An encouraging news update comes from Croatia, as some of the recent reports claim that the Croatian IT market reached a value of EUR 950 million in 2015. According to IDC Adriatic – a regional branch of the global market intelligence provider – this shows an increase of 10.8% when compared to the previous year.IDC Adriatic added that a continuation of the IT market's recovery is expected in 2016 as well. More precisely, further strengthening of the market at an average annual rate of 6 ...
The Hamburg data protection authority has imposed fines against the companies Adobe, Punica and Unilever, stating that they have continued to transfer personal data to the USA contrary to the stipulations of the Safe Harbor judgment. 1. The Safe Harbor judgment of the ECJ dated October 6, 2015 (legal matter C-362/14) makes it clear that European companies can no longer simply transfer personal data to the USA as a "non-secure third country" ...
We are pleased to announce that Karanović & Nikolić has advised Jet Airways (India) Limited, together with Dentons UKMEA LLP, in an aircraft leasing transaction that will enable the long-haul trans-Atlantic route between Serbia and the United States (Belgrade-New York) to be restored ...
According to recent reports, it seems to be that an exciting update in the aviation world might be waiting around the corner. More precisely, it has been circulated in the media that the global giant and world's fastest growing airline, Turkish Airlines, is contemplating the acquisition of Croatia's national carrier – Croatia Airlines ...
On May 12th, Governor Snyder issued Executive Directive No. 2016-1 ("ED 2016-1"), which seeks to improve infrastructure in the State by utilizing the Michigan Department of Transportation ("MDOT") in multiple ways. ED 2016-1 requires MDOT to work with a number of agencies, including coordinating with: - The Michigan Department of Environmental Quality to identify and address major infrastructure projects where inadequate facilities could cause threats to water or wastewater services ...
The judgment of the Supreme Court of Appeal (“SCA”), which established certain guidelines and principles regarding the claiming of input tax for value added tax (“VAT”) purposes in the Commissioner for South African Revenue Services v De Beers Consolidated Mines Ltd (503/11) (1 June 2012) case may have far-reaching consequences for the private equity and venture capital industry ...
DEMOCRATIC REPUBLIC OF THE CONGO (DRC): Refund of input VAT credit suspendedIn terms of the DRC value added tax (“VAT”) legislation, export businesses, companies ceasing their activities, oil and mining companies (during the exploration phase) and companies making significant investments are entitled to request input VAT credit refunds ...
In terms of the South African controlled foreign company ("CFC") legislation contained in section 9D of the Income Tax Act, 58 of 1962 (the "Act"), where South African residents directly or indirectly hold more than 50% of the total participation rights (essentially, the right to participate in the benefits of the rights attaching to a share) in a foreign company, a proportional amount of the “net income” of that foreign company (as a CFC) will be included in the income of those residents ...
Is the current international tax focus on base erosion and profit shifting (“BEPS”) relevant for tax-exempt pension funds? In particular, should the trustees and/or administrators of pension funds take note of the finalisation by the Organisation for Economic Co-operation and Development (“OECD”) of the 15 point action plan to address BEPS? Both of these questions should be answered “yes” by South African pension funds that invest outside of the country ...
With tax litigation becoming more prevalent in recent years, taxpayers are now faced with new issues.One such issue is: when and to what extent will documents bearing an electronic signature be acceptable under the relevant tax legislation?In this regard, section 255(2) of the Tax Administration Act No ...
On 15 April 2016, the Minister of Mineral Resources published the draft Reviewed Broad Based Black-Economic Empowerment Charter for the South African Mining and Minerals Industry 2016 (“the draft reviewed Mining Charter”) for public comment, addressing among other issues, the targets to be met by the mining industry in respect of the housing and living conditions of mine workers ...
The Panama Papers represent a leak of some 11.5 million files from a Panamanian based advisory firm, Mossack Fonseca. The leak provided information on offshore bank accounts and offshore trusts based in Panama, the British Virgin Islands and the Seychelles, among other jurisdictions. Many politicians and celebrities have been named, including the British Prime Minister, David Cameron, who is perhaps the highest profile individual named in this leak ...
In 20141, major retailers Best Buy Canada Ltd., Costco Wholesale Canada Ltd., Gap (Canada) Inc., Old Navy (Canada) Inc., Guess? Canada Corporation, Wal-Mart Canada Corp., Toys ?R? Us Canada Ltd. and Curves International Inc ...
Although a trust is a valuable financial, tax and estate planning tool, does it allow one to ?shelter? some assets from the public order rules which apply in the context of family law?What is a trust?A trust is a legal disposition which allows a person to transfer the ownership of one or more of his or her assets to a trust for the trust to administer such assets for the benefit of one or more beneficiaries ...
The South African Revenue Service (“SARS”) has introduced a new Tax Compliance Status System (“TCS”) from 18 April 2016 in an effort to improve compliance and to make it easier for taxpayers to manage their tax affairs. The Tax Compliance Status System is a holistic view of the tax compliance level across all registered tax types ...
The South African Revenue Service (“SARS”) is, in accordance with section 3(2)(j) of the Tax Administration Act, 28 of 2011 (the “TAA”), responsible for giving effect to the Country-by-Country Reporting Standard for Multinational Enterprises (the “CbC Reporting Standard”) which was developed under the Organisation for Economic Co-operation and Development’s (“OECD’s“) base erosion and profit shifting (“BEPS”) Action Plan 13 – “Re-examine Transfer Pricing Documentation” ...
On 22 March 2016, the Organisation for Economic Development and Co-operation (“OECD”) released a standardised electronic format to facilitate the consistent and uniform preparation, filing and exchange of Country-by-Country (“CbC”) reports. The CbC reports will be transmitted between revenue authorities in accordance with the Extensible Markup Language Schema (“XML Schema”),which is a data structure for electronically holding and transmitting information ...
In the matter of ABC (Pty) Ltd v Commissioner for the South African Revenue Service (ITC 0038/2015) (“ABC case”), the Tax Court had to consider whether the taxpayer discharged the onus to prove that "exceptional circumstances" existed for an extension of the period allowed for the taxpayer to object to an assessment, in terms of section 104 of the Tax Administration Act, 28 of 2011 (“TAA”) ...
In South Africa, the determination of whether a foreign entity is a company or partnership is an important one, as it subsequently determines the applicable tax treatment of the foreign entity. The issue of whether foreign entities should be recognised as foreign companies or foreign partnerships in South Africa was recently brought into the spotlight once again by the Taxation Laws Amendment Act No. 25 of 2015 (the “2015 Amendment Act”) ...
On 13 April 2016, the South African Revenue Service (“SARS”) issued Binding Private Ruling 228 (“BPR 228”), which dealt with the issue whereby a project company becomes an operating company for the purpose of s8EA of the Income Tax Act, No 58 of 1962 (“ITA 1962”). This question is an important one in the context of financing the activities of renewable energy project companies but its relevance stretches further to many other infrastructure-related project companies ...
On 17 March 2016, the South African Revenue Service (“SARS”) issued an interesting binding private ruling (“BPR 227”) concerning a share subscription transaction which was followed by two share buyback transactions.BPR 227 deals with an area that National Treasury and SARS have identified as a problem, namely where a shareholder disposes of its shares through means of a share buyback as opposed to selling the shares outright to a third party ...
In the late 1980s, stories of garbage hauled in the same trucks regularly used to transport fruits and vegetables caused public outrage. Outbreaks of foodborne illnesses, including a salmonellosis outbreak that affected 224,000 consumers, have been attributed to contamination of transportation vehicles. Recently, a major U.S. foodservice distributor was penalized after its practice of storing seafood, milk and raw meat in unrefrigerated sheds was uncovered ...
The Philippines section of The Tax Disputes and Litigation Review 4th Edition contains information on commencing disputes, including national and local taxes; courts and tribunals; penalties and remedies; tax claims, including recovering overpaid taxes, challenging administrative decisions, and claimants; costs; alternative dispute resolution; anti-avoidance; double taxation treaties; areas of focus; and outlook and conclusions. The section was contributed by SyCipLaw partner Carina C ...
The Paris Agreement (the “Agreement”) was signed on Friday, 22 April 2016 in New York. This adds further impetus to the international response to climate change and, for the local economy, it re-emphasises the importance of South Africa’s national greenhouse gas mitigation actions, including the carbon tax ...
