On 6 June 2017, the South African Revenue Service (“SARS”) issued binding private ruling 274 (“BPR 274”). BPR 274 deals with a venture capital company (“VCC”) investing in a company providing and expanding plants for the generation of solar electricity. This brings the number of binding private rulings that SARS has issued in respect of venture capital companies to four ...
On 29 May 2017, Judge Fabricius delivered judgment in the Gauteng High Court in the case of Pienaar Brothers (Pty) Ltd vs Commissioner for the South African Revenue Service and the Minister of Finance, in a case dealing with the Taxation Laws Amendment Act, 2007 (the “Amending Act”) which inserted section 44(9A) into the Income Tax Act, 1962 (the “Act”) ...
On January 1, 2019, local agencies will be required to comply with new requirements for posting agendas on their websites (AB 2257). The California Brown Act requires that any local agency must post an agenda 72 hours in advance of a regular meeting. If an agency has a website, then the agency is required to post the agenda on their website ...
On 9 July the United Arab Emirates (UAE) Ministry of Finance (MOF) published an update of the Value Added Tax (VAT) FAQ section of its website.Following on the awareness workshops launched by the MOF, such update provides some clarification on substantive and procedural aspects pertaining to the implication and implementation of VAT ...
What you need to know about Transfer Pricing in a 30-minute video entitled ''''Is your pricing still arms length?''''. Transfer pricing - Is your pricing still arms length? #TAX from Arendt & Medernach on Vimeo.This video was realised during our Tax seminar, held on 29 March 2017.Should you require more information, please contact our partners in Tax Law: Thierry Lesage, Alain Goebel, Jan Neugebauer and Mehdi Fernane-Jallier ...
Two and a half years after the expiry of the deadline for the implementation of the Third Energy Package, the Macedonian authorities seem eager to finalise this process in the near future. The new draft legislation has been in the pipeline for quite some time, but until now its adoption was postponed due to different reasons ...
The Interinstitutional Committee for PPP has enacted new regulations for submission of PPPs Projects for its analysis and approval. This new regulation contains the minimum requirements and guidelines that a PPP Project must fulfill to obtain the prior authorization of the Interinstitutional Committee for PPP, before the public entity initiates the bidding process ...
Former Secretary of Finance Cesar Purisima issued Revenue Regulation ("RR") No. 3-2016 prescribing the policies and guidelines on the adoption of credit, debit, and prepaid cards as an additional mode of payment for internal revenue taxes. Credit, debit, and prepaid cards were made available as an additional mode of payment in order to ease the burden to taxpayers in the payment of their taxes ...
Two years ago, Mexico began a process to completely change the legal framework regulating anti-corruption in the country. On May 27, 2015, a Constitutional amendment was published in the Official Gazette of the Federation to create the new framework against corruption ...
As part of the implementation of the Mexican energy reform of 2013, several new regulations and administrative guidelines affecting the hydrocarbons and power industries were issued during May and June 2017. These are of particular importance to oil and gas producers, midstream companies, power generators, traders and others looking to invest or expand operations in Mexico’s dynamic energy sector. I. Hydrocarbons May 2, 2017 ...
On June 26, 2017, the Supreme Court held in California Public Employees’ Retirement System v. ANZ Securities, Inc., that the three-year time limit in the Securities Act of 1933 is a statute of repose that is not subject to equitable tolling. This means that shareholders will not be able to rely on the filing of a proposed class action lawsuit to suspend the running of a statute of repose on their individual claims ...
Contractors who are managing to continue to operate in the offshore oil and gas sector have had some time to adjust their business models and modes of operation to the new commercial realities resulting from the lower oil price. However, the radically different economic circumstances of recent years continue to manifest themselves in challenging commercial scenarios quite unlike those experienced in the better times when the oil price was significantly higher ...
Earlier this year, the Grand-Duchy of Luxembourg published the new law on the renewal of aid schemes for research, development and innovation (hereafter, the “RDI”) and on the missions of the national Agency for the promotion of innovation and research. This law amends the Law on the promotion of research, development and innovation.This reformed law aims at exploiting in Luxembourg all the potential offered by the EU rules related to State aid to RDI ...
The purpose of this article is to highlight the principal changes to the rules and procedures governing national public procurements in Argentina, introduced by Decree 1030/2016. The new Regulation does not introduce substantial changes to its predecessor, although it does include some relevant modifications. Introduction In September 2016, the government of Argentina modified some of the rules and procedures governing national public procurement ...
We write to inform you about a precedent-setting ruling by a District Court in Israel in a case between Gteko, a subsidiary of Microsoft Corporation, and the Israel Tax Authority ("ITA") regarding a transaction for the sale and purchase of intellectual property assets and its valuation.In 2006, Microsoft acquired the entire share capital of Gteko for $90 million (pursuant to a "Share Agreement") ...
Prior to imposing, extending, or increasing any tax, a public agency must submit the tax to a vote of the electorate. However, public agencies need no such approval to impose certain types of fees. In Jacks v. City of Santa Barbara, the Supreme Court considered whether and when municipal franchise fees—fees charged to utilities and others for the use of public rights of way—constitute taxes requiring voter approval ...
The European Parliament and the Council of the EU have issued statements of non-objection to the revised draft RTS under the PRIIPs Regulation which were endorsed last month by the European Commission. Finally, the long-awaited level 2 measures have been agreed on and further guidance on level 3 as well as level 4 by the ESAs and the European Commission is expected in the near future ...
On June 22, 2017, BOEM announced that, in light of the recent order of the Secretary of the Interior concerning its recent NTL 2016-N01 establishing a new program for financial assurance for decommissioning liabilities on the Outer Continental Shelf (OCS), it will extend the NTL implementation timeline beyond June 30, except in circumstances where there is a substantial risk of nonperformance of the interest holder’s decommissioning liabilities ...
Earlier this year, the Court of Justice of the European Union (CJEU) reached an important decision in the case Medisanus d.o.o. v General Hospital Murska Sobota (C-296/15) concerning public procurement procedures ...
ANGOLA: Working group for negotiation of investment protection agreements and tax treaties created The Ministry of Economics and Finances and the Ministry of Foreign Affairs issued Joint Order No.205/17 on 27 April 2017, creating a technical working group to coordinate the negotiation of investment protection and double tax agreements. The working group will be responsible for guiding negotiations and reporting to relevant ministers ...
In terms of paragraph 2(1) of the Fourth Schedule to the Income Tax Act, 1962 (the “Act”), every employer, who is a resident of South Africa, or representative employer in the case of any employer who is not a resident, (whether or not registered as an employer under paragraph 15) who pays or is liable to pay any amount by way of remuneration to any employee shall, unless the Commissioner for the South African Revenue Service (“SARS”) has granted authority
In order to create a more uniform system for the administration of taxes in South Africa, section 191 of the Tax Administration Act, 2011 (the “TAA”) has effectively replaced various refund and set-off provisions which appeared in respective tax acts. Section 191 of the TAA now provides that all tax debts that are due must be set-off against refunds, including the interest thereon, due by the South African Revenue Service (“SARS”) to that taxpayer ...
On 2 June 2017, the South African Revenue Service (“SARS”) published a draft public notice requiring the submission of country-by-country (“CbC”), master file and local file returns. This marks an important step towards the finalisation of South Africa’s transfer pricing documentation requirements ...
On 7 June 2017, South Africa was one of more than 70 countries that signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“MLI”). The MLI is the result of certain of the Organisation for Economic Co-operation and Development’s action points aimed at preventing base erosion and profit shifting (“BEPS”) ...
