The Israeli Tax Authority (the "ITA") has recently published a tax circular (the "Circular") on the tax treatment of holdback payments and of the reverse vesting mechanism in the context of merger and acquisition transactions. According to the Circular, subject to certain conditions, that will be detailed below, the sale of shares to which holdback payments and reverse vesting mechanisms apply would be subject to a capital gains tax rate of 25% (30% in case of controlling shareholders) ...
RMO 8-2017 amends Revenue Memorandum Order No. (“RMO 72-2010”) by providing for new procedures in claiming preferential tax treaty benefits on dividend, interest, and royalty income of nonresidents, following a system of self-assessment and automatic withholding of taxes subject to post-reporting validation. In lieu of obtaining a tax treaty relief application (“TTRA”) ruling under RMO 72-2010 ...
As expected, Luxembourg has adopted a restrictive approach of the provisions provided for under the MLI and has sought to limit the scope and impacts of this new layer of international legislation to the minimum standards required. However, the new PPT and the impact on structures and the application of tax treaties need to be carefully monitored in the furture for new and existing structures ...
In a recent decision concerning off-site drilling, the Texas Supreme Court affirmed the San Antonio Court of Appeals1 and held that an oil and gas operator could drill through the mineral estate underlying an adjacent tract of land without the adjacent mineral lessee’s permission. Lightning Oil Co. v. Anadarko E&P Onshore LLC, No. 15-0910, 2017 Tex. LEXIS 463, --- S.W.3d --- (Tex. May 19, 2017) ...
Dear Ladies and Gentlemen, We would like to inform you that the Ministry of Finance of the Russian Federation issued a clarification dated March 02, 2017 regarding taxation on the division of matrimonial property after the divorce of the spouses ...
The Davis Tax Committee (“DTC”) issued a media statement on 25 April 2017, calling for written submissions on the introduction of a possible wealth tax in South Africa. This proposal comes two months after an increase in the top income tax bracket for individuals by 4% to 45%, resulting in an effective capital gains tax (“CGT”) rate for individuals of 18%. This should be seen on the back of the increase the CGT rate by nearly 5% from 13 ...
BENIN: Public Procurement Holders to Benefit from a Tax Regime Derogating from Indirect Taxation The 2017 budget law introduced a derogatory tax regime from which certain public procurement holders may benefit by the Benin tax authorities, assuming indirect taxation. This includes customs duties, internal taxes on turnover (mainly value-added tax ("VAT")) on prices and values of goods and supplies acquired or incorporated into the realisation of the contract ...
In terms of paragraph 19(1)(b) of the Fourth Schedule to the Income Tax Act, 5, 1962 (the "Fourth Schedule"), every company that is a provisional taxpayer shall, during every period within which provisional tax is or may be payable by it as provided in terms of the Fourth Schedule, submit to the Commissioner of the South African Revenue Service ("SARS", a return of an estimate of the total taxable income which will be derived by the company in respect of the year of assessment i
The question of the scope of the cost-sharing VAT exemption, also referred to in the Council Directive 2006/112/EC of 28 November 2006 as amended ("EU VAT Directive") as "Independent Groups of Persons" or "IGPs", is currently being debated at the Court of Justice of the EU ("CJEU") in several cases. Last Thursday marked the first milestone regarding this specific VAT exemption since the CJEU released its judgment in the case Commission v Luxembourg (C-274/15) ...
The Internal Revenue Service ("IRS") has issued an update to Publication 5146 (Employment Tax Returns: Examinations and Appeal Rights) which outlines the procedures used to conduct employment tax examinations and employers' rights and responsibilities during and after the examination process ...
On June 13, 2016, the then Commissioner of Internal Revenue issued Revenue Memorandum Circular No. 62-2016 purporting to clarify the proper tax treatment of percentage tax or gross receipts tax (GRT) due on transactions covered by Sections 1211 and 1222 of the Tax Code which are shifted through contractual stipulations to borrowers/customers/clients(“passed-on” GRT) ...
As part of the implementation of the Mexican Energy Reform of 2013, several new regulations and administrative guidelines affecting the hydrocarbons and power industries were issued. These are of particular importance to oil and gas producers, power generators and others looking to invest or expand operations in Mexico’s dynamic energy sector. I. Hydrocarbons March 6, 2017.Ayín-Batsil Farmout ...
When startup founders get together to form a new company, one of the first steps after actually incorporating the entity is to issue the founders their initial equity in the company. This is commonly referred to as “founders stock.” Most initial cap tables target the issuance to founders of around 8 million shares, so that combined with a 2 million share option pool, the initial “fully diluted” capitalization is 10 million shares ...
On March 23, 2017, the California Air Resources Board (CARB) approved new regulations on greenhouse gas emissions from oil and natural gas production and storage facilities. The regulations, which focus on methane emissions, represent the most aggressive effort by any U.S. jurisdiction to regulate greenhouse gas emissions from oil and natural gas production ...
Since the inception of the IRS determination letter program, many sponsors and administrators of qualified retirement plans have come to rely on IRS determination letters to document their plan's tax-qualified status ...
On 8 February 2017, the Luxembourg Parliament voted a new law on immigration (hereafter the “Law”) which aims at increasing Luxembourg’s attractiveness as a host country for foreign talents. The main innovation of the Law is to implement a new category of residence permit in Luxembourg for investors. Immigration represents a major pillar of Luxembourg’s economy which has always relied on foreign labour and investments ...
2017 is a year of opportunity and challenge for the Australian food and agribusiness sector. We anticipate an uplift in food and agribusiness M&A activity, and have identified 6 key themes that are likely to play out in the remainder of 2017. Download our report: Australian Food and Agribusiness 2017: Key themes Opportunities and Challenges – 6 key themes Three key opportunities 1 ...
The Convention between Ukraine and Luxembourg for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital and its Protocol have been ratified by the Government of Ukraine. Background On 6 September 1997 Luxembourg and Ukraine signed a first treaty ("Treaty"), which has been amended by a protocol signed on 30 September 2016 ("Protocol"). Both have been ratified by Luxembourg, on 1 August 2001 and 23 December 2016 respectively ...
The March 22, 2017 Budget of the Government of Canada, through its "Innovation and Skills Plan" (http://www.budget.gc.ca/2017/docs/plan/budget-2017-en.pdf) mentions that Canadian academic and research leadership in artificial intelligence will be translated into a more innovative economy and increased economic growth ...
In the most recent ruling arising from the now infamous Sabine case (In re Sabine Oil & Gas Corp., 547 BR 66 (Bankr. SDNY 2016)), in which New York bankruptcy Judge Shelley Chapman held in favor of Sabine Oil & Gas Corp ...
INTRODUCTION: Recently, Spilman's Director of Energy & Transportation Services, Scott Rotruck, interviewed David Spigelmyer, president of the Marcellus Shale Coalition (MSC) ...
With 125 days left in 2014, we find ourselves looking at What’s Next for the oil & gas industry in the Marcellus and Utica Shale Plays for the remainder of 2014. It has been an eventful year and with just four months until 2015, we look forward and identify key events and issues that are top of mind. 2014 Events There are a wide range of upcoming events with programs and topics relevant to E&P, midstream, field services and downstream markets ...
Before ultimately answering the questions posed in the title above on a National Energy Plan, in full disclosure it should be noted that I have been employed by and/or have been an investor in oil, natural gas, coal and solar. The same applies for two railroads, CSX and NS, which hauled a lot of the aforementioned products or their supply chain components to market ...
