In a previous ENSight, we discussed the decision of the Labour Court in Mtati v KPMG Services (Pty) Ltd. In this case, it was decided that employees may not be disciplined if they have resigned “with immediate effect”. The resignation is regarded as terminating the contract of employment immediately and the consequence is that the employer is denied the opportunity to pursue disciplinary action against the employee. A subsequent dismissal will be null and void ...
The South African Revenue Service (“SARS”) issued Binding General Ruling No. 48 (“BGR 48”) on 25 July 2018, which provides much needed clarification for residential property developers following the recent cessation of relief under section 18B of the Value-Added Tax Act, 1991 (the “VAT Act”) ...
The Israeli Securities Law was amended (Amendment No. 63) with a goal of turning the Tel-Aviv Stock Exchange (TASE) into a more competitive, efficient and profitable stock exchange, by outlining an ownership structure change of the TASE. The ownership structure change allows private investors, in addition to institutional investors, to acquire means of control over the TASE ...
The regulation on the national payment gateway has finally been issued. Bank Indonesia (“BI”), through its regulation No. 19/8/PBI/2017 (“PBI 19/8”) aims to establish national payment system interoperability by implementing switching interconnectivity. The following is a general overview of PBI 19/8 ...
The Autonomous Bus and Minibus Pilot Project 1 (the “Pilot Project”) came into effect in Quebec recently. The project provides guidelines for the regulated driving of the first autonomous vehicles on Quebec’s roads ...
"The global healthcare deal frenzy is set to continue for at least another 18 months as technology giants including Amazon, strategic players and private equity firms step up their fight for limited assets ...
Register your property Online.Registering for an online real property tax account at propertytax.gov.bs is easy, and all that is needed is the property assessment and grid numbers (found on any bill or tax certificate). Once registered, the online account is a convenient way of keeping track of your account. Payment can also be made through the online account, and a tax certificate can be printed directly from the account.Pay the tax by 31st March and enjoy a 10% reduction ...
In order to implement Government Regulation No. 24 of 2018 which introduced an online system for processing and issuing certain business licenses (known as the Online Single Submission “OSS” system), earlier this year, the Investment Coordinating Board (“BKPM”) issued 2 new regulations on investment, ie BKPM Regulation No. 6 of 2018 on the Guidelines and Procedure for Capital Investment Licensing and Facilities (“Regulation 6/2018”) and Regulation No ...
Can An Infringer Have Locus Standi As An Aggrieved Party? This case raised a few important and novel issues that dealt with the locus standi of an aggrieved person, Internet searches as evidence for use of a trade mark and the role of a sub-brand as a source identifier when used together with a house brand ...
Article 35 GDPR requires companies to carry out a so-called data protection impact assessment if based on the nature, scope, context and purposes of the processing, the processing is likely to result in a high risk to the rights and freedoms of natural persons, Art. 35 (1) Sentence 1 GDPR. The company must then document the processing procedure, identify the risks to the rights and freedoms of the natural persons, and explain what remedial measures the company is taking ...
The tax act (Pub. L. No. 115-97) introduced a new program designed to encourage investments in low-income communities throughout the country that have been designated as qualified opportunity zones (“Opportunity Zones”). Each state and U.S. territory was allowed to designate up to 25 percent of eligible low-income communities as Opportunity Zones ...
On 27 July 2018, the newly established Financial Sector Conduct Authority (“FSCA”) published the final Conduct Standard, No 1 of 2018, setting out the Criteria for Authorisation of OTC Derivatives Providers (“ODPs”). The Regulations under the Financial Markets Act, 2012 (the “FMA Regulations”) were promulgated in February of this year, effectively setting a deadline of 8 August 2018 for ODPs to apply for licences ...
Two recent cases and a recently-released Internal Revenue Service (IRS) Program Manager Technical Advice Memorandum have sent shockwaves through the voluntary disclosure community. All three developments give offshore account-holders something to cheer. PMTA 2018-13 In previous client alerts, we have discussed the definition of "willfulness" in the context of offshore assets and, more recently, the closing of the Offshore Voluntary Disclosure Program (OVDP) ...
This month, courts have been active in several of the fiduciary breach cases involving 403(b) retirement plans at private universities, including USC, Brown, New York University, the University of Pennsylvania, Duke and Northwestern. We have been closely monitoring these and other lawsuits against fiduciaries of defined contribution plans, and the lessons to be gleaned for avoiding liability ...
In addition to providing guidance on a number of transfer pricing related issues relating to aligning transfer pricing outcomes with value creation, the 2015 final report on Base Erosion and Profit Shifting - Actions 8 to 10 mandated follow-up work on the transfer pricing aspects of financial transactions. The Organisation for Economic Co-operation and Development’s (“OECD’s”) Committee on Fiscal Affairs Working Party No ...
The Croatian Parliament adopted the new Capital Markets Act in order to align the Croatian legislation with the EU acquis. The act adjusts the Croatian legislation with the cornerstone of EU's financial markets regulation - the Directive on Markets in Financial Instruments repealing Directive 2004/39/EC and the Regulation on Markets in Financial Instruments, commonly referred to as MiFID II and MiFIR ...
Earlier this year, the government released a proposal paper: Extending Unfair Contract Terms Protections to Insurance Contracts outlining a model to extend unfair contract term (UCT) provisions to insurance contracts regulated under the Insurance Contracts Act 1984 (Cth) (IC Act) for consultation. The consultation period closes on 27 July. A high level summary of the proposed model is below ...
The Tax Cuts and Jobs Act ("TCJA") provides new exclusion and deferral benefits for investors who purchase interests in qualified opportunity funds. Much like qualified small business stock ("QSBS") under IRC sections 1202 and 1045, new IRC section 1400Z-2 allows investors to defer and, in some cases, exclude gain on the sale of assets. However, gain can be deferred under IRC section 1400Z-2 only if invested in designated low-income communities ...
With the recent enactment of Bill 165, An Act to amend the Highway Safety Code and other provisions1, the driving of autonomous vehicles in Quebec is finally regulated, although a number of uncertainties remain. Indeed, the driving of autonomous vehicles of automation level 3, such as Tesla’s model X equipped with an improved guidance system, is now permitted in Quebec ...
The 10thedition of the Forum (14th– 15thJune, Park Hyatt), titled The Future of Law: Technology and Legal Services in South East Europe: 2018-2028, was held with great interest among over 150 delegates and speakers from 30 countries from five continents including, beside the European countries, Jamaica, USA, Singapore and Australia. Borislav Boyanov, Managing Partner of BOYANOV & Co ...
The drastic changes in the media landscape made over the past years continue to rock the traditional TV sector. Family TV is being replaced rapidly by content online, on demand and on different mobile devices. The global internet video share by consumers is expected to increase from 64% in 2014 to 80% by 2019 (according to Cisco Visual Networking Index: Forecast and Methodology, 2016–2021) ...
It is fair to say that one of most consistent complaints we hear from taxpayers regards the issues associated with applying and obtaining a Value Added Tax (VAT) refund in Cambodia. Until now the VAT refund process was a very lengthy process – sometimes taking years – and often subject to uncertainty and delays ...
The Ministry of Planning and Finance issued Notification 47/2018, outlining the new withholding tax (“WHT”) rules that now apply on payments to resident and non-resident taxpayers in Myanmar. This Notification is effective from earlier this year and will supersede the current WHT Notification 51/2017 that was issued last year ...
In 2016, South African National Treasury introduced an exemption from securities transfer tax (“STT”) for listed securities that are transferred outright (as opposed to pledged) as collateral, provided that such transfers adhere to a number of conditions that were outlined in the definition of a “collateral arrangement” in the Securities Transfer Tax Act, 2007 ...
