In continuing our commitment to best serve our clients, we have been closely monitoring legislative changes in West Virginia that may affect the shale gas industry in the state. This update covers a new rule affecting horizontal drilling and the results of a recent pit and impoundment study ...
Here is an overview prepared by Lavery of the highlights of the consultation document (in French) released last Thursday by the Quebec government in connection with the forum on mining royalties to be held on March 15, 2013. Overview of the consultation document entitled "Le régime d’impôt minier du Québec" ...
Mining has become one of the largest industries in British Columbia, and Vancouver is considered by many to be the world's leading centre of expertise for mineral exploration, with some 1,200 exploration companies located in the province. As a result, many British Columbians have a disproportionate stake in what lies ahead for the mining industry. In 2011, B.C ...
The Department of Environment and Natural Resources (DENR) issued DENR Memorandum Order No. 2013-01 (theMemorandum Order), which increased the minimum capital requirements for mining applicants. Under the Memorandum Order, the minimum authorized capital stock and paid-up capital of mining applicants were increased as follows:Authorized Capital: From PhP10 million; To PhP100 million.Paid-Up Capital: From PhP2.5 million; To PhP6.25 million ...
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 ...
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 ...
The mining sector is affected by constant changes in the market, along with exploration results and discoveries. The fast pace of this change results in trends developing on a micro or macro scale, and one of the re-emerging trends seen in the industry today is the use of strategic alliances for mineral exploration purposes. The nature and terms of a strategic alliance can vary greatly, depending upon the objectives of the parties ...
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 ...
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 ...
On December 27th, 2012, the Court of Appeal for Yukon released its decision in Ross River Dena Council v. Government of Yukon, 2012 YKCA 14. The case dealt with the Yukon Government’s duty to consult with First Nations when allowing mineral claims to be recorded on land with asserted Aboriginal rights and title claims. The case arose as a result of the “open entry” claim staking system and in particular, as a result of the Yukon Quartz Mining Act, S.Y. 2003, s. 14 (the Act) ...
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. ...
On January 7, 2013 there was published in the Federal Official Gazette a Ruling where by the Energy Regulatory Commission makes an invitation to bid under the open international tender LIC-GAS-019-2012 covering the first permit for natural gas distribution in the western geographical area, formed by the municipalities of Sayula, Tuxpan and Zapotlán el Grande, in the state of Jalisco, and the municipalities of Amería, Colima, Manzanillo, Tecomán and Villa de Alvarez, in the state o
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% ...
This is an important year on the taxation front. New rules restrict interest deductions and increase the transfer tax related to the sale of shares in housing and real estate. Additionally, two tax incentives support research and development activities, as well as innovation and growth. Restriction on interest deductionThe Finnish legislature has restricted interest deductions applied in taxation starting in the 2014 taxation year ...
On January 1, 2013, the Senate and the House of Representatives passed the American Taxpayer Relief Act of 2012 (the "Act") to avert the "fiscal cliff." The Act includes a number of extensions and modifications relating to energy tax provisions ...
The Australian Food and Grocery Council (AFGC) recently released its Sustainability Commitment report for 2010-11 (Report). The Report sets out the AFCG's key objectives and efficiency targets, described as its 'Sustainability Commitment', for improving sustainability in the food & beverage and grocery industry ...
The 2013 Federal Revenue Law was published yesterday and its Transitional Article 3 includes an amnesty covering payment of federal taxes and related government charges, as follows: a) 80% forgiveness of tax assessment consisting of federal taxes, antidumping duties, and fines for failure to comply with federal tax obligations, other than payment obligations, arising prior to January 1, 2007 ...
Half a billion people living in Sub-Saharan Africa lack access to electricity. Ryan Ketchum a partner in Hunton & Williams’ Energy and Infrastructure practice, explains how Uganda and Rwanda are working to turn themselves into places where electricity investors want to be. Uganda Uganda provides a compelling example. For several years it has suffered from a shortage of generationcapacity ...
The new regulation of the Polish Minister of Economy on electricity and heat generated from renewable sources of energy goes into effect at the beginning of 2013. The new regulation will increase the share of renewables in the production of electricity and heat ...
You are general counsel of a publicly traded medical device company that has begun the diligence process on your company’s target, a publicly held x-ray and CT scan component manufacturer. The target is a Delaware corporation based in California, with additional manufacturing facilities in Utah and Kentucky; within the past three years, it has sold two mothballed manufacturing facilities ...
In Martin v. Hamblet, decided November 21, 2012, the West Virginia Supreme Court of Appeals determined that a surface owner may not appeal issuance of a well work permit by the Department of Environmental Protection for a shallow well targeting the Marcellus formation with a horizontal leg into the Marcellus ...
