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 ...
Geography, History & Economy The country of Belize is located on the Caribbean coast of northern Central America. Bordered to the North by Mexico, South and West by Guatemala and East by the Caribbean Sea, Belize forms part of Central America and the Caribbean ...
Although Cyprus usually tends to be associated with company formation (in an international tax planning context), Cyprus has an efficient trust legislation in force. The latest legal reform of trusts has enhanced the appeal of Cyprus International Trust (CIT) to both professionals and high net-worth individuals.Legislation and Legal Requirements CITs used to be governed by the International Trusts Law of 1992 ...
Under what condition will an offshore trust still fall within your government’s tax net? Offshore trusts may be established and managed in many jurisdictions. In most countries personal taxation is based on residence. The question often asked is what the residency of an offshore trust established by a resident of a certain country is. In the case recently reported in Canada “Fundy settlement, Canada, 2012 SCC 14” (Tim Gestnick – The Globe and Mail Apr ...
No, it is not a nice Mediterranean dish! The Foreign Account Tax Compliance Act (FATCA) is the newest piece of legislation from the US which should ensure and enforce the correct declaration and payment of taxes owed by US tax payers. The bill was passed in March 2010 whereupon the proposed regulations were presented on February 8th, 2012. The act should come into effect through several steps from January 1st, 2013 to January 1st, 2017 when full reporting requirements will be in force ...
On July 26, 2012, the Pennsylvania Commonwealth Court issued its decision in Robinson Township, et al. v. Commonwealth of Pennsylvania, involving the challenge brought by seven townships and boroughs to the Act 13 provision preempting local regulation involving oil and gas operations, codified at 58 Pa. C.S. Section 3304 ...
On July 2, 2012, the North Carolina Senate and House of Representatives voted to override Governor Perdue’s veto of Senate Bill 820, known as the Clean Energy and Economic Security Act (the “Act”), legalizing hydraulic fracturing and horizontal drilling within the State but delaying permitting until the General Assembly takes additional legislative action to allow it ...
On April 4, 2012 the British COlumbia Supreme Court rendered its decision in the case NESKONLITH INDIAN BAND V. SALMON ARM (CITY)1 and the therein confirmed that municipals have no duty to consult and accommodate aboriginal peoples. The Court based its decision on the Supreme Court judgments in Haida2 and Rio Tinto3 as well as decisions of the British Columbia courts and established three main principles ...
The eyes of the UK water sector could soon be firmly focused on Ireland as the country is about to see huge changes in the running of its own water system. Ireland, currently the only country in the Organisation for Economic Co-operation and Development that doesn’t levy direct charges for domestic water consumption ...
On June 11, 2012, Ohio Governor John Kasich signed Senate Bill 315 (“S.B. 315”) into law. S.B. 315 addresses a wide array of issues and substantially revises the sections of Revised Code 1509 and Revised Code 4906. S.B ...
In a previous newsletter (no. 1, April 2012) we described the Swedish government’s proposal on limitation of interest deductions. The bill was circulated for comments, which has now resulted in an amended proposal which, as a whole, follows the initial proposal. The most significant change in the amended bill concerns the reversed general exemption ...
Recent technological innovations and advancements in drilling and completion techniques have led to an unprecedented expansion of natural gas production by large and midsize exploration and production companies. This expansion created competition for wild cat acreage as well as producing properties, putting lessors and co-owners (the “non-operators”) at a distinct advantage in negotiating the terms of leases, farmout agreements and joint operating agreements (“JOAs”) ...
Contents: The Trust: An Efficient Asset Protection Tool? Amendments to the Obligations of Employers Hiring Foreign Workers – One Year Later: Are You Ready for Service Canada’s Verification? Did You Know? Trustee’s Tax Liability THE TRUST: AN EFFICIENT ASSET PROTECTION TOOL? Valérie Boucher [email protected] In the last few years, trusts have been growing in popularity among business people, including as an asset protection mechanism ...
The Registrar of Companies (ROC) has introduced an annual government licence fee of €350. The government licence fee for 2011 was payable by 31 December 2011. From 2012 onwards the government licence fee will need to be paid by 30 June of that year.Companies which are dormant and/or do not own any assets are exempt from this licence fee ...
Buying natural gas assets from financially distressed companies is an inherently risky proposition. Even when an attractive prospect is identified, the purchaser has to overcome a number of issues such as clearing up title, including mechanic and materialman liens and getting assignments of contracts and lessor consents ...
On the 27th of February 2012, the Montenegrin Parliament enacted amendments to the Law on Corporate Income Tax, the Law on Personal Income Tax and the Law on Contributions for Mandatory Social Security Contributions. These amendments were published in the Official Gazette of Montenegro no. 14/12 dated the 7th of March 2012 and came into force that same day.I ...
On 21 February 2012, the Government issued Government Regulation No 24/2012 on the amendment to Government Regulation No. 23/2010 on the Implementation of Mineral and Coal Mining Activities (“GR 24/2012”). Previously, under Government Regulation No. 23/2010 on the Implementation of Mineral and Coal Mining Activities (“GR 23/2010”), the divestment of foreign shareholdings amounting to at least 20% of total shares in mining companies was required ...
Contents: Recourses Seeking Rectification Under the New Business Corporations Act; You Do Business in a Province Other than Quebec: Are You Required to Register Yourself?; Resale Prices and Authorized Distributors: a Synopsis; France Arms Itself Against Trusts ...
North America - Where does private equity find its energy? While the energy industry has always enjoyed the attention of investors and speculators alike, a confluence of global events has lead to an even greater focus on the industry and, in turn, is driving M&A activity globally ...
In the last issue we discussed the proposed new Energy Law. Now it is time to turn to the second element in the package of energy legislation presented in December 2011 by the Polish Ministry of Economy. The proposed Gas Law would regulate activity involving transmission, distribution, sale, storage, precipitation and regasification of natural gas. The greatest strength of the bill is to separate and clarify the regulations governing the gas sector ...
The proposed new Renewable Energy Sources Act would significantly change the system of support for electricity produced in Poland from renewable resources. If the bill is enacted, companies in the power industry in Poland will have to make major revisions to their business plans ...
With the spotlight recently cast upon it by the burgeoning Marcellus and other shale reserve developments, the oil and gas (“O&G”) industry has found itself increasingly the object of regulatory scrutiny ...
Information from Delphi’s Tax Group - The Swedish government has proposed new legislation which will entail further restrictions regarding tax deductions for interest expenses on inter-company loans. Kindly note that the proposed legislation will broaden the definition of the term "affiliated companies" ...
In the 2012 regular session of the West Virginia Legislature, several resolutions were passed with potential future impact on the shale gas industry. Below is a summary of those significant resolutions. Senate Concurrent Resolution No. 52 This resolution requests the Joint Committee on Government and Finance to study the viability of increasing severance tax rates on shale gas ...
