The Draft Taxation Laws Amendment Bill of 2016 was released for public comment on Friday 8 July (the “2016 TLAB”). It proposes certain amendments to the rules currently contained in the Income Tax Act No. 58 of 1962 (the “Act”) dealing with employee-based incentive plans ...
general principles Legal professional privilege applies to communications between a client and legal advisor, where the legal advisor is acting in a professional capacity and is consulted in confidence for the purpose of the client obtaining legal advice (other than advice facilitating crime or fraud), and where legal professional privilege is claimed by that client ...
The AMC completed revision of its procedural rules on merger notifications. The new Merger Regulation significantly reduces disclosure requirements and simplifies filing forms, especially for mergers with no or limited overlaps ...
Pierre Denis, Étienne Brassard, Benjamin David Gross and Sibylle Ferreira, whose practices focus on business law, financing and aeronautics, contributed to the development of a Q&A guide entitled Aviation finance in Canada: overview and published in the first edition of Practical Law’s Aviation Finance Global Guide ...
Timeline 20 August 2013: The South African National Assembly passes the Protection of Personal Information Bill [B9D of 2009] (“the Bill”) to give effect to the constitutional right to privacy. 19 November 2013: The Bill is signed into law by President Jacob Zuma and gazetted as the Protection of Personal Information Act 4 of 2013 (“POPI”) ...
Over the past year, the broad-based black economic empowerment (“B-BBEE”) landscape in South Africa has been completely overhauled and has become more stringent ...
In October 2015, the Organisation for Economic Cooperation and Development (“OECD”) published its final reports on the Base Erosion and Profit Shifting (“BEPS”) project, including the final report on BEPS Action 13, Transfer Pricing and Country-by-Country Reporting(“Action 13 Report”) ...
The Taxation Laws Amendment Bill 2016 has been released for public comment. It introduces various interesting amendments to South Africa’s tax law, which include the following: Use of trusts In circumstances where an interest-free loan has been advanced to a trust by a connected person (which includes a beneficiary or a relative of a beneficiary), it is proposed that a market-related rate of interest (currently 8%) is deemed to be paid on that loan ...
One of the key elements addressed in the Draft Reviewed Broad Based Black-Economic Empowerment (“BBBEE”) Charter for the South African Mining and Minerals Industry, 2016 (the “draft reviewed Mining Charter”) is the issue of ownership. The Department of Mineral Resources (“DMR”) seeks to achieve the ownership requirement through broad-based employee share option plans (“ESOPs”), which are likely to have an impact on both mining companies and their employees from a tax perspective ...
The decision by the International Trademark Association (“INTA”) to host a major meeting in Cape Town – apparently the first INTA conference to take place on African soil – is highly significant. It certainly says a great deal about the continent's growing economic importance. The conference takes place on 1 – 2 September 2016 and it’s entitled “Building Africa with Brands” ...
On July 27, 2016, the Securities and Insurance Superintendence (“SVS”) issued the general rule 410 (“NCG 410”), which supplements the list of entities that qualify as “institutional investors” according to article 4(e) of the Securities Market Law N°18,045 (“LMV”) ...
TAXPAYER REGIME A REGIME B METHOD FOR EXERCISING THE OPTION Public Corporations, Closed Corporations and “Sociedad en Comandita por Acciones”. N/A Mandatory regime. N/A Individual Companies and Individual Limited Liability Companies. Applicable provided the owner of the company is: (i)an individual domiciled or resident in Chile; and/or (ii)an individual or entity domiciled or resident abroad (together as “Final Taxpayers) ...
Implementation of Prakas on minimum registered capital of banking and financial institutions,Circular № B7-016-117 C.L, dated 16 June 2016This Circular, issued on 16 June 2016, aims at implementing Prakas №B7-016-117 on Minimum Registered Capital of Banking and Financial Institutions (“BFIs”), dated 22 March 2016 (“Prakas №B7-016-117”), in relation to procedures for increasing the minimum registered capital requirements of BFIs ...
As per Notification No. 039 issued by the Ministry of Economy and Finance (MEF) on 21 July 2016, a working group consisting of representatives from both the General Department of Taxation (GDT) and the Phnom Penh Municipality will begin to collect data from all enterprises in Phnom Penh from August 2016 onwards. Representatives of the working group will physically visit all enterprises in Phnom Penh for the purpose of: 1. Gathering the enterprise’s statistics; 2 ...
Media outlets have recently been reporting on the possibility that Nikola Tesla Airport will acquire Sava Centar (SC), with the purpose of turning it into its company headquarters. This acquisition would be followed by an investment of over EUR 30 million in the next three years for the building's reconstruction and adaptation ...
In our blog post from July 25, 2016 we highlighted the provincial government’s introduction (effective August 2, 2016) of the new 15% property transfer tax (the “Foreign Entity Tax“) on foreign buyers of residential property in the Greater Vancouver Regional District (“Metro Vancouver“). The Foreign Entity Tax has been introduced by way of an amendment to the Property Transfer Tax Act (British Columbia) (the “Act“) ...
Latest news reports from the airline industry show that the European Commission has ended their investigation into the ownership structure of "Air Serbia", reaching a conclusion that Serbia indeed holds management rights over its national air carrier. Furthermore, having in mind their minority stake in Air Serbia, Etihad Airways has thus been enabled to operate according to EU standards in Serbia ...
Two recent high-profile cases involving popular songs have placed the spotlight on copyright issues. In the first of these, in California, a Los Angeles jury has decided that Led Zeppelin’s 1971 rock classic Stairway to Heaven did not infringe the copyright in a 1967 song called Spirit by the band Taurus. The case centred on the opening chord sequence in Stairway to Heaven, which the jury concluded was not “intrinsically similar” to the sequence in Spirit ...
A recent European trade mark decision highlights how risky it can be to simply register the word version of a trade mark that is used in a stylised form. The case also highlights an issue that may be worthwhile considering when creating a trade mark – simpler may be cheaper. The decision in question involved a European registration for the trade mark Aunt Bessie’s in ordinary script for a range of foodstuffs ...
Last June 8, Carlos J. Leitão, the Minister responsible for Government Administration and Ongoing Program Review and Chair of the Conseil du trésor, tabled Bill 108, An Act to facilitate oversight of public bodies' contracts and to establish the Autorité des marchés publics ...
Amendments to Russian Civil Code on different types of interest under Articles 317.1 and 395Dear Sir or Madam,We would like to inform you that on July 5, 2016 the President of the Russian Federation signed Federal Law dated 03.07.2016 No. 315 “On Amendments to Part I of the Civil Code of the Russian Federation and certain Legislative Acts of the Russian Federation” (hereinafter referred to as the “Law”), which comes into force from August 01, 2016 ...
Extension of Deadline for Online Company Re-Registration, Notification № 2338 (Ministry of Commerce) 01 July 2016According to Prakas 300, dated 29 December 2015, all companies, branches, and representative offices registered in Cambodia wererequired to complete a re-registration process through the Ministry of Commerce’s online registration portal which was launched in January 2016.The deadline for completing the re-registration process was previously extended from March to 30 June 2016 ...
