Members of the Zimbabwe ruling party’s decision making body told Bloomberg in April 2014 that Zimbabwe is considering the reintroduction of the Zimbabwe dollar as it struggles to meet its monthly wage bill. In May Zimbabwe’s Treasury postponed the pay dates for its 230 000 public workers the second time in two consecutive months, after having awarded civil servants a 23% increase in April to honour a 2013 election promise made by President Robert Mugabe and the Zanu PF ...
The Value Added Tax (VAT) Law (5735-1976) sets out that zero-rate VAT applies to the export of services to a foreign resident. However, recent judgments have interpreted such relief in a narrow manner and have significantly reduced the ability to charge zero-rate VAT on services rendered to foreign residents. General overview VAT is levied in Israel pursuant to the VAT Law with respect to the consumption of goods and services in Israel ...
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) ...
On June 13, 2013, the West Virginia Supreme Court of Appeals (WVSCA) issued its decision in Faith United Methodist Church & Cemetery of Terra Alta, et al. v. Morgan, No. 12-0080, setting forth a clear definition of the term “surface” when used in deeds and other instruments of conveyance. This definition will weigh importantly on the state's shale gas industry ...
The 2011 drought caused record-breaking conditions throughout much of Texas. Farmers, ranchers, and others whose livelihoods depend on reliable sources of water are feeling the effects of the water shortage first-hand. Aside from being subject to locally imposed water-use restrictions, ordinary residents have also noticed receding water levels in Texas lakes, rivers and streams. Unfortunately, Texas’ water problems are not expected to improve any time soon ...
The U.S. General Services Administration recently added Green Globes as an additional third-party green building certification system for federal government construction projects. With this addition, many are now asking about the difference between Green Globes and LEED. Green Globes has emerged, in some parts of the U.S., as a rival building option to the more well-known Leadership in Energy and Environmental Design (“LEED”) system ...
Before 2019 comes to a close, it may be worthwhile to review the state of your tax, estate, and charitable giving plans. Along with the typical end-of-year considerations, it is important to remain aware of the effects of the 2017 tax act (informally called the “Tax Cuts and Jobs Act of 2017,” and herein the “2017 Tax Act”) that altered many longstanding rules and assumptions ...
Following is a list of year-end administrative issues for Texas limited partnerships and limited liability companies (“LP/LLC”): Ensure that the LP/LLC’s activities, transactions, capital infusions (capital contributions or loan proceeds), and distributions are accurately reflected in the entity’s records; Avoid causing the LP/LLC to make any distributions not in compliance with the terms of its LP/LLC agreement or applicable law; for example, an LP/LLC should not make disproportion
Application of the exemption method conditional on fulfillment of requirements with regards to ownership fraction and period The Norwegian rules regarding participation exemption have in general entailed that companies tax resident in Norway investing in companies tax resident in the UK have benefited from participation exemption rules with regards to dividends and capital gains on such shares, and the same has been the case for UK companies investing in Norwegian companies ...
We have in 2021 seen a remarkable (continued) recovery in the Norwegian financial market. This is also evident from the perspective of our banking and financing team. We have assisted our clients with a considerable number of new financings and refinancings, across most sectors. It has especially been hectic within the shipping, aviation and renewable energy sectors and we have seen a steep increase within acquisition financing ...
As the end of another tax year approaches, now is a good time to consider your financial position and check whether you have taken full advantage of the tax reliefs and exemptions that are available. This note is intended to provide a brief guide to the opportunities that we believe may be worth considering. There are many tax-saving measures available and we detail below a number of steps that can be taken to improve your tax position, without significant effort ...
As the end of 2013 draws near, taxpayers should consider the effect of the new 3.8% surtax on investment income. Beginning January 1, 2013, a 3.8% surtax is placed on certain investment income for individuals, trusts, and estates. The surtax is imposed in addition to all other taxes imposed by the Internal Revenue Code (including the alternative minimum tax). Prior to the end of 2013, individuals, trustees, and executors should consider ways to minimize the 3.8% surtax ...
Under legislation passed in December 2011, which established a comprehensive program for the regulation of oil and gas operations utilizing horizontal drilling methods and related activities, the West Virginia Legislature directed the Department of Environmental Protection to conduct certain studies to inform future decisions regarding the need, or lack thereof, for further legislation or regulations in this area ...
As reported in the July 2015 IOGA News, on June 24, 2015, the West Virginia Department of Environmental Protection (“WVDEP”) filed a proposed legislative rule amending the Horizontal Well Development Rule, 35 C.S.R. 8 (the “Horizontal Well Rule”), which established a public comment deadline on July 27, 2015. Then on June 25, 2015, WVDEP filed three proposed legislative rules implementing the Aboveground Storage Tank Act, as amended, W. Va. Code § 22-30-1, et seq. (“AST Act”) ...
Revenue legislation and administration: The Federal Constitution provides that tax shall only be levied by or under authority of federal law. This means the general body of tax law is to be found in tax statutes, supplemented by other legislative instruments such as subsidiary legislation and ministerial orders ...
The global biofuels industry needs to be better regulated to ensure it does not harm the environment, the UK's climate change minister has stated.Speaking at a recent conference organised by Britain's Renewable Eneregy Association, Phil Woolas MP cited several studies which have shown that biofuel production has led to deforestation and increased house prices in some areas of the world, most notably across Asia ...
SyCipLaw Partners Rose Marie M. King-Dominguez and Franco Aristotle G. Larcina, with support from Senior Associate Ruben P. Acebedo II, participated in the World Bank Group’s Enabling the Business of Agriculture 2016: Comparing regulatory good practices. The report examines regulations that impact private enterprise in the agriculture and agribusiness sectors ...
Recent developments in health and safety law will affect all those involved in offshore renewables projects, which are very much in focus following the Crown Estate’s announcement of Round 3 awards in early January. However, the new rules do bring clarity and consistency for those working in the sector and bring offshore health and safety regulation in line with onshore projects ...
An interesting piece of news in the sphere of tax law has recently been provided by the Court of Justice of the European Union (CJEU) decision that found Portuguese withholding tax rules to be breaching EU law.The case concerns a loan given to Auto Estradas do Litoral SA ("Brisal"), a Portuguese company by the Irish bank – KBC Finance Limited ...
IntroductionOn 6 June 2013 the Council of Ministers approved the bill to finalise the transposition of Directive 2003/49/ EC of the Council of 3 June into the IRC (corporate income tax) Code. The Directive, which establishes a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States, is commonly known as the ‘Interest & Royalties Directive’ ...
IntroductionOn 6 June 2013 the Council of Ministers approved the bill to finalise the transposition of Directive 2003/49/ EC of the Council of 3 June into the IRC (corporate income tax) Code. The Directive, which establishes a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States, is commonly known as the ‘Interest & Royalties Directive’ ...
Litigation arising from Winter Storm Uri remains active and ongoing since it began nearly three years ago. It has major implications for the Texas energy and power markets and businesses operating in those sectors ...
