The Energy Regulatory Commission (ERC) has revised its Rules of Practice and Procedure (Revised RPP) which govern the proceedings before the ERC through the issuance of ERC Resolution No. 01, Series of 2021.1 The Revised RPP took effect on April 13, 2021 (or 15 days after its publication in Business Mirror, a newspaper of general circulation). It allows the ERC to adapt to changes brought about by the COVID-19 pandemic and modernizes the ERC rules of procedure ...
Benefit corporation legislation created a new kind of corporation that is required to pursue a social and environmental mission in addition to creating economic benefits for its shareholders. California pioneered the model benefit corporation legislation with its passage in 2011, and Delaware passed its own form of benefit corporation legislation in 2013 ...
The mining sector is affected by constant changes in the market, along with exploration results and discoveries. The fast pace of this change results in trends developing on a micro or macro scale, and one of the re-emerging trends seen in the industry today is the use of strategic alliances for mineral exploration purposes. The nature and terms of a strategic alliance can vary greatly, depending upon the objectives of the parties ...
As the first of several deadlines under the Qualified Opportunity Zone (“QOZ”) program rapidly approaches, investors still on the sidelines are discovering that time is running out on the ability to take advantage of the full suite of tax benefits under the program. December 31, 2019 marks the last day in which investors may roll over capital gains into Qualified Opportunity Funds (“QOF”) and obtain a 15% reduction in the amount of the deferred gain ...
The Oregon legislature is currently considering, as part of its February 2022 session, three bills that form a comprehensive set of changes to the Oregon Forest Practices Act (Senate Bill 1501), create a small forestland owner tax credit (Senate Bill 1502), and update the forest harvest tax (House Bill 4055). The bills stem from negotiations between private forestry companies, small woodland owners, conservation groups, and fishing organizations ...
The Oregon legislature is currently considering, as part of its February 2022 session, three bills that form a comprehensive set of changes to the Oregon Forest Practices Act (Senate Bill 1501), create a small forestland owner tax credit (Senate Bill 1502), and update the forest harvest tax (House Bill 4055). The bills stem from negotiations between private forestry companies, small woodland owners, conservation groups, and fishing organizations ...
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Amidst price wars, a global pandemic, and the diminished demand for oil, E&P borrowers and secured lenders face inevitable credit agreement defaults ahead (if not already). Although real property foreclosure of oil and gas assets is often seen as a secured lender’s primary remedy, negative oil prices, operational challenges and the potential for liability may leave some banks contemplating whether a real property foreclosure is the best course of action ...
This article aims to analyze the state of the Argentine mining industry, its growth potential, and briefly comment on certain situations in the current legal-regulatory system, which could be improved to accelerate its post-quarantine development. 1. The economic and mining situation in Argentina pre COVID-19 In Argentina, the pandemic has motivated the issuance of preventive and mandatory social isolation measures (the "Quarantine") ...
Local authorities will welcome a decision by the Court of Appeal that Powys County Council is not liable for contamination caused by a former landfill site operated by its predecessor. However, the decision is not such good news for landowners. Background Mr Price and Mrs Hardwick own a farm near Builth Wells in mid-Wales ...
Last November 6, the government of Québec held an important working session that brought together various northern partners for the purpose of ensuring the sustainable and socially responsible development of the vast territory covered by the Plan Nord.Back in the fall of 2008, the Québec government announced the introduction of this Plan Nord for the economic development of the territory of northern Québec ...
Following the introduction in the British Virgin Islands (BVI) of the Economic Substance (Companies and Limited Partnerships) Act, 2018 (ESA), which became effective on January 1st, 2019, some questioned the sustainability of BVI’s position as a leading international financial centre. While we cannot underestimate those concerns, we believe that there is also evidence that ESA will not have a negative impact on the BVI ...
Recent research from the insurer Royal London found more than half of the UK adult population has not made a will, and a quarter of those have no intention of making one. Death, it seems, remains something of a taboo subject in the UK. This is in stark contrast to some other countries, such as Mexico, where each year the population celebrates Día de los Muertos, or the Day of the Dead ...
Switch2 Energy, Shoosmiths and BEIS came together to provide an update on how regulation, rising energy prices and decarbonisation targets are impacting heat network operators and customers. This first webinar looks at the background to heat networks, an update on policy and impending regulation ...
Switch2 Energy, Shoosmiths and HermeticaBlack came together to discuss procurement and delivery of new, low cost, low carbon heat networks ...
Ownership of shares by companies usually results in tax being payable for dividends received or capital gains realised upon sale. However, in the UAE, the Corporate Tax law (Federal Decree No. 47 of 2022) ("CT Law") provides an exemption to Corporate Tax in a certain scenario referred to as the Participation Exemption. Article 23 of the CT Law states: "Participation Exemption" 1 ...
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 ...
The rules on exit tax on shares and certain other securities mean that private individuals who move from Norway and becomes resident for tax purposes in another country must pay tax for latent profits on shares etc., as if the shares had been sold the day before emigration. Change in law is now in force As the rules have been until 28 November 2022, the exit tax ceased to apply if the shares were not realized five years after emigration ...
Electricity was first generated in Nigeria in 1866 when two generating sets were installed to serve the Colony of Lagos. In 1951, the government of Nigeria, through an Act of Parliament, established the Electricity Commission of Nigeria (ECN) to regulate and operate the power supply systems in Nigeria. Subsequently, the Niger Dam Authority (NDA) was established for the development of the Kanji Hydroelectric Dam ...
While immediate pandemic pressures may moderate short-term corporate progress on climate risk assessment and disclosure, there is little to suggest that regulatory and investor expectations have significantly diminished in 2020. Corporates may face increasing investor pressure to make a 'Paris-aligned' business strategy a central pillar of their corporate rebuilding and recovery plans, with a measurable pathway to net zero emissions ...
Just before Christmas 2011, the government presented a gift to the Polish energy sector in the form of a longawaited package of proposed new energy legislation, including a new Energy Law, the Gas Law and the Renewable Energy Sources Act ...
Introduced in 1979, the Quebec Stock Savings Plan (QSSP) was enormously success ful in the 1980s, encouraging the emergence of numerous Quebec SMEs which later became some of the most noteworthy success stories in Quebec business . On the other hand, the SME Growth Stock Plan, which replaced the QSSP in 2005, achieved a more mixed success . The 2009-2010 provincial budget, presented last March 19, attempts to remedy this situation ...
