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 ...
On April 17, 2012 the federal government announced its Plan For Responsible Resource Development, setting out further details on steps to implement proposals for streamlining the federal environmental assessment (“EA”) process. This Plan follows on the heels of the federal budget and the Statutory Review of the Canadian Environmental Assessment Act,[1] which both suggested that these streamlining reforms would be forthcoming ...
In order to comply with a court-ordered schedule, EPA Administrator Lisa Jackson on April 17, signed final rules that subject additional oil and gas operations, including hydraulic fracturing, to air quality regulation under the New Source Performance Standards (NSPS) and National Emission Standards for Hazardous Air Pollutants (NESHAPs) programs, and impose new and amended requirements under both programs ...
In response to a court order, EPA has announced proposed rules that would establish new source performance standards (“NSPS”) applicable to greenhouse gas emissions from new, fossil fuel-fired power plants (“power plants”). The proposal is a highly controversial one, which will effectively prohibit the construction of coal-fired power plants that do not capture carbon ...
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" ...
On March 26, 2012, the Fifth Circuit Court of Appeals (“the Court”) vacated and remanded EPA’s disapproval of Texas’s request for approval of the minor source standard permit for pollution control projects (“PCP”) as part of its air quality state implementation plan (“SIP”). The Court’s reasoning may also affect other pending disputes between EPA and Texas regarding air quality permitting and other issues ...
On Wednesday, March 22, the United States Supreme Court ruled that a compliance order issued under EPA’s Clean Water Act enforcement authority to individuals for allegedly filling part of their property without the necessary “dredge and fill” permit could be challenged in federal district court. The ruling marks a major loss for EPA’s enforcement practices under the Clean Water Act ...
On March 13, 2012, the Standing Committee on Environment and Sustainable Development issued recommendations for improving the Canadian Environmental Assessment Act (CEAA) process (click on Print Format for the complete report). The recommendations focus on: improving timeliness; decreasing duplication with provincial processes; improving aboriginal consultation processes; and improving outcomes ...
On March 21, 2012, the United States Supreme Court issued a unanimous decision in the much-publicized case of Sackett v. EPA (No. 10-1062), less than three months after oral argument, holding that the Sacketts were not precluded from judicially challenging EPA’s issuance of an administrative compliance order ...
Israel’s taxation system has undergone a major reform since 2003. The Income Tax Ordinance was revised as of 2003 pursuant to which an Israeli resident is taxed on worldwide income rather than the previous territorial tax system. The Taxation of Trusts Law (the "Law"), effective as of January 1, 2006, while imposing taxes on Israeli residents with respect to trusts is advantageous to foreign residents. Israel is a major international business and financial center for non-residents ...
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 RECOURSES SEEKING RECTIFICATION UNDER THE NEW BUSINESS CORPORATIONS ACT Julie Cousineau jcousineau@lavery ...
On February 24, 2012, two years after oral argument, the Texas Supreme Court issued its watershed decision in Edwards Aquifer Authority (the “Authority”) v. Day. The Court’s long-awaited decision included two significant pronouncements on groundwater that are likely to have ripple effects throughout the water community and could open the flood gates to a wave of litigation ...
Over the last few years as tax revenues have decreased and budgets have tightened, states across the country have aggressively pursued out-of-state retailers that may owe sales or use tax. From ticket sellers like StubHub, online retailers like Amazon, and mail-order companies like Scholastic Books, states are asserting that a wide variety of businesses once thought to be exempt have the substantial nexus necessary to require that they collect sales and use tax from their customers ...
On 26 January 2012 and 2 February 2012, the Council of Ministers approved two Agreements with the State of Qatar and the Special Administrative Region of the People’s Republic of China and also two international Conventions to Avoid Double Taxation and Prevent Tax Evasion in the area of Income Tax with Japan and the Republic of Colombia. It should be noted that international double taxation is an obstacle to commercial relations and the free movement of goods, services, people and capital ...
Most of our clients are aware that Congress dramatically increased the individual gift tax exemption from $1,000,000 to $5,120,000 in 2012, and that the exemption is scheduled to revert to $1,000,000 on January 1, 2013 unless Congress takes some action. If this reduction in the gift tax exemption occurs, clients may lose an opportunity to remove a substantial amount of assets from their estates, and, with it, the opportunity to reduce estate taxes payable by their children ...
TAX REFORM The purpose of the current Angolan tax reform is to diversify sources of tax revenue (which up to now has been excessively dependent on oil), to modernise the Angolan tax system with a view to promoting greater tax justice and equity and also to increase the effectiveness and efficiency of the machinery of tax administration ...
On November 15, 2011, existing facilities subject to the federal Spill Pollution Control and Countermeasure Rule (“SPCC Rule”), 40 C.F.R. Part 112, were required to finalize and implement a plan—known as an “SPCC plan”—detailing the equipment, workforce, procedures and steps to be taken to prevent, control and provide adequate countermeasures to a discharge of oil to navigable waters of the United States or adjoining shorelines ...
2011 saw significant developments in the courts in relation to the issue of directors’ liability for the costs of remediation of waste sites, an issue which is particularly crucial where the company which disposed of the waste is not in a position to pay ...
On January 9, 2012, the IRS issued a news release announcing that the IRS is opening a third Offshore Voluntary Disclosure Program for taxpayers who come forward (including taxpayers who have come forward since the 2011 disclosure program closed last September) to report previously undisclosed foreign accounts and assets ...
The Minister of Finance has issued Regulation No. 130/PMK.011/2011 of 2011 on Income Tax Exemptions and Tax Reductions for Business Entities (“MOF 130/2011”) which constitutes an implementing regulation for Article 30 of Government Regulation No. 94 of 2010 on Taxable Income Calculations and Income Tax Payments for a Fiscal Year. This regulation has been in force since 15 August 2011 ...
Following is a list of year-end administrative issues for Texas limited partnerships and limited liability companies (“LP/LLC”): Ensure that the LP/LLC’s activities, transactions, capital infusions (capital contributions or loan proceeds), and distributions are accurately reflected in the entity’s records; Avoid causing the LP/LLC to make any distributions not in compliance with the terms of its LP/LLC agreement or applicable law; for example, an LP/LLC should not make disproportiona
As the end of the year approaches, it is a good time to consider actions that may lower your tax bill this year and possibly next year. High-income earners should consider that top income tax and capital gains tax rates are scheduled to increase after 2012, and Congress could raise taxes during 2012, which could make acceleration of dividends and capital gains to 2011 appealing ...
EPA recently made an announcement of interest to those in the oil field services sector as well as in the energy sector itself. On November 23, the agency announced that it was granting in part a petition by Earthjustice to initiate rulemaking under the Toxic Substances Control Act (TSCA), relating to chemical substances and mixtures used in oil and gas exploration or production ...
