We are pleased to inform you that Ellen McGinnis and Erin England have co-authored a chapter in a book recently published in connection with the Fund Finance Association’s 2017 Global Fund Finance Symposium. Their chapter in the Global Legal Insights publication is titled “Historical Perspective and Evolution of Investor Issues in Subscription Financing – From Credit Analysis to Enforcement ...
There is currently speculation in the media that Liberal Finance Minister Bill Morneau's next federal budget will increase the capital gain inclusion rate from 50% to 75%. The combined marginal tax rate on capital gains is currently 26.7% for a resident of Québec. This rate would reach nearly 40% if the budget was to increase the capital gain inclusion rate to 75%. A $1,000,000 capital gain would thus generate approximately $133,000 in additional taxes ...
On March 2, 2017, the California Supreme Court issued its much anticipated decision in the City of San Jose v. Superior Court of Santa Clara County case. In short, the Court determined that when a public official or employee uses a personal account to communicate about the conduct of public business, the writings are subject to disclosure under the California Public Records Act, if those writings are not otherwise exempt from the disclosure requirements ...
The February 14 decision in a closely watched Fourth Circuit False Claims Act (FCA) case did not, as initially anticipated, address the issue of the validity of statistical sampling to establish FCA liability. However, it did address another question that has split the circuits—whether the U.S. Department of Justice has the unreviewable right to veto FCA settlements in cases in which it has declined to intervene. See United States ex rel. Michaels v. Agape Senior Community, et al ...
On March 2, 2017, the California Supreme Court determined that when a public employee uses a personal account to communicate about the conduct of public business, the communications are subject to disclosure under the California Public Records Act (CPRA), if those communications are not otherwise exempt from disclosure. In a unanimous opinion, the Court in City of San Jose v ...
2016 Follow-Up Payments on Promissory Notes and Guarantees. If you sold property (for example, real estate, stock, or an interest in a family limited partnership or other closely-held entity) to a family member or a trust for a promissory note in the past, the purchaser should make the proper interest payments. Also, if the transaction involved a guarantee of any part of debt, the guarantor should receive the proper guarantee fees. Gift Tax Returns ...
The Trump Administration has signaled its intent to roll back the scope of federal jurisdiction under the Clean Water Act in an Executive Order issued on February 28. The Executive Order directs U.S. EPA and the Corps of Engineers to consider rescinding or revising the "Clean Water Rule," which defines when the Clean Water Act applies to wetlands, ponds, intermittent streams, and other water bodies that have a "significant nexus" to "navigable waters ...
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 ...
The Latest News from the Canadian Infrastructures Market Defense Construction Canada Issues a Request for Expressions of Interest for Energy Performance Contract Defense Construction Canada (DCC) has issued a Request for Expressions of Interest, dated December 20, 2016, for improvements in energy efficiency contracts covering nine military facilities across Canada (Québec, Ontario, Alberta, Nova Scotia and New Brunswick) ...
Corporate Income Tax Law: The most important change to the CIT Law is the introduction of the obligation for a non-resident tax payer to file the tax return for capital gains it generates in Montenegro. The non-resident will have to file the tax return within 30 days after the income was generated. The tax authorities will assess the tax in their resolution. Until now, capital gains tax was paid on a withholding basis ...
Does a change of the terms of a share constitute a new “date of issue” for purposes of section 8E of the Income Tax Act? In terms of section 8E of the South African Income Tax Act, 1962 (the “Act”), dividends received by or accrued to a person in respect of certain shares and “equity instruments”, as defined, must be deemed in relation to that person to be an amount of income if that share or equity instrument constitutes a “hybrid equity instru
Final changes to the Special Voluntary Disclosure Programme On 26 October 2016, the South African Minister of Finance tabled the Rates and Monetary Amounts and Amendment of Revenue Laws Bill, Bill 19 of 2016, in Parliament when he introduced the so-called “Mini Budget”. This Bill contains the legislation regulating the Special Voluntary Disclosure Programme (“SVDP”), which commenced on 1 October 2016 and was to end on 30 June 2017 ...
Introduction of Section 7C to The Income Tax Act and its Effect on Estate Planning Section 25B(1) of the Income Tax Act provides that any amount received by or accrued to or in favour of any person during any year of assessment in his/her capacity as a trustee of a trust, to the extent to which such amount has been received for the immediate or future benefit any ascertained beneficiary who has a vested interest to that amount during that year, this shall be deemed to be an amount that
SARS Interpretation Note 94 – contingent liabilities assumed in the acquisition of a going concern Importantly, SARS’ application of the latter distinction appears to follow the reasoning put forward by the Privy Council in Commissioner of Inland Revenue v New Zealand Forest Research Institute Ltd, wherein it was held that expenditure incurred in respect of provisions taken over was incurred as part of the purchase price, which was capital in nature and therefore not deductib
As small and medium-sized businesses grow and expand, it is common for them to do business outside their home state; sometimes through the internet and other times by having “boots on the ground.” For example, having employees travel to other states to promote sales, providing assistance to customers, attending trade shows, and engaging in other business activities ...
The SEC’s Office of Compliance Inspections and Examinations recently announced its 2017 examination priorities for broker-dealers, investment advisers, and investment funds. OCIE, which serves as the “eyes and ears” of the Commission, identified the current staff’s priorities as a focus on (i) matters of importance to retail investors, (ii) risks specific to elderly and retiring investors, and (iii) assessing market-wide risks ...
On 5 December 2016, a new set of draft amendments to the JSE Debt Listings Requirements (the “DLRs”) was posted on the JSE Limited’s (the “JSE”) website and circulated on 13 December 2016. The comprehensive set of proposed amendments will be open for public comment until 30 January 2017 ...
On January 20, 2017, in a case of first impression among the appellate courts, a panel of the Ninth Circuit concluded in Syed v. M-I, LLC (Case No. 14-17186) that an employer violates the Fair Credit Reporting Act (FCRA) when its background check disclosure/authorization document includes a sentence that releases the employer, the consumer reporting agency (the vendor), and their agents from liability for any violations of the FCRA ...
The False Claims Act, 31 U.S.C. §§ 3729, et seq. (FCA) continued to be a significant focus of government and whistleblower activity in 2016. ThisYear in Review highlights several key developments, including: The U.S. Department of Justice is continuing its strong enforcement of the FCA, including recovering more than $4.7 billion in settlements and judgments in FCA cases in 2016, as well as continuing its focus on individual culpability ...
The sixth edition of The International Capital Markets Review is already available. The Philippine chapter outlines governing laws, legislative bodies, and recent jurisprudence, and also contains information on recent developments in relevant laws and regulations, especially those affecting debt and equity offerings and those affecting derivatives, securitizations and other structured products. The chapter was contributed by SyCipLaw partner Maria Teresa D ...
At the end of 2016 the Serbian Parliament adopted changes to Serbian tax laws, introducing a number of important changes in the area of VAT, excise duties and general tax procedures. Amendments to the laws governing these areas were adopted at the very end of 2016 – on the 28th of December 2016 ...
The Board of Supervisors unanimously approved legislation on December 13, 2016 to provide developers of market rate projects with 24 or fewer dwellings with the option of contributing the required fees for off-site affordable housing (under the Inclusionary Housing Program) to a Small Sites Fund administered by the Mayor's Office of Housing and Community Development ("MOHCD") ...
Overview The new Pledge Law of the UAE was enacted on 12 December 2016 as Federal Law No. 20 of 2016. The Pledge Law was published in the Federal Official Gazette on 15 December 2016 and will become effective on 15 March 2017. The Pledge Law introduces a new regime for registering a pledge over movable assets which are pledged as security for the repayment of a debt ...
As the American press focuses on the dismantling of the Affordable Care Act, the wheels have been set in motion to implement new health care legislation that enjoys strong bipartisan support. The 21st Century Cures Act (the “Act”), signed by President Obama on December 13, addresses a broad range of health care priorities, including drug innovation, biomedical research, and mental health reform ...
The Law on Financial Operations On the 30th of December 2016, the application of the Law on Financial Operations (Law) will commence in the Federation of Bosnia and Herzegovina. The Law is intended to ensure the proper functioning of the internal market by introducing adequate and systematic risk management measures and solvency measures, as well as to promote the competitiveness of local commercial enterprises by legislating a culture of prompt payment ...
