On March 18, 2005, the Quebec Court of Appeal handed down an important decision confirming that the evidence relating to the behaviour and practices of a “reasonable insurer” need not be provided by an expert witness. In CGU Compagnie d’assurances du Canada v. Sylvain Paul et al., (J.E. 2005-705), Justices Louise Mailhot, René Dussault and Marie-France Bich dealt with this issue in connection with an objection to evidence made by the attorney representing the insured, Mr ...
Only the terms of the insurance policy itself - and not the provisions of an underlying indemnity contract - determine the scope of coverage afforded to an additional insured, provided that the insurance and indemnity provisions in the underlying indemnity contract are separate and independent from one another. For additional insured and indemnity provisions to be deemed “separate and independent,” “Texas law only requires the additional insured provision to be a discrete requirement ...
Before going into the details of the proposal it should be mentioned that the actual rules of the proposal were not presented in the revised budget. The government stated that they aim to present the rules in the budget for 2022. The rules will also be subject to a hearing round and since the scheme constitutes state aid in accordance with the rules in the EEA Agreement, they will also require notification to and approval from ESA before implementation ...
Introduction On 7 April 2022, the Department of Finance (DOF) issued Revenue Regulation (RR) No. 3-2022 to implement Republic Act (RA) No. 11635. RA No. 11635 provides for income tax on proprietary educational institutions and hospitals, which are non-profit organisations. RR No ...
Educational institutions (“recipient” or “recipient institutions”) have been waiting for the Department of Education to issue formal Title IX regulations after it issued interim guidance in September 2017. This interim guidance rescinded previous Obama-era guidance that called for strict enforcement of Title IX and indicated that new formal guidance would be forthcoming ...
On November 4, 2014, voters in Denton made that city the first in Texas to ban hydraulic fracturing within city limits. Within a day, lawsuits were filed by the Texas General Land Office and the Texas Oil and Gas Association, and state lawmakers and regulators voiced strong opposition to the ballot measure ...
Information from Delphi’s Tax Group - The Swedish government has proposed new legislation which will entail further restrictions regarding tax deductions for interest expenses on inter-company loans. Kindly note that the proposed legislation will broaden the definition of the term "affiliated companies" ...
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 ...
The IRS announced its 2017 annual "Dirty Dozen" list of Tax Scams on February 17, 2017. Finding individuals who are hiding accounts and assets offshore to avoid taxes continues to make the list, indicating this is one of the IRS's highest priorities ...
On September 2, 2020, we issued an e-alert discussing the deferral of the employee portion of Social Security taxes (“SS Tax Deferral Program”), as directed by the Presidential Memorandum dated August 28, 2020, and as implemented by the Internal Revenue Service (“IRS”) pursuant to Notice 2020-65 (“Notice”) issued on August 28, 2020 ...
On August 13, 2020, President Trump issued a Presidential Memorandum directing the Secretary of the Treasury to use his authority to defer the withholding, deposit and payment of the employee portion of Social Security taxes (“SS Tax Deferral Program”). On August 28, 2020, the Secretary of the Treasury and IRS issued Notice 2020-65 (“Notice”) to implement the SS Tax Deferral Program ...
In terms of the current Tax Court rules published under the Income Tax Act No. 58 of 1962, where the Commissioner for the South African Revenue Service (“SARS”) did not comply with the prescribed time frames in respect of dispute resolution, practically, there was little that a taxpayer could do. This could change in terms of the proposed new Tax Court rules expected to come into force later this year ...
Default interest rates on tax debts and refunds are lowered.- Through Superintendency Resolution No. 066-2020/SUNAT, published on March 31, 2020, the following is established from April 1, 2020: i) The default interest rates (TIM) on tax debts in national currency will be 1% per month; and in foreign currency, it will be 0.50% per month. ii) The interest rate for reimbursement in national currency made for undue or excess payments will be 0.42% per month ...
Faced with the current Covid-19 pandemic and the consequential economic ramifications, it is inevitable that affected businesses are put under increasing financial strain. Affected businesses would at some point consider a restructuring of the business to manage the tide and stay afloat, with the last resort being liquidation for businesses operating in industries that are the most impacted by this pandemic ...
On 7th March 2014 the Supreme Court of Appeal delivered judgment in the as yet unreported case of Commissioner for the South African Revenue Service v Mobile Telephone Networks Holdings (Pty) Ltd, (966/2012) [2014] ZASCA 4 (7 March 2014) which dealt with the deductibility of audit fees incurred for a dual or mixed purpose and the apportionment thereof for tax purposes in the light of section 11(a) of the Income Tax Act 58 of 1962, as amended (‘the Act’) read with sections 23(f)
On 7th March 2014 the Supreme Court of Appeal delivered judgment in the as yet unreported case of Commissioner for the South African Revenue Service v Mobile Telephone Networks Holdings (Pty) Ltd, (966/2012) [2014] ZASCA 4 (7 March 2014) which dealt with the deductibility of audit fees incurred for a dual or mixed purpose and the apportionment thereof for tax purposes in light of section 11(a) of the Income Tax Act 58 of 1962, as amended (‘the Act’) read with sections 23(f) and 23(g) of the A
On March 30, Decree No. 420, which contains various tax measures that seek to provide greater liquidity to companies, SMEs and employees, was published. The Decree No. 420 considers the following measures: 1. Deferral of the payment of VAT corresponding to the months of April, May and June 2020, under the following rules: to ...
Scope of Article Declaratory judgment and interpleader actions can be very useful in insurance disputes. Declaratory judgment may be used to resolve issues such as whether a policy was validly issued or otherwise is in effect, the meaning of policy provisions, and the duties of the parties under the policy. See generally Long, Rowland H., The Law of Liability Insurance, Vol. 3, Matthew Bender 1993 ...
The South African Taxation Laws Amendment Act, 2017 was signed into law on 18 December 2017 and made some notable changes to the tax regime. In this article, we deal specifically with the amended section 36 of the Income Tax Act, 1962 (the “Act”) by the insertion of subsection 36(7EA) of the Act ...
The various changes to the so-called debt waiver provisions in section 19 of the South African Income Tax Act, 1962 (the “Act”) and paragraph 12A of the Eighth Schedule to the Act in terms of the Taxation Laws Amendment Acts of 2017 and 2018 have come and gone. It is understood that there is now finality in terms of the debt waiver provisions as contained in the Act, which we discussed in a previous article ...
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 ...
THE FACTS OF THE CASEThe case has as its backdrop a family tragedy. On the morning of April 22, 2002, Martin Brossard went to the residence of his former spouse, Liliane de Montigny. Following a sequence of events, the order of which could not be determined from the evidence, he strangled his spouse and drowned their two children, Claudia and Béatrice, in the bathtub of the residence ...
On 24 August 2016, the Davis Tax Committee (“DTC”) released its long-awaited report on estate duty, which was submitted to the South African Minister of Finance (“the Minister”) for consideration on 28 April 2016. The report takes into account public commentary and submissions received following the release of the committee’s first interim report ...
