In the case of Claremont Library Development Company (Pty) Ltd v The Commissioner for the South African Revenue Service, the Tax Court recently considered the question of whether crediting a loan account constitutes “payment” of full consideration for purposes of the Value-Added Tax Act, No 89 of 1991 (the “VAT Act”) ...
Section 103(2) of the Income Tax Act, 58 of 1962 empowers the Commissioner (the “Commissioner”) for the South African Revenue Service (“SARS”) to disallow the setting off of an assessed loss or balance of an assessed loss against the company’s income if the relevant requirements are met ...
Law No 20,590 (the “Law”), that authorizes the issuance and operation of pre-funded payment methods or any other similar system (the “Prepaid Cards”), by non-banking entities, when these systems involve that the issuer or the operator regularly engages in monetary obligations with the general public or to specific sectors or groups thereof, was published and came in force on October 29, 2016 ...
We are pleased to announce that Karanovic & Nikolic team, together with Freshfields Bruckhaus Deringer, has supported UniCredit S.p.A. (Italy) in a recently closed take-over of the CEE business of UniCredit Bank Austria AG including shareholdings in 13 banks in Southern Europe and CEE as well as a relevant loan portfolio ...
The September issue of the International Financial Law Review (IFLR) included an international briefing article entitled “Facilitating Creditor-Debtor Dealings”. The article was contributed by SyCipLaw partner Russel L. Rodriguez, senior associate John Christian Joy A. Regalado, and associate Jo Margarette W. Remollo ...
Maxim Alekseyev, ALRUD Senior Partner, and Kira Egorova, ALRUD Of Counsel, prepared an article for Trusts&Estates journal “Family Offices in Russia”. Trust&Estates is one of the most reputable journals for wealth management professionals serving the needs of high-net-worth clients and their families ...
? The reform of the French law of obligations implemented by the French ordinance No 2016—131 of 10 February 2016 (the Ordinance), conducted after public consultations and high quality working papers, constitutes the deepest overhaul of French contract law since the Civil Code of 1804. The Ordinance applies to contracts entered into as from 1 October 2016,2 including amendment agreements, tacit renewals and novated contracts executed or occurring after that date ...
The Serbian Minister of Finance issued the Rulebook on the Manner and Procedure of Delivering and the Content of the Tax Administration's Notification on Commencement or Finalization of Tax Audit ("Rulebook"). Under the Rulebook, the Tax Administration ("TA") will start to deliver notifications on initiated tax audits of the legal entities and entrepreneurs to the Business Registers Agency ("BRA"). Notifications will be delivered once a day ...
With the public comment period closing in a few days, the New York Department of Financial Services (DFS) “first in the nation” cybersecurity regulation is one step closer to becoming law ...
IN THIS ARTICLE, CHRISTOPHER TAY HANMIN BRIEFLY REVIEWS SOME OF THE OFFENCES UNDER THEGOODS AND SERVICES TAX ACT 2014("GST ACT").IntroductionOne of the most significant tax Acts to be introduced in the past 30 years is the GST Act which was gazetted on 19 June 2014 and has set 1 April 2015 as the effective date for the imposition of the Goods and Services Tax ("GST") ...
By way of -providing guidelines for implementing the Tax Law No.106/2016/QH13 (Law 106) effective from 1 July 2016, the government has issued Decree 100/2016/ND-CP (Decree 100) on 1 July 2016 and the Ministry of Finance has issued Official Letter 10315/BTC-TCT dated 25 July 2016 (OL 10315) and Circular 130/2016/TT-BTC dated 12 August 2016 (Circular 130) ...
SyCipLaw partners Jose Florante M. Pamfilo and Franco Aristotle G. Larcina contributed the Philippine chapter of Herbert Smith Freehills’ 1st edition of Guide to Restructuring, Turnaround and Insolvency in Asia Pacific. The Guide is intended to provide an understanding of the legal framework in different jurisdictions, as well as to address key practical issues commonly encountered when dealing with companies in financial difficulties ...
Origin of the case On March 13, 2014, Banco International filed a collection lawsuit (demanda ejecutiva) against Agrícola Santa Fe Limitada, for the non-payment of a loan in dollars, payable in said currency and documented in a promissory note ...
contingency fees VAT inclusive or exclusive The High Court, Gauteng Local Division, considered in a recent case (case No 2012/21359, 31 August 2016) whether an agreement in terms of which a legal practitioner charged contingency fees to a client under the Contingency Fees Act, No 66 of 1997 (the “CFA”), is valid ...
Global Transfer Pricing Risk Management The realities of the business environment in which multinational groups operate today consist of a shrinking domestic market and an ongoing pressure to reduce costs. In addition, multinational groups are also faced with the different expectations of different stakeholders and the increased disclosure requirements of financial data ...
No Looking Back for Section 13sex of the Income Tax Act Various building allowances are available for both owners and lessees of buildings under the Income Tax Act, No. 58 of 1962 (the “Act”) for erecting buildings or for effecting improvements to buildings ...
The Davis Tax Committee Issues Its Second Report on Estate Duty The Davis Tax Committee (“DTC”) released its much-anticipated second (and final) interim report (the “Report”) on estate duty on 24 August 2016. The Report has been published with amendments taking into account the public’s comments that were submitted in respect of the first interim report ...
The South African Taxation of Trusts Recent Developments The Davis Tax Committee’s (“DTC”) first interim report was released in July 2015 (the “First Report”) and made various significant recommendations to the Minister of Finance regarding (among other topics) the taxation of trusts in South Africa ...
An interesting trend can be noticed recently as the Serbian Tax Administration and Tax Police have raised their level of activity in conducting routine tax inspections in companies across the country ...
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 ...
In the last few weeks, the General Department of Taxation (GDT) has issued two Notifications (No. 12723 & 13466) reminding owners of immovable property to file their annual Property Tax declaration and pay Property Tax before the deadline of 30 September 2016. Notification No ...
Corporate income tax (CIT) incentives granted during the period 2009-2013 have increasingly been challenged by tax authorities and particularly by state auditors with an inclination towards reassessment of such incentives ...
On taxation of electronic services from 2017 Dear Ladies and Gentlemen, The law “On Amendments to Parts I and II of the Tax Code of the Russian Federation” comes into force on January 01, 2017. Pursuant to the adopted changes, starting from 2017 foreign companies which do not have permanentestablishment in Russia and provide electornic services to individuals inRussia will be required to register with the Russian tax authorities and pay VAT in Russia. 1 ...
According to recent media reports, Minister of Trade, Tourism and Telecommunications in Serbia's newly formed government, Rasim Ljajic, stated that a free trade agreement between Serbia and the countries of the Eurasian Economic Union (EEU) should be signed come November, while outlining that at this stage, the matter is out of Serbia's hands and fully dependent on the EEU ...
Recently, the Emirates Insurance Authority (the “Insurance Authority”) proposed a regulation in draft form concerning marketing of insurance policies by banks (the “Draft Regulation”). It is intended to regulate local insurance companies that market insurance policies through banks in the UAE ...
