If you made gifts in calendar year 2012 that should be reported on a federal gift tax return (Form 709) and you extended the deadline to file your gift tax return, the deadline to submit a timely-filed return is October 15, 2013 ...
CONTENTS The Pros and Cons of Arbitration Clauses in Commercial Contracts Pirating and Using Software Without a Licence: The BSA The Software Alliance Case Interprovincial Taxation: The Importance of Severing Residential Ties on Departure Security Under Section 427 of the Bank Act: Do the Rights of a Bank Rank Ahead of Those of the Holder of a Retention Right? THE PROS AND CONS OF ARBITRATION CLAUSES IN COMMERCIAL CONTRACTS Catherine Méthot and André Paquette Arbitration clauses
On March 1, the Fifth Circuit Court of Appeals ruled that $750 million of primary and excess coverage issued to Transocean Holdings, Inc. (“Transocean”) “imposes no relevant limitations upon the extent to which BP [BP American Production Company] is covered” as an additional insured in connection with the Deepwater Horizon incident in April 2010 ...
The Nation published the result of a survey that basically asked two specific issues : (i) how easy (or clear) you think the tax system? and (ii) what is the main reason why some people evade taxes? Any analysis of the tax system should take into account an absolute truth: no one likes to pay taxes . As we have discussed on other occasions ... a person can understand why you pay taxes, but like ... or want to pay ... mmmm ... I do not think: that's another thing ...
The Philippine Bureau of Internal Revenue (BIR) has recently implemented Revenue Regulations No. 18-2012 (RR 18-2012) directing all persons, whether private or government, to secure from the BIR a new Authority to Print (ATP) and to print new receipts/invoices starting July 1, 2013 ...
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’ ...
We are pleased to advise that, with effect from 15 May 2013, some important changes were made to the Virgin Islands Special Trusts Act (VISTA), the Trustee Act and various other British Virgin Islands statutes relating to the trusts and estates. The main changes include the following: 1 Amendments to VISTA 1 ...
The renewed focus on the ’global tax share’ of OECD countries relative to the global profits of multinationals has reignited the debate about the adequacy and transparency of tax information in Australia. The following article considers the viability of recent proposals. In April 2013, Australia’s Assistant Treasurer released a discussion paper – Improving the transparency of Australia’s business tax system – that outlined three options for reform in this area ...
Serbia Following the last amendments to the tax laws, the Ministry of Finance has since prepared several rulebooks to help implement the amended legal provisions. Amongst these, the Rulebook on Transfer Pricing is the most important. Other rulebooks of the Ministry prescribe new forms of tax returns for tax payable on capital gains and income from the lease of movable and immovable assets, and newly introduced withholding tax on income from the sale of scrap and waste ...
The Government has issued a specific regulation on sales tax on luxury goods for motor vehicles, ie Government Regulation No. 41 of 2003 on Taxable Goods classified as Luxury Goods in the form of Motor Vehicles on which Sales Tax on Luxury Goods (PPnBM) is imposed ...
Government Regulation No. 46 of 2013 on Income Tax for Taxpayers with Certain Gross Income was promulgated on 13 June 2013 and came into force on 1 July 2013. Under the Regulation a final income tax of 1% will be imposed on any taxpayer who: is an Individual or Entity (Legal or Business), excluding permanent business entities; and earns gross income from his/her/its business, excluding any freelance services, of up to Rp.4 ...
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’ ...
Insurers often have a duty to settle underlying claims against their insureds. While that duty generally requires insurers to accept reasonable settlement offers, insurers and insureds alike face many other issues regarding settlement of the underlying case ...
The US Court of Appeals for the Second Circuit recently held that excess insurance policies are triggered when the payment of losses exceed the attachment point rather than when the policyholder’s loss obligations exceed the attachment point. Ali v. Fed. Ins. Co., No. 11-5000-cv, 2013 WL 2396046 (2d Cir. June 4, 2013). The decision is another reminder that outcomes in insurance disputes may depend on subtle differences in the wording of insurance policies ...
Law 55-A/2012 of 29 October – published last year as part of the package of measures to combat the financial crisis – made ownership, use or surface rights of residential urban properties with an official taxable value (valor patrimonial tributário) equal to or greater than EUR 1 million subject to Stamp Duty, calculated at the rate of 1% ...
On June 14, 2013, Governor Rick Perry signed legislation, which for the first time authorizes domestic captive insurers in Texas. The bill, known as SB 734, allows Texas businesses to realize the advantages, including tax benefits, of forming and operating a “pure” captive insurance company without the burden and cost associated with an out-of-state captive ...
In Louisiana Generating LLC v. Illinois Union Ins. Co., No. 12-30651 (5th Cir. May 15, 2013), the United States Court of Appeals for the Fifth Circuit held that a lawsuit brought by the Environmental Protection Agency ("EPA") alleging violations of the Clean Air Act ("CAA") obligated an insurer to defend its insured ...
In the clearest sign yet that some buoyancy has returned to the TCI real estate market, the TCI Government has announced changes to TCI’s stamp duty regime ...
CONTENTS Life Insurance Policy: How to Extract Funds from a Corporation with No Tax ImpactConstructive Dismissal Analyzed in the Context of a Business AcquisitionThe Right of Withdrawal, a Controlled Form of Contractual FreedomTransfers of Residences Involving a Spousal Testamentary Trust LIFE INSURANCE POLICY: HOW TO EXTRACT FUNDS FROM A CORPORATION WITH NO TAX IMPACTLuc Pariseau with the collaboration of Martin Bédard, articling studentIndividual shareholders who wish to withdraw
Another natural disaster has devastated a community. By now, all are aware of the tragedy the tornado inflicted on residents of Moore, Oklahoma, destroying lives and property. We join in offering our condolences to those affected by the storm. Although there is no way to replace lost lives, as with other catastrophes, there are likely to be a myriad of financial issues that will need to be addressed to rebuild and replace property. Maximizing insurance recoveries is one component ...
Every year, tornadoes in the United States cause dozens of fatalities and inflict billions of dollars in property damage. The EF5 tornado that struck Moore, Oklahoma on May 20 was the most powerful and destructive storm yet of the 2013 season. Although the Moore tornado is only one of 343 tornadoes already reported nationwide through May 23, more than 1300 occur annually in the United States, based on a three-year average ...
Here are select February 2013 rulings of the Supreme Court of the Philippines on tax law: National Internal Revenue Code; documentary stamp tax; issuance of promissory notes; persons liable for the payment of DST; acceptance ...
The Alabama Department of Revenue (“Department”) recently issued a proposed regulation, Prop. Ala. Admin. Code 810-6-5-.05.02 which, if approved, will dramatically alter the obligation of sellers to collect and remit local sales and use tax imposed by Alabama cities and counties. By regulatory fiat, not supported by legislative changes, the Department seeks to reverse decades of tax history and positions ...
In a recent decision by the Court of Appeal of Québec, the Honourable Jacques Chamberland, J.C.A. reviewed the application of exclusion clauses contained in a home insurance policy in the context of criminal activities1. THE FACTSThe Appellant, Union canadienne compagnie d’assurance insured the building of respondent, Mrs. Lise Houle and her spouse, Christian Alexandre. The latter was growing cannabis in the insured building ...
The Panamanian Limited Liability Partnership has been a part of Panama’s trade laws since 1916, when the Panamanian Commercial Code was issued. However, during 2009 it was subject to a profound reform in order to adapt it to an always demanding and changing market. As its “younger sister”, the worldwide famous “Sociedad Anonima” (1927), the limited liability partnership shall be filed at the Public Registry ...
