The Serbian Minister of Finance issued the Rulebook on the Manner and Procedure of Delivering and the Content of the Tax Administration's Notification on Commencement or Finalization of Tax Audit ("Rulebook"). Under the Rulebook, the Tax Administration ("TA") will start to deliver notifications on initiated tax audits of the legal entities and entrepreneurs to the Business Registers Agency ("BRA"). Notifications will be delivered once a day ...
The recent Supreme Court of Appeal (“SCA”) case of Transnet v Total is important not only for those in the petroleum industry, but also, more generally, when it comes to aspects of competition and discrimination, as well as the impact of changes in the law on existing contracts and vested rights ...
The European Commission has opened an in-depth merger investigation into the planned acquisition of Cemex Croatia by Duna-Drava Cement ('DDC'). Registered in Hungary, DDC is jointly controlled by German construction material producers HeidelbergCement and Schwenk. DDC inter alia operates a cement plant in Kakanj, Bosnia and Herzegovina. Cemex Croatia, an arm of the international cement heavyweight Cemex, controls three cement plants in the Croatian coastal city of Split ...
IN THIS ARTICLE, CHRISTOPHER TAY HANMIN BRIEFLY REVIEWS SOME OF THE OFFENCES UNDER THEGOODS AND SERVICES TAX ACT 2014("GST ACT").IntroductionOne of the most significant tax Acts to be introduced in the past 30 years is the GST Act which was gazetted on 19 June 2014 and has set 1 April 2015 as the effective date for the imposition of the Goods and Services Tax ("GST") ...
By way of -providing guidelines for implementing the Tax Law No.106/2016/QH13 (Law 106) effective from 1 July 2016, the government has issued Decree 100/2016/ND-CP (Decree 100) on 1 July 2016 and the Ministry of Finance has issued Official Letter 10315/BTC-TCT dated 25 July 2016 (OL 10315) and Circular 130/2016/TT-BTC dated 12 August 2016 (Circular 130) ...
The Series Limited Liability Company (“Series LLC”), a variation of the traditional limited liability company (LLC), is the newest entity enterprise on the business scene today.1 Within this legal entity, separate “series” or “cells” can be created and established under the umbrella of a single LLC ...
contingency fees VAT inclusive or exclusive The High Court, Gauteng Local Division, considered in a recent case (case No 2012/21359, 31 August 2016) whether an agreement in terms of which a legal practitioner charged contingency fees to a client under the Contingency Fees Act, No 66 of 1997 (the “CFA”), is valid ...
Global Transfer Pricing Risk Management The realities of the business environment in which multinational groups operate today consist of a shrinking domestic market and an ongoing pressure to reduce costs. In addition, multinational groups are also faced with the different expectations of different stakeholders and the increased disclosure requirements of financial data ...
No Looking Back for Section 13sex of the Income Tax Act Various building allowances are available for both owners and lessees of buildings under the Income Tax Act, No. 58 of 1962 (the “Act”) for erecting buildings or for effecting improvements to buildings ...
The Davis Tax Committee Issues Its Second Report on Estate Duty The Davis Tax Committee (“DTC”) released its much-anticipated second (and final) interim report (the “Report”) on estate duty on 24 August 2016. The Report has been published with amendments taking into account the public’s comments that were submitted in respect of the first interim report ...
The South African Taxation of Trusts Recent Developments The Davis Tax Committee’s (“DTC”) first interim report was released in July 2015 (the “First Report”) and made various significant recommendations to the Minister of Finance regarding (among other topics) the taxation of trusts in South Africa ...
Media reports are letting us know that the "Serbia - A Strategic Crossroads between Western and Eastern Europe," conference was held in Paris on 15 September, where the French companies were presented with the political and economic environment in Serbia, as well as with the ensuing investment opportunities and the possibility of financing economic projects ...
An interesting trend can be noticed recently as the Serbian Tax Administration and Tax Police have raised their level of activity in conducting routine tax inspections in companies across the country ...
Recent news reports from Bosnia tell us that the BiH government, represented by the federal prime minister for economic issues and investments, Suvad Osmanagic, paid a visit to Bihac with Ludovico Camozzi, the president and owner of Camozzi – an Italian company that produces industrial automation machinery. The main purpose of this visit was to see Kombiteks, a textile production company that has been in bankruptcy and in and out of operation for the past 15 years ...
On 24 August 2016, the Davis Tax Committee (“DTC”) released its long-awaited report on estate duty, which was submitted to the South African Minister of Finance (“the Minister”) for consideration on 28 April 2016. The report takes into account public commentary and submissions received following the release of the committee’s first interim report ...
In the last few weeks, the General Department of Taxation (GDT) has issued two Notifications (No. 12723 & 13466) reminding owners of immovable property to file their annual Property Tax declaration and pay Property Tax before the deadline of 30 September 2016. Notification No ...
Corporate income tax (CIT) incentives granted during the period 2009-2013 have increasingly been challenged by tax authorities and particularly by state auditors with an inclination towards reassessment of such incentives ...
On taxation of electronic services from 2017 Dear Ladies and Gentlemen, The law “On Amendments to Parts I and II of the Tax Code of the Russian Federation” comes into force on January 01, 2017. Pursuant to the adopted changes, starting from 2017 foreign companies which do not have permanentestablishment in Russia and provide electornic services to individuals inRussia will be required to register with the Russian tax authorities and pay VAT in Russia. 1 ...
According to recent media reports, Minister of Trade, Tourism and Telecommunications in Serbia's newly formed government, Rasim Ljajic, stated that a free trade agreement between Serbia and the countries of the Eurasian Economic Union (EEU) should be signed come November, while outlining that at this stage, the matter is out of Serbia's hands and fully dependent on the EEU ...
An interesting piece of news in the sphere of tax law has recently been provided by the Court of Justice of the European Union (CJEU) decision that found Portuguese withholding tax rules to be breaching EU law.The case concerns a loan given to Auto Estradas do Litoral SA ("Brisal"), a Portuguese company by the Irish bank – KBC Finance Limited ...
The Israeli Tax Authority (the "ITA") has recently published a draft circular ("Draft Circular") on the tax treatment of holdback payments and reverse vesting mechanism in the context of merger and acquisition transactions. According to the Draft Circular, subject to certain conditions as will detail below, the sale of shares to which holdback payments and reverse vesting mechanisms apply would be subject to a capital gains tax rate of 25% (30% in case of controlling shareholders) ...
It is common practice for suppliers to deliver the goods that they supply at the premises of their customers on the customer’s request. The suppliers then either deliver the goods themselves or they contract the services of third parties to deliver the goods on their behalf, for which they charge a delivery fee ...
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 ...
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”) ...
