Buyers and sellers often have different views on how much a target is worth and how its value should best be determined. Normally, the valuation of a company is based on both its past performance and its projected future performance. While the seller may be confident of the company's future growth, the buyer may be reluctant to assume the risk of the company failing to perform as expected by paying the seller the whole purchase price upfront ...
The transfer tax situation for 2010 could hardly be more confusing. A last-ditch effort in the Senate to extend the 2009 rates and exemptions was blocked by Senators who support repeal or higher exemptions and lower rates. Supporters of continuing the 2009 rules ($1 million gift tax exemption, $3 ...
The Government of the Republic of Indonesia has entered into over 60 agreements on avoidance of double taxation with other countries. These agreements normally state the scope and the parties who are entitled to avoidance of double taxation benefit. In practice, some parties may abuse the avoidance of double taxation by structuring a transaction in a certain way ...
The Head of the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) has determined that the previous regulation regarding affiliated and conflict of interest on particular transactions no longer suits its purpose and through his decision No.KEP-412/BL/2009 he has repealed and replaced the earlier regulation Decision No. Kep-521/BL/2008. The new regulation has been in effect since 25 November 2009 ...
The Head of the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) issued Decree No.KEP-413/BL/2009 on 25 November 2009 to assist issuers and public companies to perform their business activities while simultaneously protecting their investors. The decree updates an earlier decision, No.Kep-02/PM/2002 and its Regulation No.IX.E.2. The decision repeals and replaces the previous decisions and amends Regulation No.IX.E.2 ...
The Business Competition Supervisory Commission (KPPU) has issued Decision No. 57/KPPU/Kep/III/2009, dated 12 March 2009, regarding Guidance to Implement Provisions in Article 50 (b) of Law No. 5 of 1999 regarding Prohibition of Monopoly Practice and Unfair Business Competition Relating to Franchise-Related Agreements (“KPPU Guidance”) ...
THE MEMBER FUNDED PENSION PLAN: A DEFINED BENEFIT PENSION PLAN THAT LIMITS THE EMPLOYER'S FINANCIAL RISKJosée [email protected]çois [email protected] decision by an employer to offer a pension plan to its employees is an important one. Various types of pension plans may be offered, and the financial risk of the employer depends on the type of plan chosen ...
by Oleh I. Furmanchuk, Associate with AstersAccording to the 2008 Yearly Report of the Antimonopoly Committee of Ukraine (the "AMCU"), 658 cases regarding anticompetitive actions of bodies of power were investigated by the AMCU and its bodies in 2004-2008. In 2008, the AMCU investigated 215 such cases, demonstrating a 17.5% increase compared to the previous year (there were 183 cases in 2007) ...
THE CONFIDENTIALITY AGREEMENT, CAN YOU LIVE WITHOUT IT?Patrice André [email protected] are advising a client who is selling his business. The parties have already signed a letter of intent that provides for a due diligence review to be conducted in respect of your client’s business ...
Born from the free movement provisions of the EU, and reflecting UK Government efficiency objectives, the procurement rules are aimed at ensuring equal treatment and opportunity when public authorities contract for works, goods and services by requiring, in broad terms, a publicised tender process. However, disgruntled bidders have not had a happy hunting ground when seeking to challenge a suspected defective procurement exercise before the courts ...
We would like to draw your attention to the upcoming valuable updates in Tax legislation. Below we have placed a short overview of the hottest issues already occurred in Russian tax environment and some to be introduced in the nearest future. Respectively, these incentives are proposed either to overcome consequences of the financial crisis, or to realize the next step of the long-term policy of stabilization and modernization of the Russian tax system ...
At the same time, the effective rate of tax on dividends for high earners will rise from 25% to 36%. No changes are currently proposed to the rate of capital gains tax which means it will remain at 18%. However, both main parties have now admitted that further tax increases are likely. With the gap between income tax and capital gains being a massive 32%, it seems unlikely that the current generous rate of capital gains tax will remain in place ...
When a company goes into administration, a statutory moratorium takes effect to help the administrators achieve the objectives of the administration. Amongst other things this means that no legal process can be started or continued against the company without the consent of the administrators or the court ...
Several countries have already introduced the concept of “temporary non-residents” into their tax orders, thus enabling them to lay down special rules regarding the taxation of income received by those who are habitually resident in these countries, but take up residence in another country for a certain period – which as a rule does not exceed 5 years and is very often a result of secondment - and subsequently return to their former country of residence ...
HIGHLIGHTSThe two duties of the directors: duty of care and fiduciary duty ...
1. Introduction As a reaction to the financial market crisis and the too-high incentives politicians have identified in the area of manager's compensation, the German government has enacted the Law on Equitableness in Executive Compensation (German: Gesetz zur Angemessenheit der Vorstandsvergütung, abbr: VorstAG) ...
On October 18, 2009 the basic provisions of the Federal Law No. 205-FZ dated July 19, 2009 “On amending of several legislative acts of the Russian Federation” (hereinafter – “the Law”) which provide for essential amendments to the Arbitrazh Procedural Code of the Russian Federation come into force ...
On 23 June 2009, Presidential Regulation No. 27 of 2009 on Integrated One-Stop Services in the Capital Investment Sector (“PR 27”) was issued. PR 27 was enacted to implement Article 26(3) of Law No. 25 of 2007 Regarding Capital Investment (“Law 25”), which requires the issuance of a Presidential Regulation for further implementation of the “one gate policy in investment services” ...
Being involved in finding solutions!Bid-rigging - a Lesser known Offence in Competition LawBREAKDOWN IN NEGOTIATIONS — THE BINDING EFFECT OF A LETTER OF INTENTBy Catherine Rioux and Patrice CaillancourtYou have decided to sell your business or to initiate a business relationship with a partner. You negotiate the main terms and, before going further, you sign a letter of intent. Then, you decide to withdraw from the negotiations ...
BREAKDOWN IN NEGOTIATIONS - THE BINDING EFFECT OF A LETTER OF INTENT Catherine Rioux [email protected] Patrice André Vaillancourt [email protected] You have decided to sell your business or to initiate a business relationship with a partner. You negotiate the main terms and, before going further, you sign a letter of intent. Then, you decide to withdraw from the negotiations. Can you do it? Not necessarily ...
The Letter of Intent: Beyond the Words, the Intent and Conduct of the PartiesModifying a Trust Deed: It Is Not So Simple!Maximizing the Use of Post-merger Losses THE LETTER OF INTENT: BEYOND THE WORDS, THE INTENT AND CONDUCT OF THE PARTIESPatrice [email protected] letter of intent often constitutes the first document that the parties sign in view of entering into a Business transaction ...
The Quebec Court of Appeal has issued an important decision concerning the application of zoning by-laws to aeronautical activities. In Lacombe et al. v. Sacré-Coeur (Municipalité de), the Court was called upon to rule on a sensitive issue respecting the division of jurisdiction between the federal and provincial governments. More precisely, the Court had to decide whether a municipality could govern the location of aerodromes by determining the zones in which they can be located ...
The development of economic ties in the modern world is invariably a driving force in the creation of new legal instruments, the development and improvement of regulatory control, and the establishment of entire institutions and branches of law. Such parallel progress between the economy and the law serves as collateral for the successful development of the state as a whole ...
According to The Federal law as of July 24, 2009 N 212-FZ “On Insurance Contributions to the Pension Fund of the Russian Federation, Social Security Fund of the Russian Federation, Federal Medical Insurance Fund of the Russian Federation and Territorial Medical Insurance Funds” that has been passed by the State Duma, the Unified social tax (UST) shall be replaced from the year 2010 with insurance contributions to particular types of social security to be paid to four separate non-budge
