A significant change to the tax treatment of income which is vested by a South African trust in non-resident beneficiaries has been proposed in Annexure C of the 2023 Budget Review (the “Review”), which sets out additional tax amendments for the upcoming legislative cycle ...
“If climate change is a shark, then water is its teeth”. This quote from James P. Bruce, a Canadian hydrogeologist, has never seemed more relevant to the South African context than today in light of recent extreme flooding and drought events. A warmer atmosphere holds more water vapour and when that water is released it can have devastating effects, as parts of Kwa-Zulu Natal experienced in 2022 ...
Applicability of English case law and practice The relevant provisions of the Jersey companies law are based on the UK Companies Act 1985, and are similar to the equivalent provisions in the UK Companies Act 2006 ...
By: Neusha Etemad and Anne Marie Ellis CDA Background Section 230 of the Communications Decency Act (CDA) was enacted in 1996 to provide websites with immunity from liability arising from posting third-party content. For a service provider to be immune, however, the information at issue must be “provided by another information content provider ...
The Securities and Exchange Commission (SEC) has extended the deadline for applications for amnesty for late and non-filing of annual financial statements (AFS), general information sheets (GIS), as well as non-compliance with SEC Memorandum Circular No. 28, series of 2020 (Requirement for Corporations, Partnerships, Associations, and Individuals to Create and/or Designate E-mail Account Address and Cellphone Number for Transactions with the Commission) (MC28) ...
The SEC Division of Examinations (“Examinations”) issued a Risk Alert on April 26, 2023 to highlight the importance of establishing written policies and procedures for safeguarding customer records and information at branch offices. Examinations provides that a branch office includes any location other than a firm’s main office, including offices of any independent contractors through which a firm may offer investment products and services ...
The new framework for assessing non-domestic property rateable values has been set out under the draft Non-Domestic Rating Bill, introduced to Parliament on 23 March 2023 – but only likely to take effect on or after 1 April 2024. As business rates policy is fully devolved, not all of these measures will apply in Wales. The more regular revaluations should keep rateable values closer to market reality ...
The UK government has proposed legislation (Digital Markets, Competition and Consumers Bill - Parliamentary Bills - UK Parliament) that would materially affect merger control for transactions. This comment addresses the proposed changes that would be of concern to those engaged in mergers affecting local markets ...
The European Commission has confirmed that it has started dawn raids at the premises of companies operating in the fashion industry in several Member States. Officers from national competition authorities accompanied Commission officials at these inspections. The Commission has also sent out formal requests for information to such companies ...
On March 21, 2023, Quebec?s Minister of Finance tabled his budget for the 2023-2024 fiscal year. One of the budget?s key measures is the introduction of a new tax holiday in connection with major investment projects. At first glance, the new measure does not appear to be specifically aimed at the mining industry, but some mining companies involved in the extraction of critical and strategic minerals and planning substantial investments in the near future could greatly benefit from it ...
Report of the Department of Environmental Law and Climate Change The human right to a clean, healthy and sustainable environment A/HRC/52/L.7 (un.org) The Human Rights Council of the United Nations General Assembly, at its 52nd session held between February 27 and April 4, 2023, through this document, urged States to: to ...
1. Which factors bring an individual within the scope of tax on income and capital gains? Liability to Guernsey income tax is generally dependent on residential status. However, certain other types of income arising, or from a source, in Guernsey can give rise to a liability to Guernsey income tax irrespective of the residence status of the recipient ...
1. Which factors bring an individual within the scope of tax on income and capital gains? The Cayman Islands has no income or capital gains tax. 2. What are the taxes and rates of tax to which an individual is subject in respect of income and capital gains and, in relation to those taxes, when does the tax year start and end, and when must tax returns be submitted and tax paid? As above, the Cayman Islands has no income or capital gains tax. 3 ...
1. Which factors bring an individual within the scope of tax on income and capital gains? The charge to income tax in Jersey is assessed by reference to a person's residence status: A person who is resident and ordinarily resident in Jersey is charged to income tax on all of his/her Jersey and worldwide source income, whether remitted to Jersey or not ...
1. Which factors bring an individual within the scope of tax on income and capital gains? There are currently no forms of income or capital gains tax in the British Virgin Islands (BVI). Residence and domicile is not relevant to an individual's tax status in the BVI. However an individual is taxable in the BVI if they are gainfully employed (§2) or transfer ownership of BVI property (§8) ...
Private companies doing business with the federal government won a major COVID-19-related victory recently when the Sixth Circuit held in Ciraci v. J.M. Smucker’s Co.[1] that government contractors are not subject to constitutional limitations merely because they follow federal requirements for contracting. The Sixth Circuit—covering Michigan, Ohio, Kentucky, and Tennessee—rejected a claim by former employees of the J.M ...
On April 18, 2023, the Financial Market Commission ("FMC") opened a public consultation process regarding the complementary activities that may be developed by bank or non-bank payment card operators ("Regulatory Proposal"), given the incorporation of new participants into the payments system, as a consequence of the implementation of the four-party model ...
Introduction An EU Regulation on the making available on the Union market as well as export from the Union of certain commodities and products associated with deforestation and forest degradation (“Deforestation Regulation”) was agreed upon by the EU legislators in December 2022. The European Parliament has now green-lighted the Provisional Agreement at this month’s plenary session ...
The rules of state aid work for the implementation of public-private partnership projects and require the state, as a partner, to comply with the conditions of the transfer of budgetary resources to private partners, in order to avoid a ban on the conclusion of state contracts due to the incompatibility of state aid with economic competition. The Ministry of Economy proposed a plan to restore Ukraine with a price tag of $750 billion of budget funds ...
In a press release issued on the 12 of April 2023 the Economic and Financial Policy Committee (the Committee) of the Royal Government of Cambodia provided the following updates with respect to the support of Borey Real Estate Developers in Cambodia ...
The month of March 2023 has brought with it a new legislative Act to amend the Financial Markets Act (Chapter 345 of the Laws of Malta) and to provide for other matters ancillary or consequential thereto in the form of Act No. IX of 2023. This Act was passed by the House of Representatives on the 8th of March and assented to by the President on the 14th of March ...
