It is common practice for suppliers to deliver the goods that they supply at the premises of their customers on the customer’s request. The suppliers then either deliver the goods themselves or they contract the services of third parties to deliver the goods on their behalf, for which they charge a delivery fee ...
general principles Legal professional privilege applies to communications between a client and legal advisor, where the legal advisor is acting in a professional capacity and is consulted in confidence for the purpose of the client obtaining legal advice (other than advice facilitating crime or fraud), and where legal professional privilege is claimed by that client ...
ANGOLA: Securities Code Regulations enacted The Securities Code Regulation (Regulation No. 6/16) (the "Regulation") was approved by the Council of Administration of the Capital Market Commission and gazetted on 7 June 2016. The Regulation contains the organisation rules and administrative requirements for open companies and other issuers of securities admitted to trading in regulated markets ...
In October 2015, the Organisation for Economic Cooperation and Development (“OECD”) published its final reports on the Base Erosion and Profit Shifting (“BEPS”) project, including the final report on BEPS Action 13, Transfer Pricing and Country-by-Country Reporting(“Action 13 Report”) ...
The Taxation Laws Amendment Bill 2016 has been released for public comment. It introduces various interesting amendments to South Africa’s tax law, which include the following: Use of trusts In circumstances where an interest-free loan has been advanced to a trust by a connected person (which includes a beneficiary or a relative of a beneficiary), it is proposed that a market-related rate of interest (currently 8%) is deemed to be paid on that loan ...
One of the key elements addressed in the Draft Reviewed Broad Based Black-Economic Empowerment (“BBBEE”) Charter for the South African Mining and Minerals Industry, 2016 (the “draft reviewed Mining Charter”) is the issue of ownership. The Department of Mineral Resources (“DMR”) seeks to achieve the ownership requirement through broad-based employee share option plans (“ESOPs”), which are likely to have an impact on both mining companies and their employees from a tax perspective ...
TAXPAYER REGIME A REGIME B METHOD FOR EXERCISING THE OPTION Public Corporations, Closed Corporations and “Sociedad en Comandita por Acciones”. N/A Mandatory regime. N/A Individual Companies and Individual Limited Liability Companies. Applicable provided the owner of the company is: (i)an individual domiciled or resident in Chile; and/or (ii)an individual or entity domiciled or resident abroad (together as “Final Taxpayers) ...
As per Notification No. 039 issued by the Ministry of Economy and Finance (MEF) on 21 July 2016, a working group consisting of representatives from both the General Department of Taxation (GDT) and the Phnom Penh Municipality will begin to collect data from all enterprises in Phnom Penh from August 2016 onwards. Representatives of the working group will physically visit all enterprises in Phnom Penh for the purpose of: 1. Gathering the enterprise’s statistics; 2 ...
In our blog post from July 25, 2016 we highlighted the provincial government’s introduction (effective August 2, 2016) of the new 15% property transfer tax (the “Foreign Entity Tax“) on foreign buyers of residential property in the Greater Vancouver Regional District (“Metro Vancouver“). The Foreign Entity Tax has been introduced by way of an amendment to the Property Transfer Tax Act (British Columbia) (the “Act“) ...
Global competition law circles have recently been shaken by the European Commission's record-setting fine of EUR 2.93 billion for collusion on the automotive market, imposed against Volvo, Daimler, Iveco and DAF trucks. The sanctions in question varied amongst the accused parties, with Daimler facing the largest penalty in the amount of more than EUR 1 billion on its own. Iveco's fine was set at EUR 494 million, DAF's at EUR 752 million, and Volvo's fine has been set at EUR 670 million ...
After the conclusion of the public consultations conducted by the Philippine Competition Commission ("PCC") on May 24, 2016 and the lapse of the period for the submission of comments and suggested revisions to the draft implementing rules and regulations issued on May 10, 2016, the PCC has published the final implementing rules and regulations (the "Rules") of the Philippine Competition Act ("PCA") last June 3, 2016. The Rules took effect on June 18, 2016 ...
FTAs between Colombia and Korea and between Colombia and Costa Rica will soon enter into force. The FTA between Colombia and Korea will enter into force on July 15. This is Colombia’s first FTA with an Asian country. Through this FTA, Colombia aims to strengthen trade relations with one of the most dynamic regions of the world as well as to attract investment.This FTA is of great importance for the Colombian agricultural sectors, as Korea is a major importer of these goods ...
Under the Convention on the Contract for the International Carriage of Goods by Road ("CMR convention") and the Finnish Road Transport Act, a carrier is, as a general rule, liable for loss of and damage to the goods occurring during the transport as well as for any delay in delivery ...
Martine Samuelian and Virginia Barat, JEANTETThis article is supplementing the May 2016 issue of the Lavery Capital newsletter, number 9, which discusses the potential extension of the European passport regime (the ?Passport?) ? established under EU Directive no. 2011/61/EU (the ?Directive?) ? to Canadian investment fund managers (?Canadian managers?) ...
The Minister of Transportation has issued Minister of Transportation Regulation No. PM 32 of 2016 on the Organization of Non-Fixed-Route Public-Transportation Services. This regulation addresses the ongoing dispute between the existing transportation companies and application-based transportation services ...
What is BEPS?Much has been said in both professional and commercial circles on the imminent introduction in Hong Kong of the Common Reporting Standard (CRS) regime for the automatic exchange of tax information between participating jurisdictions. There is, however, a much lesser awareness of the commitments undertaken by the Government to the new Organisation for Economic Co-operation and Development (OECD) standard to combat base erosion and profits shifting (BEPS) ...
The Montenegrin Ministry of Transport has recently been in the news as it provided an overview of investments that it has made over the past ten years in the country's road infrastructure – investments that have totalled at EUR 300 million through renovation, modernisation, and construction processes throughout the country ...
On 20 June 2016, the South African National Treasury published draft Carbon Offsets Regulations (“draft regulations”), intended as a component of the proposed carbon tax. The draft regulations mark the next step in the process of bringing the carbon tax into operation by early 2017 ...
The Organisation for Economic Co-operation and Development (“OECD”)/G20 Base Erosion and Profit Shifting (“BEPS”) Project identified 15 actions based on the following three key themes, being: · the introduction of coherence in the domestic rules that affect cross-border activities; · the reinforcement of substance requirements in the existing international standards; and · the improvement of transparency and certainty ...
It is the long-standing practice of traders and service providers to grant customers extended payment terms for the goods or services they supply as a means to enhance turnover. Where the credit provided is interest-free, the question that arises is whether the provision of such credit impacts on the entitlement of the supplier to claim input tax for value added tax (“VAT”) purposes ...
Recent “gun jumping” rulings across Europe have included fines on investors and serve as reminders that exchange of information between two competitors during an M&A negotiation has to be treated with caution.In fact, if the focus in an M&A deal is usually on merger control clearances, the path towards the completion of the operation has also to be monitored very closely, in the sense that the companies involved should remain independent competitors until the deal is effectively closed ...
