013, through the SAT web page, although the Federal Revenue Law does not provide for an specific date for its application ...
On February 12, 2013, in conjunction with the release of the Executive Order on Improving Critical Infrastructure Cybersecurity (the Executive Order), President Obama signed a Presidential Policy Directive/PPD-21 on Critical Infrastructure Security and Resilience. The PPD revokes the 2003 Homeland Security Presidential Directive-7 (issued by President George W ...
After lengthy discussions among regulators and politicians on ownership of commercial banks, Bank Indonesia issued its Regulation No. 14/8/PBI/2012 regarding Ownership of Shares in Commercial Banks (“BI Regulation No. 14”) which came into effect on 13 July 2012.In general, BI Regulation No. 14 provides rules that restrict ownership of commercial banks by individuals or corporations either on an individual or joint basis. BI Regulation No ...
During the years of the recent property and development boom in the Turks and Caicos Islands (TCI), stamp duty on the real estate transactions became a substantial contributor to Government coffers. All real estate transactions in TCI are subject to stamp duty at varying rates depending on the size of the transaction and on the island on which the real estate is situate. In most cases, stamp duty is charged at the rate of 9.75% of the consideration passing ...
On February 12, 2013, the Obama Administration released an executive order, Improving Critical Infrastructure Cybersecurity (the "Executive Order"), which is focused primarily on government actions to support critical infrastructure owners and operators in protecting their systems and networks from cyber threats ...
Acquiring investment property This alert is intended to highlight certain VAT issues relating to the purchase and management of property which is subject to a lease(s). In general VAT should not be chargeable on the sale of such property. Depending on the circumstances this VAT free treatment is based on exemption from VAT and/or “transfer of business” relief applying. VAT free treatment does not apply in all situations but exceptions are few ...
The Philippine Securities and Exchange Commission (SEC) issued Memorandum Circular No. 1, s. 2013 dated 7 January 2013, requiring the incorporation of the tax identification number (TIN) of foreign investors in all forms papers and documents filed with the SEC ...
1. Interest on Equity and Dividends: the Brazilian Perspective Brazilian companies have two main instruments for remunerating shareholders for the capital invested in companies: dividends and interest on net equity (“Juros sobre o capital própio”, referred to as “IoNE” in this article). Both instruments can be used at the same time, but their tax treatment will depend on the particular characteristics of each case ...
On January 14, 2013 the United States and Spain signed a new protocol (the “Protocol”) amending the existing income tax treaty between the United States and Spain that was signed on February 22, 1990 (the “Treaty”). The Protocol modernizes the Treaty to conform with the existing treaty policies of both the United States and Spain. Key provisions of the Protocol include: Exclusive residence-state taxation (i.e ...
A client asks, "Can I say ‘Made in USA’ for my product if it has some imported content"? While the question seems simple enough, the proper response requires the advisor to inquire into the reason for the question and the company’s specific objective. Depending on the client’s response and the pertinent facts, the resulting analysis and legal conclusion may differ considerably. If the company wants to assert a "Made in USA" or other U.S ...
Key principles approved by the Polish Council of Ministers - On 16 October 2012, the Polish Council of Ministers approved key assumptions for the long-awaited shale gas production and taxation legislation. The assumptions, which impact both conventional and unconventional oil and gas production, have in particular, been awaited by the developing shale gas sector and investors interested in joining this brand new market. ...
After all of the sand had run out of the hourglass, Congress finally passed (and the President signed) a compromise tax bill to avoid very substantial income tax increases on taxpayers with income under $400,000 ($450,000 for joint filers). The good news for our estate planning clients is the “permanent” extension of the current estate, gift, and generation-skipping transfer tax exemptions, and a slight increase in the tax rate from 35% to 40% ...
Some favourable news on the global economic front has been trickling in. Markets around the world rallied as the US avoided the fiscal cliff-dive by a nanosecond; China's economy is showing signs of renewed strength, with the powerful manufacturing sector now performing at its best levels in almost two years; and share prices in most of Europe, Britain and even Japan have been trading solidly higher over the past few months ...
In September, the National Customs and Tax Authority - DIAN - presented the third draft of the new Customs Statute, which will regulate most of Colombia’s customs law. Although scholars and business associations have presented their comments to the project, the draft seems to be definitive for the most part ...
