Having gone through a number of substitutions and amendments, the debt reduction rules contained in section 19 of the South African Income Tax Act, 1962 (the “Act”) and paragraph 12A of the Eighth Schedule to the Act now provide for the implications arising for a debtor where a debt owed to a creditor is waived, cancelled or capitalised by way of the issue of shares etc ...
Introduction On 30 April 2019, the South African Revenue Service (“SARS”) published draft rules, schedules and forms for the implementation of the carbon tax and provided details on the envisaged carbon tax administration, including the registration of clients, licensing of emissions facilities, carbon tax environmental levy accounting and the application of allowances as rebates ...
South African President Cyril Ramaphosa has signed into law the Carbon Tax Act, 2019, which comes into effect on 1 June 2019. With the passing of the carbon tax into law, a price on carbon emissions is now a reality for the South African economy.The impact of the legislation, along with complementary measures such as the national greenhouse gas emission reporting regulations, will have a transformative effect on the South African economy ...
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 ...
Law 37 of June 5, 2018, adds line 9 to article 709 of the Fiscal Code, which is related to the annual income tax deductions to which natural persons are entitled, regarding school expenses incurred by the taxpayer with respect to their dependents. Additionally, Executive Decree 368 of December 26, 2018 and Resolution No. 201-1635 of May 13, 2019, establish the regulations applicable to the deduction of said expenses ...
The DIFC Authority has proposed the enactment of legislation (the Proposed Law) to replace its current Data Protection Law, DIFC Law 1 of 2007 (as amended) (the Current Law). The Proposed Law is the subject of Consultation Paper 6 of 2019, which is presently posted on the DIFC website for public comments to be provided by 18 August 2019 ...
With the State of Illinois’ recent legalization of recreational cannabis, municipalities have started to debate whether to “opt in” to allow such businesses. While municipalities cannot prohibit the use of recreational cannabis, they can decide whether recreational cannabis businesses are allowed to operate within their boundaries. Local officials are just starting to consider the pros and cons of recreational cannabis businesses in their communities ...
There has been intense work on the IT security law 2.0 since the “German doxing case" of late 2018/early 2019 when large volumes of data of German celebrities and politicians were published. This bill will significantly extend the importance and the competences of the Federal Office for Information Security (Bundesamt für Sicherheit in der Informationstechnik (“BSI”) in information technology ...
Below you will find a brief summary of the resolutions of the data protection authority uploaded on their website up until today imposing a fine under the GDPR. 1. Failure to facilitate the exercise of data subjects' rights The data subject wanted to exercise his access right, right to receive a copy, and his right to restrict processing of camera recordings of him at the reception area of a service provider ...
A previous inBrief dated 30 April 2019 discussed a law recently enacted in the BVI, the Economic Substance (Companies and Limited Partnerships) Act, 2018, which introduced economic substance requirements in the BVI. This article will discuss a similar measure recently promulgated in the UAE ...
Along with the prediction that the continued growth of the Internet of Things (IoT) will transform our everyday lives and how we do business, we can also anticipate that the increased number of connected devices will bring about additional challenges, including greater security and privacy-related risks ...
The U.S. Supreme Court recently released its opinion inNorth Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust, largely vindicating the understanding of most estate planners: A state cannot tax the income of a trust where the only connection to the state is the presence of the trust’s discretionary beneficiary. Facts inKaestner The facts inKaestner, in brief, are as follows ...
Among the many benefits of investing in a qualified opportunity fund (QOF) is the deferral of tax on current capital gains. Specifically, if an amount equivalent to a current capital gain is invested in a QOF within 180 days of the realization event, the tax generally will not come due until the earlier of the year in which the QOF investment is disposed of or 2026 ...
The topic of “joint controllers” according to Art. 26 GDPR continues to gain momentum. The State Commissioner for Data Protection and Freedom of Information in Baden-Württemberg (LfDI) has now, for the first time, published a sample of an agreement for joint controllers under Art. 26(1) s. 2 GDPR as well as a sample relating to the fulfillment of obligations to inform the data subjects pursuant to Art. 26(2) s. 2 GDPR ...
There are hardly any companies that do not use video surveillance systems (CCTV). Such systems record areas such as plant and work facilities or entrance areas. Oftentimes, the video images are not only displayed live on a monitor (“camera-to-monitor system”), but are also recorded automatically for a certain period of time ...
The Illinois legislature has approved and Governor Pritzker has signed into law significant revisions to the Illinois Tax Delinquency Amnesty Act (35 ILCS 745/10). The new amnesty program is the first in Illinois since 2010 and is an important opportunity for noncompliant taxpayers to resolve both known and previously unknown Illinois tax obligations. The amnesty program will run from October 1, 2019, through November 15, 2019, and is generally open to all taxpayers ...
Brenna K. Legaard is a registered patent attorney with Schwabe, Williamson & Wyatt. Legaard wrote the following op-ed on the use of blockchain technology in health care. When health care professionals and consumers think of blockchain, their minds very likely go to famous cryptocurrencies like Bitcoin. But blockchain technology can be applied to so much more, including to the field of health care ...
A few years ago artificial intelligence was a concept applied to nothing else but science fiction films, nowadays, it has become a reality for many companies and industries in the development of their commercial, corporate and industrial activities. Before we start to understand the strengths or weaknesses of artificial intelligence and its perspective from the right of intellectual property, it is considered convenient to conceptualize it ...
For businesses who care about their brands, Pofma may be not be such a bad idea after all.Beyond Meat Inc. makes cows happy and cardiologists sad. Its Beyond Burger uses no meat and has no cholesterol, and contains less fat, fewer calories and more protein than a typical burger ...
Article PDF On April 17, 2019, the Treasury Department released a second round of proposed regulations (the "4/19 Regulations") providing additional guidance on the implementation of the Opportunity Zone (“OZ”) tax incentive included in the Tax Cuts and Jobs Act. The 4/19 Regulations are taxpayer-friendly and expand upon (but in some cases modify) the guidance provided in the initial proposed regulations released on October 19, 2018 (the "10/18 Regulations") ...
Article PDF On April 17, 2019, the Treasury Department released a second round of proposed regulations (the "4/19 Regulations") providing additional guidance on the implementation of the Opportunity Zone (“OZ”) tax incentive included in the Tax Cuts and Jobs Act. The 4/19 Regulations are taxpayer-friendly and expand upon (but in some cases modify) the guidance provided in the initial proposed regulations released on October 19, 2018 (the "10/18 Regulations") ...
Article PDF On April 17, 2019, the Treasury Department released a second round of proposed regulations (the "4/19 Regulations") providing additional guidance on the implementation of the Opportunity Zone (“OZ”) tax incentive included in the Tax Cuts and Jobs Act. The 4/19 Regulations are taxpayer-friendly and expand upon (but in some cases modify) the guidance provided in the initial proposed regulations released on October 19, 2018 (the "10/18 Regulations") ...
Starting June 1, 2019 individuals once more receive the right to participate in the updated voluntary disclosure program ("amnesty"), which provide guarantees of exemption from some types of liability related to use of foreign bank accounts and foreign companies. Declarants may submit the special declaration until February 29, 2020 ...
According to statistics released by the European Commission earlier in 2019, the term “GDPR” amassed more Google searches than either Beyoncé or Kim Kardashian during the month of May 2018. Now that “GDPR” has become a household term, what have we learntin the 12 months since the introduction of the GDPR? 1 ...
