On October 19, 2017, the IRS announced in Notice 2017-64 cost of living adjustments to the qualified plan dollar limits for 2018. Some of these limits did not change from 2017 because the increase in the cost of living index did not meet the statutory thresholds that trigger an adjustment. Below is a summary of the limits that are generally relevant for most retirement plans ...
Section 64E(1) of the South African Income Tax Act, 1962 (the “Act”) provides that dividends tax must be levied at a rate of 20% of the amount of any dividend paid by any company, other than a headquarter company. In terms of section 64EA(a) of the Act, the beneficial owner of a cash dividend is liable for dividends tax in respect of that dividend. However, in terms of section 64F(1), a cash dividend is exempt from dividends tax in various instances ...
Attacks by the South African Revenue Service (“SARS”) on the transfer pricing practices of multinational enterprises (“MNEs”) are on the rise, leading to tax disputes with SARS over significant amounts of tax. MNEs operating in South Africa provide information to SARS in various forms such as annual Corporate Income Tax returns, Country-by-Country reports as well as the extensive Transfer Pricing documentation ...
Earlier this year, right in a last minute attempt to win undecided voters for one of the political parties, the leaving members of parliament enacted a new tax law. While fundamental changes to the Austrian Tenancy Law had been vividly discussed between the socialist and the conservative parties in recent years, the new law on the abolition of stamp duty falls completely short of what could have been achieved ...
Earlier this year, Michigan’s Department of Licensing and Regulatory Affairs (LARA) announced the formation of “work groups” to provide input as LARA adopts emergency rules to govern activities under the State’s new Medical Marihuana Facilities Licensing Act (MMFLA). Organized around the MMFLA’s five license types, those work groups met last month ...
If your estate plan was put in place more than 3 years ago, the plan is likely designed to save estate taxes at the sacrifice of income tax benefits. Estate tax is no longer a concern for married couples owning less than $11 million of assets. We recommend reviewing your estate plan to confirm that it has the flexibility to adapt to tax law changes and to secure income tax benefits ...
Earlier this year, and the last time before next year’s parliamentary elections, the current Luxembourg Finance Minister presented the budget law for 2018 to the Parliament (Chambre des Députés) ...
The Slovenian National Assembly adopted the Class Action Law, which will implement an important institute to the Slovenian legal system, i.e. mechanism of class action. This mechanism is already applied in the UK, Belgium, Netherlands and Sweden, but is yet to be implemented in numerous EU member states. The new mechanism of class action will provide for the injured parties, both natural and legal persons, to file a compensation claim in case of mass harm situations ...
As seen in NonProfit Pro With the recent state of natural disasters devastating communities both in the U.S. and abroad, many people turn to charities to see what they can do to help those affected by these tragic events. Over the past two decades, charitable giving has grown considerably in the U.S. The number of public charities is up almost 60 percent, from about 643,000 in 2000 to more than 1 million today, according to the National Center for Charitable Statistics ...
The United Arab Emirates (UAE) Federal Tax Authority (FTA) has commenced accepting registrations for Value Added Tax (VAT) through its online portal ...
Central America is at an inflection point regarding acceptable compliance and conformity. Among all the anxiety and instability that change will bring, it is welcoming to see that separate disciplines are pushing towards similar objectives in Corporate Governance. A quick discussion on Director´s Responsibility provides a glimpse on how new Governance issues will reshape slanted interpretations of the law ...
With virtual currencies such as Bitcoin becoming ever more popular and accessible, it is important that South African taxpayers carefully consider the tax and exchange control uncertainties that accompany the incorporation of these relatively new systems into businesses and/or investment portfolios. We highlight below some of the tax and exchange control consequences arising from transactions involving Bitcoin ...
Yesterday, U.S. Attorney General Jefferson Sessions issued new guidance reversing the federal government’s former position that gender identity is protected under Title VII. In a memo sent to the heads of all federal agencies and the U.S. attorneys, the attorney general stated that as a matter of law, “Title VII does not prohibit discrimination based on gender identity per se ...
The Ohio Supreme Court recently upheld a trial court decision that a health care provider’s statements of fault or admissions of liability made during the course of apologizing to a patient’s family were protected under Ohio’s apology statute, R.C. 2317.43. This decision broadens the definition of apology under Ohio law and provides greater protection to health care providers who make statements of apology. Stewart v. Vivian, Slip Opinion No. 2017-Ohio-7526 ...
Dubai is the fastest growing healthcare market within the GCC and is becoming an increasingly attractive sector for investors. In this inBrief article we explain the key drivers behind this growth and set out the options available to investors wishing to enter the Dubai healthcare market ...
After weeks of headlines dominated by Equifax’s cyber breach affecting 143 million consumers and the breach of the SEC’s own EDGAR system, the SEC recently announced the creation of (i) a Cyber Unit to target cyber-related misconduct and (ii) a Retail Strategy Task Force to strengthen its protection of retail investors ...
As seen in Law Journal Newsletters The False Claims Act (FCA or Act) can be a real punch in the gut for businesses on the wrong side of an FCA claim. The Act, codified at 31 U.S.C. §§ 3729-3733, is designed to prevent private companies contracting with the government from knowingly submitting false or fraudulent claims for their services ...
Noble Group continues to draw fire from Iceberg Research more than two years after the short-selling firm first accused the listed commodities trader of questionable accounting practices. In August this year, Iceberg renewed its criticism of the group, but expanded its crosshairs to include Singapore's regulators ...
The UAE has issued substantive law on Value Added Tax (VAT) and Excise Tax. Federal decree law No.8 of 2017 deals with VAT. The imposition of VAT will commence in the UAE from 1 January 2018 at a rate of 5%. The VAT law provides a framework for implementation of VAT in the UAE ...
On June 30, 2017, Governor Kasich signed the workers’ compensation budget bill. House Bill 27, which funds the Bureau of Workers’ Compensation, also made several important changes significant to Ohio employers. The changes are effective September 29, 2017. The most impactful portions of House Bill 27 involve a modification in the injury statute of limitations for filing a claim, reducing the filing from two years of the date of injury to one year ...
The Israeli Tax Authority ("ITA"), published a list of instances whereby transfer of funds, through banking corporations, to foreign residents will be exempt from tax withholding ...
The District Court for the Southern District of New York recently rejected the notion of a “holistic” approach to materiality, instead zeroing in on the government’s continued payment of claims despite knowledge of non-compliances as proof positive those non-compliances were not material. In United States ex rel. Kolchinsky v. Moody’s Corp ...
On Friday, September 22, 2017, the Department of Education, Office of Civil Rights (OCR) officially withdrew two guidance documents issued under the Obama administration regarding implementation of Title IX on school campuses. In place of these guidance documents, the OCR issued new interim guidance documents regarding how schools should handle sexual assaults. The OCR indicated official guidance and directives will be issued after a formal notice and comment period ...
Norway has biobanks and health registers that from a world perspective are practically unique. We frequently use metaphors like "silver heirlooms" and "the new oil". The test nevertheless consists in whether the Norwegian research environments are successful in commercializing their research, and the commodities require a correct processing. The Lifandis StoryLifandis AS (former Hunt Biosciences) managed Norway's most valuable biobank and its data; the so-called HUNT collection ...
