The proposed new Renewable Energy Sources Act would significantly change the system of support for electricity produced in Poland from renewable resources. If the bill is enacted, companies in the power industry in Poland will have to make major revisions to their business plans ...
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" ...
Law no.11/2012 of 8 March establishes new rules for prescription and dispensing of medicines. Prescriptions for medicines must now include the International Nonproprietary Name (INN) of the active substance,its pharmaceutical form, the dosage, the presentation and the posology. The prescription may also include a trade name by brand or indication of the name of the holder of the marketing authorisation ...
At the end of 2011 the Polish utility sector received a present from the government in the form of a long-awaited package of proposed energy legislation. How could it change the rules of the market? February was the deadline for public comment on a legislative package including the proposed new Energy Law, Gas Law and Renewable Energy Sources Act ...
On 24 February 2012, Greece opened the Private Sector Involvement debt swap deal (PSI) to bondholders. Essentially the deal involved a swap that meant bondholders would have to accept a 53.5% cut on the face value of their bonds which, in real terms, meant a loss of approximately 75% on their investment. The deal will be the largest financial restructuring in history, dwarfing the Argentinean restructuring in 2005 valued at EUR 33 ...
Decree-Law no. 50/2012, of 2 March is the most recent legislative measure on maritime insurance in Portugal. This legislation, that transposes into the Portuguese legal system from the Directive 2009/20/EC dated 23 April 2009 of the European Parliament and of the Council, regarding the insurance of ship owners for maritime claims (the «Directive»), has entered into force on last 3 March ...
The latest additions to the Greek debt saga and the Eurozone crisis are the Credit Default Swap holders and the ISDA. But who are they and what is their role? What is a Credit Default Swap (CDS)? A CDS is most simply described as a type of insurance against the risk of a default on a debt issued by a third party (the reference obligor) ...
On 2 March, 25 of the 27 EU members committed to the new "Fiscal Compact" concept, signed the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union. The Treaty, which is technically an intergovernmental treaty and not an EU instrument (due to the UK and the Czech Republic not wishing to sign up to it), was introduced in December 2011 by Germany and France ...
The Energy Act 2011 deals with securing energy supplies and the regulation of renewable energy resources. It also sets out the framework to facilitate the "Green Deal" to be launched, with the support of secondary legislation this coming Spring. The Green Deal offers “no upfront cost” in respect of the installation of energy saving measures ...
Today, Google have made the very interesting (but arguably provocative) move of completely rejecting the French data protection regulator's request to put a hold on the implementation of proposed changes to its privacy policies. In doing so it has become the subject of a Europe-wide investigation. What has changed? Up until today, the information collected by Google on each of its platforms, such as Gmail and YouTube, was kept separate ...
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 ...
Government guidance that suggests parent companies are unlikely to be snared by anti-bribery legislation that catches a subsidiary could lull businesses into a false sense of security. While it is unlikely that a subsidiary or joint venture partner operating independently and caught by the Bribery Act would make its parent liable, there is other legislation ready to catch the owner ...
Europe’s Finance ministers worked through the night of 20 to 21 February to hammer out the terms of the second Greek bail-out to the tune of EUR 130 bn. While the markets have responded coolly to the deal, ministers remain optimistic that enough has been done to stem the contagion to the rest of the Eurozone. Many experts remain skeptical as to whether the bail-out will be enough to save Greece from ultimately defaulting ...
On 6 February 2012 the Cabinet of Ministers of Ukraine amended its Resolutions No. 1297 and No. 1298, dated 30 November 2011 (the "PSA Resolutions"), which determine tender terms for conclusion of production sharing agreements ("PSA") on exploration and production of hydrocarbons, in particular non-conventional gas, in Oles'ka and Yuzivs'ka subsoil blocks. These amendments (the "Amendments") are apparently made to address some of the foreign investors' concerns ...
Ukraine is a civil law country with the Constitution being a principal source of law. The main sources of civil and commercial law are acts promulgated by the legislative and executive branches of the state. International treaties ratified by Parliament become part of national law and prevail in a conflict with domestic law ...
Not long ago, returns on traditional investment products, for example term deposits, were quite low and did not generate a great deal of interest among those who could spare and would like to invest money with the prospect of some return. Alternatives nearly always carry a higher risk and the various solutions, such as mutual funds, were not well known and poorly understood ...
Serbia - Delays in Issuance of Regulations Necessary for Implementation of the New Energy Law As we reported back in August 2011[1], the Serbian Parliament adopted the new Energy Law in July 2011 introducing very important changes in the area of renewable energy sources (RES) ...
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 ...
In its judgment of 19 January 2012 (case no. 08332/11), the Southern Central Administrative Court, decided that INFARMED - Autoridade Nacional do Medicamento e Produtos de Saúde, I.P. (the national authority for medicines and healthcare products), is obliged to issue a certificate of subsidisation of the price of a medicine even when the person requesting the issue of the certificate was not the person who applied for the subsidy ...
Within the scope of the measures intended to promote the competition and liberalization of the business activities approved by the Council of Ministers on January 20, 2012, are included, among other things, special provisions concerning the performance of insurance services which introduce relevant amendmentsto the Legislative Decree No. 209 of September 7, 2005 (“Insurance Code”) ...
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 ...
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