The law holds trustees, like any other fiduciary, to a particularly stringent standard of care. As the famed Judge Benjamin Cardozo wrote in 1928, “A trustee is held to something stricter than the morals of the market place. Not honestly alone, but the punctilio of an honor the most sensitive . . ...
Newbuilding contracts: When does title in the ship pass from the shipbuilder to the shipowner? Can the parties agree to change when title will pass? Usually shipbuilding contracts are negotiated on standard forms such as the SAJ form produced by the Shipbuilders’ Association of Japan and the AWES form produced by the Association of European Shipbuilders and Shiprepairers ...
On Wednesday, October 3rd., it was published in the Official Gazette the provisional suspension issued by the Constitutional Court of Section 180, 4., of Decree 10-2012 which abrogated the withholding exemption contained in Section 12 of Decree 80-2000 ...
Overview of the Mining Activity in Portugal: In 2010, there were 56 mines in operation across the country. In the same year, a total volume of 4,664,978 tons of mineral resources was produced and the export volume was of € 735 million[1]. These are impressive data from the Government evidencing a growing sector of activity ...
The much anticipated Trade Marks Bill (“the Bill”) was recently circulated to the industry for comments. The Bill, which when enacted will be known as the Trade Marks Act, 2012, promises to introduce much needed change to the trademark industry in the British Virgin Islands and place the jurisdiction in line with other modern jurisdictions ...
Long gone are the days when discussions about customs and foreign trade in Mexico was always in reference to opening borders and policies to promote the development of local industries in a global economy. Today we find that the focus is more on new topics concerning security of the supply chain and compliance with customs regulations, as the key elements that determine the success of a business ...
This article will discuss a type of international audit intended on verifying compliance with international trade rules that indicate when a good is made in a specific country or region. These rules are called “Rules of Origin” and the type of audit is generally called “Origin Verification” ...
Readers familiar with South Africa’s associated ship arrest provisions will recall that in terms of sections 3(6) and (7) of the Admiralty Jurisdiction Regulation Act No. 105 of 1983, a ship, other than the one in respect of which the relevant maritime claim arose, may be arrested to enforce the claim or to obtain security for it ...
With two Congressional Decrees approved in February and March 2012 (“Ley Antievasión II” (Decree 4-2012), and “Ley de Actualización Tribuaria” (Decree 10-2012) respectively), Congress introduces several reforms to the Guatemalan Tax System through extensive amendments to the Tax Code (“Código Tributario”) and other tax laws. The most notorious and substantial reforms affect the VAT Law, the Tobacco Tax Law, the Tax Code, and Income Tax Law ...
The Closer Economic Partnership Arrangement ("CEPA") is a free trade agreement between Mainland China and Hong Kong that offers Hong Kong products, companies and residents preferential access to the Mainland market. Many of the preferences go beyond China's WTO concessions. CEPA is not a closed agreement and both sides hold regular meetings on further concessions and the details for implementation ...
Under what condition will an offshore trust still fall within your government’s tax net? Offshore trusts may be established and managed in many jurisdictions. In most countries personal taxation is based on residence. The question often asked is what the residency of an offshore trust established by a resident of a certain country is. In the case recently reported in Canada “Fundy settlement, Canada, 2012 SCC 14” (Tim Gestnick – The Globe and Mail Apr ...
No, it is not a nice Mediterranean dish! The Foreign Account Tax Compliance Act (FATCA) is the newest piece of legislation from the US which should ensure and enforce the correct declaration and payment of taxes owed by US tax payers. The bill was passed in March 2010 whereupon the proposed regulations were presented on February 8th, 2012. The act should come into effect through several steps from January 1st, 2013 to January 1st, 2017 when full reporting requirements will be in force ...
Geography, History & Economy The country of Belize is located on the Caribbean coast of northern Central America. Bordered to the North by Mexico, South and West by Guatemala and East by the Caribbean Sea, Belize forms part of Central America and the Caribbean ...
Although Cyprus usually tends to be associated with company formation (in an international tax planning context), Cyprus has an efficient trust legislation in force. The latest legal reform of trusts has enhanced the appeal of Cyprus International Trust (CIT) to both professionals and high net-worth individuals.Legislation and Legal Requirements CITs used to be governed by the International Trusts Law of 1992 ...
Between 22 May 2012 and 4 June 2012, staff teams from the European Commission, European Central Bank and International Monetary Fund (“IMF”) visited Lisbon to conduct the fourth review (the “Review”) of Portugal’s economic programme (the “Programme”). A copy of the initial statement can be downloaded here:http://ec.europa.eu/economy_finance/articles/financial_operations/2012-06-04-portugal_en.htm And a copy of the full report can be downloaded here: http://ec.europa ...
China has traditionally restricted foreign investment in the retail and wholesale sectors with the aim of nurturing strong domestic players before their foreign counterparts would be allowed to enter the country. Since becoming a member of the World Trade Organisation, China has gradually opened up its distribution sector to foreign investment ...
In a previous newsletter (no. 1, April 2012) we described the Swedish government’s proposal on limitation of interest deductions. The bill was circulated for comments, which has now resulted in an amended proposal which, as a whole, follows the initial proposal. The most significant change in the amended bill concerns the reversed general exemption ...
Florida transportation officials and the private sector have fine-tuned a financing structure that allows the state to use private-sector financing to advance projects to build roads and bridges and fulfill other essential infrastructure needs. The timing is right. The infrastructure of Florida, like the rest of America, is in critical need of maintenance and overhaul ...
Contents: The Trust: An Efficient Asset Protection Tool? Amendments to the Obligations of Employers Hiring Foreign Workers – One Year Later: Are You Ready for Service Canada’s Verification? Did You Know? Trustee’s Tax Liability THE TRUST: AN EFFICIENT ASSET PROTECTION TOOL? Valérie Boucher [email protected] In the last few years, trusts have been growing in popularity among business people, including as an asset protection mechanism ...
In the history of the Eurozone crisis, Spain has been a special case. It was always the "teachers pet" when it came to sovereign debt, that is, until recently. On 9 June 2012, Spain received an offer of up to EUR 100 bn in financial support from the EU for its ailing banking sector. What does that mean for Spain and the rest of the Eurozone and how did Europe’s fourth-largest economy find itself in this state? BACKGROUND Spain has been unlucky in many respects ...
The Registrar of Companies (ROC) has introduced an annual government licence fee of €350. The government licence fee for 2011 was payable by 31 December 2011. From 2012 onwards the government licence fee will need to be paid by 30 June of that year.Companies which are dormant and/or do not own any assets are exempt from this licence fee ...
The Czech Customs Authority announced that Croatia and Turkey will accede to the Convention on a Common Transit Procedure between EU Member States and EFTA countries (the “Convention”) as of 1 July 2012. As a result, the forms listed in the supplements to the Convention are to change. The Czech Customs Authority adds, however, that the currently applicable forms shall continue to be in force and effect at least until 30 June 2013 ...
On the 27th of February 2012, the Montenegrin Parliament enacted amendments to the Law on Corporate Income Tax, the Law on Personal Income Tax and the Law on Contributions for Mandatory Social Security Contributions. These amendments were published in the Official Gazette of Montenegro no. 14/12 dated the 7th of March 2012 and came into force that same day.I ...
The Supreme Court has struck down the core provisions of the Trade Minister Regulation which allowed producers to import finished goods (No. 39/M-DAG/PER/10/2010). The regulation will cease to have legal effect as of 8 May 2012. The Ministry of Trade is reported to be currently considering an amendment which aims to accommodate the interests of both producers and traders but may have to draw it more narrowly than the original version. Decision No ...
What is CEPA? The Closer Economic Partnership Arrangement ("CEPA") is a free trade agreement between Mainland China and Hong Kong that offers Hong Kong products, companies and residents preferential access to the Mainland market. Many of the preferences go beyond China's WTO concessions. CEPA is not a closed agreement and both sides hold regular meetings on further concessions and the details for implementation ...
