This is an update with regard to the recent order issued by NCLT, Mumbai in the miscellaneous application of Videocon Group vs CGST Department in the matter of State Bank of India vs Videocon Industries Limited, wherein section 14 of Insolvency and Bankruptcy Code (‘IBC’) has been invoked prohibiting initiation or continuation of any proceedings by any authority against the debtor during the moratorium period ...
This Tax Alert summarizes a recent ruling of the Karnataka Appellate Authority for Advance Rulings[1] which upheld that ‘Pre-sale and Marketing Services’ rendered by an Indian subsidiary (‘service provider’/ ‘supplier’) to its foreign parent entity ( (‘service recipient’) qualify as intermediary services, thereby subject to GST ...
This Tax Alert summarizes a recent ruling of the Gujarat High Court[1] which discussed the issue that whether a taxpayer is entitled to refund of the IGST paid on import of capital goods under Export Promotion Capital Goods (‘EPCG’) Scheme for the interim period between 1 July 2017 i.e ...
Plaintiffs’ counsel in pharmaceutical product liability cases continue to pursue depositions of company sales representatives and seek to elicit testimony supporting their common theme that pharmaceutical companies disregard the health and safety of their consumers in the dogged, single-minded pursuit of sales and profits ...
The State Taxation Administration (STA) released several announcements in the beginning of February which established preferential tax policies for facilitating the prevention and control of the outbreak of the novel coronavirus (COVID-19) and supporting enterprises to resume their business operations. Certain preferential tax treatments are specifically offered to enterprises and individuals that are directly involved in the prevention and control of the outbreak of COVID-19 ...
On March 3, 2020, Attorney General William Barr announced the National Nursing Home Initiative—a new U.S. Department of Justice (“DOJ”) taskforce organized to push criminal and civil enforcement action against nursing homes across the country. The initiative will help coordinate DOJ enforcement actions against nursing homes that provide “grossly substandard care ...
The Finance Minister Smt. Nirmala Sitharaman envisages a holistic vision of healthcare that translates into wellness of the citizen ...
1. Changes in rules relating to determination of ‘residence’ in IndiaThe scope of income of a person liable to tax in India depends upon his residential status in a particular financial year. Indian Income Tax Act 1961 (the Act) recognizes three statuses, namely, Resident and Ordinarily resident’ (ROR), ‘Resident but not ordinarily resident’ (RNOR), and Non-resident (NR) ...
Union Budget 2020- Changes in provisions relating to Educational Institutions, Hospitals, Trusts, etc. engaged in Public Charitable or Research activities Current Position:Currently, the income of public charitable trusts and not-for-profit organisations, engaged in public charitable activities and registered with Income Tax department under Sections 12A or 12AA of the Income Tax Act, 1961 (the Act), is exempt if the same is applied to the objects of the trust or accumulated for doing so ...
In the recent Appeal Court case of Airtel Uganda Limited v. Uganda Revenue Authority, the provisions of section 15 of Uganda’s Tax Appeals Tribunal Act (TAT Act) and their wider implications came under scrutiny. In the case at hand, Airtel Uganda Limited (Airtel), a telecommunication company, lodged an objection to an assessment raised by the Uganda Revenue Authority (URA) on 25 February 2004 with the Tax Appeals Tribunal (TAT) ...
Given the difference between the effective rate of tax on capital gains and the highest marginal rate of tax imposed on income, in particular for individuals, it is important to determine whether the proceeds from the disposal of an asset are subject to capital gains tax or to income tax. In the Pick ‘n Pay case, the proceeds from the sale of certain shares were found to be capital in nature ...
A recent report published by the White House Council of Economic Advisers (“CEA”) on drug pricing in the United States of America has put the cost of medicine and the access thereto by the poor, firmly back in the spotlight. And on a global scale. In the CEA report, President Donald Trump’s administration argues that the USA pays higher prices for pharmaceuticals because other developed countries have systems in place to actively force down drug pricing ...
The sudden rise in the number Covid-19 (“Coronavirus”) cases in Lombardy and other Italian Regions has prompted the relevant governmental authorities to adopt urgent measures to prevent and limit the spread of the virus, and this is starting to have an impact on the economy. In connection with these measures, on 31 January Italian government has declared a six-month state of emergency, which expires on 31 July 2020 (unless it is extended) ...
On 3 February 2020, the Belgian Act of 20 December 2019 amending various legal provisions concerning shortages of medicinal products (‘Act’) was published in the Belgian State Gazette. The Act’s provisions will enter into force on 13 February 2020, with the exception of Articles 2 and 4 which entered into force on 31 January 2020 ...
Introduction The World Health Organization named “vaccine hesitancy” as one of the top global health threats in 2019. In the United States, widespread utilization of non-medical exemptions to mandatory vaccination laws has led to statistically significant outbreaks of measles and other vaccine-preventable illnesses, and many headlines forecast that if vaccination exemptions continue the trajectory they are on, this country may well face a public health emergency ...
Introduction The recent spread of the coronavirus around the world is justifying significant concern among senior living operators and raising questions about how to prepare for and respond to the possibility that the disease will affect residents, staff, and visitors. This concern is exacerbated by the fact that seniors tend to be more vulnerable to such communicable diseases and live in close quarters with others at the community, sharing meals and participating in group activities ...
In a slightly surprising, but nevertheless welcome, South African 2020 Budget Speech today, the Honourable Minister of Finance announced that there would be no significant tax increases to the major taxes for the forthcoming tax year. Widely anticipated increases to value-added tax (“VAT”), income tax, capital gains tax and estate duty did not materialise ...
Flu season is in full swing. with the Center for Disease Control (CDC) confirming over 155,000 positive U.S. cases of influenza since Sept. 29, 2019. Simultaneously, the coronavirus COVID-19 has spread rapidly across China, with at least 70,000 confirmed cases, including 15 confirmed cases in the United States. In response, employers need to be prepared to assist employees in staying safe and complying with potential quarantines. Beginning Feb ...
The Companies and Intellectual Property Commission reported that between 2011 and 2018, a total of 2 867 South African companies initiated business rescue proceedings in terms of Chapter 6 of the Companies Act, 2008 (the “Companies Act”), with South African Airways SOC Limited (“SAA”) being the latest addition to this list ...
We have recently seen that the South African Revenue Service (“SARS”), in conducting audits in respect of taxpayer’s affairs, places reliance on section 99(4) of the Tax Administration Act, 2011 (“TAA”) to unilaterally extend the time period within which an assessment prescribes. Section 99(1) of the TAA deals with the period of limitation in respect of the issuance of assessments ...
With the growing globalisation of economic activity characterised by free movement of goods, capital and labour, more and more Rwandan residents are now working outside Rwanda, doing business with or in foreign countries, holding shares in non-resident companies and extending loans to non-resident borrowers. However, the tax treatment in Rwanda of foreign income earned from such activities is still the subject of some uncertainty, particularly with respect to double taxation relief ...
SVW has, across its offices, been giving guidance to clients both under English and Norwegian law as to the Coronavirus impact on shipping contracts, including on force majeure and similar exceptions clauses, and contract frustration. Read our recent publication, touching upon these issues. The Covid19 Virus Only two months have passed since the novel coronavirus was detected in Wuhan, China ...
On 30 January 2020, the World Health Organization (WHO) declared that the outbreak of novel coronavirus or COVID-19 constituted a Public Health Emergency of International Concern (PHEIC). The COVID-19 is a respiratory illness caused by a new coronavirus which first originated in Wuhan, Hubei Province, China, the death toll from which has reportedly surpassed 1,000 on mainland China, while confirmed infections have passed 40,000 globally ...
Case Law The Tax Court of South Africa, Cape Town IT 24819 whether insufficiency of funds was not reasonably foreseeable, and therefore constitutes reasonable grounds for non-payment of employees tax, considered. correct interpretation of the number of days for payment of employees tax considered as a point in limine. find a copy of this judgment here ...
On Feb. 6, 2020, the Ohio Supreme Court affirmed a decision of the Ohio Board of Tax Appeals (“BTA”), finding the sale price of interests in a limited liability company (“LLC”) was the best evidence of the true value of the LLC’s real property for tax purposes. In Columbus City Schools Bd. of Edn. v. Franklin Cty. Bd. of Revision, Slip Opinion No ...
