On 2 November 2005, the Legislative Council enacted the Revenue (Abolition of Estate Duty) Ordinance ("RAEDO"). It came into operation on 11 February 2006. RAEDO, among other things: (i) abolishes estate duty as proposed in the 2005 - 2006 Budget; and (ii) empowers the Secretary for Home Affairs ("SHA") to release money from bank accounts of deceased persons and allow inspection of bank safe deposit boxes ...
There are three possible courses of action in this situation. These are: Derivative action A derivative action is brought under common law by a member on behalf of a company in respect of a wrong done to that company. Remedies awarded are for the benefit of the company. Derivative actions are an option where the company itself could sue and there has been a fraud on the minority, illegality or a failure to approve a matter by the members passing an appropriate resolution ...
The Cabinet Office's Better Regulation Executive (BRE) is currently undertaking a review of penalties for businesses that fall foul of the law and business should ensure their views are heard. This spring, a consultation paper will be released which will be the final opportunity for stakeholders and interested parties to contribute to the review before it makes its recommendations to the Government in late 2006 ...
March of 2006 will make a mark in history as the date in which the people of Bolivia have manifested, through the National Congress, their irrevocable and unequivocal decision of modifying the political structure of the Republic by simultaneously calling to a Constituent Assembly, with the purpose of designing a new Political Constitution, and to a binding referendum on departmental autonomies. Six presidents have passed since the beginning of the new millennium ...
On March 15, 2006, the German Federal Cartel Office published a new Leniency Program, which replaces the previous Notice 68 of 2000. With this Program, the FCO offers cartel participants wishing to leave a cartel and cooperate with the FCO immunity from or reduction of fines. A summary of the new Program can be found at: http://www.worldservicesgroup.com/files/groups/1494_0330023908 ...
Scotland's new procurement regulations came into force on 31 January 2006, meaning the country is covered by a separate set of procurement rules than the rest of the UK. This is a major change from the previous regime. The Public Contracts (Scotland) Regulations and the Utilities Contracts (Scotland) Regulations, both 2006, were introduced to ensure the procurement regime in Scotland complies with the European Union's new directives on procurement in the public and utilities sectors ...
In April last year, companies were given greater flexibility in protecting their directors against certain liabilities as a result of changes to the law. The changes recognised increasing concern over directors' exposure to liability arising from legal proceedings brought by third parties. The Companies Actprohibits a company from exempting directors in respect of liability if negligent, in default or in breach of duty or trust ...
On 13 December 2005, the European Court of Justice ("ECJ") found Marks and Spencer plc ("M&S") could claim group tax relief from UK tax authorities in relation to the losses incurred by its former European subsidiaries that had ceased trading in Belgium, France and Germany in 2001. M&S argued that just as UK resident companies in a group may set off their profits and losses among themselves, so the same should be possible for the losses of foreign subsidiaries ...
In order to speed up the application in Mexico of the concept of “immunity” proposed in a recent bill containing amendments to the Federal Economic Competition Law (the “Law”), a full session of the Commission, on January 26, 2006, approved the “Internal Policies to Grant Immunity to Those Cooperating in Investigations of Monopolistic Practices.” The policy will work as follows: 1 ...
On December 1, 2005, the second paragraph of section III of Article 31 of the Income Tax Law became effective and requires taxpayers seeking to deduct the purchase of gasoline to pay with the taxpayer’s check payable to the seller, with a credit, debit or services card, or with a prepaid card, authorized by the Tax Administration Service. On January 25, 2006 a new amendment to Rule 3.4 ...
Some important changes to the Act respecting the legal publicity of sole proprietorships, partnerships and legal persons (the “Act”) took place effective January 1st, 2006.The Act generally applies to all legal persons, partnerships and individuals carrying on an activity in the Province of Québec and requires those entities to register with the Enterprise registrar ...
On 13 December 2005, the European Court of Justice ("ECJ") found Marks and Spencer plc ("M&S") could claim group tax relief from UK tax authorities in relation to the losses incurred by its former European subsidiaries that had ceased trading in Belgium, France and Germany in 2001. M&S argued that just as UK resident companies in a group may set off their profits and losses among themselves, so the same should be possible for the losses of foreign subsidiaries ...
Gas Natural’s high profile courting of Endesa has had a choppy ride on the roller coaster ship of public takeovers. Not only is the desired companion resisting the marriage, but also is she summoning the high waves of competition law in her defence. Not much of the public debate of the competition law aspects is focussed on the merits of perhaps one of the last industry transforming mergers in the Spanish energy markets ...
Great fanfare surrounded the introduction of the Freedom of Information Act and the Freedom of Information (Scotland) Act 2002 a year ago. The FOI legislation was hailed as a success in changing the culture of government. But while most public sector organisations have now come to grips with the workings of the FOI legislation, many have overlooked an associated set of regulations that came into effect at the start of this summer ...
The 18th Session of the Standing Committee of the 10th National People’s Congress adopted the amended Company Law of the of the People’s Republic of China on 27 October 2005. President Hu Jintao promulgated the Law on the same date. The Law, which enters into effect on 1 January 2006, is a significant reform of the Company Law. It simplifies company establishment requirements and statutorily expands the rights of shareholders in PRC companies ...
At the 18th Session of the Standing Committee of the 10th National People’s Congress held on 27 October 2005 amendments to the Securities Law of the of the People’s Republic of China were adopted. The amendments, which were promulgated by President Hu Jintao on 27 October 2005 and enter into effect on 1 January 2006, represent a significant reform of the Law which was first promulgated in 1999 ...
At the 18th Session of the Standing Committee of the 10th National People’s Congress held on 27 October 2005 amendments were adopted to the Individual Income Tax Law of the People's Republic of China. The amendments were promulgated by President Hu Jintao on 27 October 2005 and enter into effect on 1 January 2006. Tax free allowance A first amendment raises the tax free allowance applicable to wages and salaries from RMB 800 to RMB 1,600 ...
The State Council passed the Regulations of the People's Republic of China for the Administration of Production Licences for Industrial Products on 29 June 2005. The Regulations were promulgated by premier Wen Jiabao on 9 July 2005 and entered into effect on 1 September 2005. The Regulations repeal the Trial Regulations for Industrial Product Production Permits promulgated by the State Council on 7 April 1984 ...
The State Administration for Taxation issued the Reply of the State Administration of Taxation on Issues relating to Tax Refund for Reinvestment by Foreign Investors on 20 October 2005. The Reply explains the conditions under which a foreign investment enterprise (“FIE”) can obtain a rebate on its enterprise income tax (“EIT”) for re-investment of its profits if such re-investment is made in instalments or in phases ...
The State Council Information Office and the Ministry of Information Industry issued the Regulations for the Administration of Internet News Information Services on 25 September 2005. The Regulations, which entered into effect on the date of their promulgation, impose licensing and recordal requirements on providers of online news information services in China ...
The new Irish Commercial Court is living up to expectations by providing a fast and effective means of resolving commercial disputes. A&L Goodbody recently secured for a full hearing within two days of a case being accepted by the Court. The matter involved an arbitrator's referral of a point of law. The speed as well as the terms of decision were crucial in protecting the client's interest ...
Scottish Enterprise has a number of schemes to make it easier for small to medium-sized businesses to access growth funding, such as a loan, equity finance - where the investors take shares in your company - or a combination of the two ...
Great fanfare surrounded the introduction of the Freedom of Information Act and the Freedom of Information (Scotland) Act 2002 a year ago. The FOI legislation was hailed as a success in changing the culture of government. But while most public sector organisations have now come to grips with the workings of the FOI legislation, many have overlooked an associated set of regulations that came into effect at the start of this summer ...
“We consider that the Competition Act, 2002 captures the bulk of the anti-competitive practices which the Groceries Order was originally designed to prevent. However, we consider it desirable to significantly strengthen the Act in some respects and particularly to specially prohibit resale price maintenance, unfair discrimination and “hello money”. Such provisions will, henceforth, be enforced by the Competition Authority ...
