Last year Panama joined the list of countries that have established quotas as a mean for reducing the gender gap. Law 56 of 2017 creates a women quota of 30% on corporate boards of public entities and certain private entities. The Law was recently regulated through Executive Decree 241-A of 2018 ...
DJIBOUTI: International Free Trade Zone launchedThe first phase of the Djibouti International Free Trade Zone (“DIFTZ”), expected to be the largest free trade zone in Africa, was launched on 5 July 2018. The DIFTZ will house a variety of manufacturing plants and offer investors various incentives, including tax exemptions ...
Under South African corporate reorganisation rules, tax consequences are deferred and do not crystalise at the time of the transaction, but a carefully planned restructuring transaction may result in hardship due to subsequent events. A recently proposed amendment illustrates this risk.Tax relief under the existing corporate reorganisation rules may be neutralised if assets acquired in terms of these rules are disposed of within 18 months ...
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”) ...
Earlier this year, the Ministry of Energy and Mineral resources ("MEMR") issued Press Release No. 00022/04/SJI/2018 to continue arranging dozens of overlapping regulations and permits ("Simplification"). So far, 90 regulations and 96 certifications/recommendation/permits ("Regulations") have started since 22 January 2018 ...
Earlier this year, the Minister of Energy and Mineral Resources (the “MEMR”) issued Regulation Number 10 of 2018 on The Second Amendment to Minister of Energy and Mineral Resources Regulation Number 10 of 2017 on the Principles of Power Purchase Agreements (“MEMR Reg 10/2018”) which came into effect on 13 February 2018 ...
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 ...
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 ...
Legislation to update US controls on foreign investment has been signed by the President and enacted into law. The Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) expands the scope of review by the Committee on Foreign Investment in the United States (“CFIUS”) of foreign investment in critical and foundational technologies that impact US national security, broadly defined ...
This past year the North Carolina Legislature has been incredibly active. Among the legislation proposed and adopted, a few bills will create changes in how contractors interact with various public entities. Most notably, big changes are on the horizon for contractors that work with the NCDOT and with school systems. Sitting with the Committee on Transportation, H.B ...
The Ministry of Energy published the General Administrative Rules on Social Impact Assessment of Projects in the Energy Sector (“Rules”). The Rules set forth requirements for drafting and filing an Assessment report, as well as the procedure for the issuance of a Resolution and Recommendations. After a 3-year public consultation process, on June 1st, 2018, the Rules were finally published on the Official Gazette of the Federation, entering into force on June 2nd ...
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 ...
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) ...
In past years, we have advised clients that as long as no unit in a multi-unit new condominium project is rented before its condominium map is recorded, later sales of units do not fall under the city's condominium conversion ordinance, which does not at this time allow conversion of buildings of more than two units ...
California has enacted a sweeping tough new privacy law ...
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 ...
In the Loop: With the Hanson Bridgett Government Group Not long ago, the state of California suffered through a crippling six-year drought, and water conservation was the name of the game. But California’s last two winters have been wetter, and water conservation feels a lot less urgent when the stuff is literally falling from the sky ...
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 ...
After 16 public hearings over a five year period lasting through the tenure of three mayors, the largest San Francisco rezoning plan in ten years received a unanimous Planning Commission approval on May 10, 2018. On Monday of this week, the Land Use Committee of the Board of Supervisors had a first hearing to listen to testimony about plan ...
The Israeli Parliament (the Knesset) recently approved (on July 18, 2018), an amendment to the Israeli Restrictive Trade Practices Law, 5748-1988 (the “Law“) regarding parallel importing (the Restrictive Trade Practices Law (Amendment 20 – Temporary Order), 5778-2018) (the “Amendment“) ...
It has been announced that a new flagship court designed to tackle the legal issues of the future will open on Fleet Street, a short walk to our London offices. The new 18 court room legal centre providing world-class legal services focussing on cybercrime, fraud, economic crime, business and property crime and civil cases is expected to be completed in 2025 ...
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 ...
