On April 14, 2015, the White House announced that President Obama intends to remove Cuba from the government’s list of nations that sponsor terrorism. This decision follows a series of important changes to US policies and regulations affecting business and commercial transactions between the United States and Cuba ...
MontenegroThe Montenegrin Parliament recently enacted the new Law on Tax on Coffee and amendments to the Law on Value Added Tax, the Law on Real Estate Tax, the Law on Tax Administration and the Law on Mandatory Social Security. The purpose of these changes is to clarify existing provisions of these tax laws in order to improve their enforcement and to better control the tax liabilities of non-resident taxpayers ...
Download a free copy of the Philippine section of The Tax Disputes and Litigation Review edition 3, which was contributed by the SyCipLaw Partner Carina C. Laforteza with Associate Mark Xavier D. Oyales ...
On 5 January 2015, the Minister of Trade issued Regulation No. 4/M-DAG/PER/1/2015 of 2015 on Provisions to Use a Letter of Credit for Exporting Certain Commodities (“MOT Regulation 4”). One of the goals of MOT Regulation 4 is to provide a clear and verifiable record of prices actually paid by foreign buyers for exported natural resource products ...
The Tennessee General Assembly recently passed the Revenue Modernization Act (the “Act”), which imposes broad, sweeping changes by adopting revised nexus standards for Tennessee business tax, franchise and excise tax, and sales and use tax purposes; revising Tennessee apportionment for business tax and franchise and excise tax purposes; and imposing sales tax upon remotely accessed video games as well as online software access ...
The Act of 21 December 2013 concerning the financing of small and medium-sized undertakings (the “Act”) was published in the Belgian State Gazette on 31 December 2013. The Act entered into force in 2014 and applies to all Credit Agreements that have been concluded since that date. The Act applies to all Credit Agreements entered into between an Undertaking and an EEA Provider of Credit ...
Restraints of trade - Scope of rules: 1. Are restrictive agreements and practices regulated? If so, what are the substantive provisions and regulatory authority? Restrictive agreements and practices may qualify as anti-competitive concerted practices (that is, practices that resulted or may result in prevention, elimination or restriction of competition). There is a general prohibition of anti-competitive concerted practices, unless an exemption applies (see Question 3) ...
On June 29, President Obama signed the Trade Preferences and Extension Act of 2015, which significantly increases penalties for the failure to file correct information returns under I.R.C. § 6721 and the failure to furnish statements to payees pursuant to I.R.C. § 6722. The new law increases the penalty from $100 to $250 for each violation of either statute ...
The Competition Commission of India (“CCI”) has revised the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (Combination Regulations), making them more forward looking, in keeping with some of the best practices in other jurisdictions. The instant revision is the fourth instance in the four years since the introduction of the merger control regime in India ...
On July 22, 2015, the Treasury Department and the Internal Revenue Service (“IRS”) released proposed regulations (the “Proposed Regulations”) providing that in certain circumstances a service provider’s allocations of a partnership’s income may be treated as compensatory payments for services under the Internal Revenue Code of 1986, as amended (the “Code”) ...
Nonprofit hospital executives and lawyers throughout the country are taking notice of a recent tax court case out of New Jersey involving the Morristown Medical Center, in which Judge Vito Bianco agreed with the local town and denied the New Jersey hospital of its tax exemption for the majority of its properties. Estimates put the annual dollar cost of this loss of property tax exemption for the hospital at between $2.5 million to $3 million ...
Bulgaria is the second largest producer of foie grasin the world (after France) with about 10% of the global production (approximately 2,600 tons per year). Furthermore, France is the largest consumer of foie gras globally, importing about 3,750 tons per year, 2/3 of which come from Bulgaria. Agroplasment-92-VJSC and Bulian SJSC are the leading Bulgarian producers of foie gras and other duck products. The two companies account for approximately 1/3 of all Bulgarian foie gras exports ...
Bulgaria is the second largest producer of raw tobacco in Europe after Italy and has been a leading exporter of cigarettes and tobacco products from the 1920s onward. Slance Stara Zagora Tabac is a leading Bulgarian producer of cigarettes and tobacco products with rich experience in the selection and skillful blending of classic American and Virginia blends ...
The U.S. Treasury Department Office of Foreign Assets Control (“OFAC”) has amended its Cuban Assets Control Regulations to, in OFAC’s words, “further implement elements of the policy announced by the President on December 17, 2014 to engage and empower the Cuban people.” In practice, the amendments make important changes to the Cuban Assets Control Regulations, originally liberalized in January of this year ...
The Technology, Media & Telecoms Legal Bulletin (Aug ...
Hunton & Williams is pleased to announce the release of its newly designed and mobile-responsive Immigration and Nationality Law Blog, www.huntonimmigrationlawblog.com. “Our immigration law blog has been a valuable resource for US employers,” said Ian Band, who heads the firm’s immigration and nationality practice ...
Ukrainian telecom market has developed gradually from a state-controlled monopoly to a competitive sector. Over the recent years, Ukrainian telecom policy makers and regulator have been striving to establish pro-competitive regulations aimed at liberalizing the telecom market at large. For instance, in 2011, the Ukrainian Parliament abolished licensing of three out of eleven types of telecom services that required a telecom license ...
What has happened?On 16 September 2015, the Federal Government introduced the Tax Laws Amendment (Combating Multinational Tax Avoidance) Bill 2015. The Bill contains two significant proposals, both of which were signalled in the 2015-16 Federal Budget in May 2015 (see 2015-16 Federal Budget - key tax announcements for business) ...
With effect from 1 April 2015, the business of a hedge fund has been declared to be a collective investment scheme (“CIS”) in terms of section 63 of the Collective Investment Schemes Control Act 45 of 2000 (“CISCA”). Accordingly, hedge funds are now subject to and regulated by certain prescribed provisions of CISCA ...
After a marathon weekend negotiating session in Atlanta, trade ministers from the United States and eleven other countries reached a final agreement on the terms and text of the Trans-Pacific Partnership (TPP). The TPP is a multi-faceted trade agreement among Pacific Rim nations that account for approximately 40 percent of world GDP ...
NEW REQUIREMENTS FOR PRIVATE PLACEMENTS(“Regulation 45-106”) OBLIGATION TO KNOW YOUR INVESTOR WELL Issuer’s obligations: Ask questions Verify the investor’s declared income and assets Confirm the relationship between the investor and the issuer Obtain proof of the investor’s status Keep the documents on file Last May, the Canadian Securities Administrators amended Regulation 45-106 respecting Prospectus Exemptions(“Regulation 45-106”)as we
Italy and Turkey have had a strong and well-established economic partnership for decades, with a turnover of about USD 20 billion in 2014 and investment by Italian companies in Turkey in 2014 of around USD 4.5 billion ...
Corporations that are in need of liquidities can, simply put, not afford to wait until the end of the fiscal year to receive payment of refundable tax credits. For this reason, some lenders offer to advance funds to eligible taxpaying corporations (hereinafter “Taxpayers”) in the form of a loan, while taking security on their future tax credits as collateral (“Advance Tax Credit Financing”) ...
