With the ink now dry on The Taxpayer Relief Act of 2012 (passed in early 2013) which, among other things, raised the capital gains tax rate from 15% to 20% and the top income tax bracket of “high income” Americans from 35% to 39.6%, Senate Democrats have now proposed the “American Family Economic Protection Act” which defers the sequestration for the remainder of 2013 by (i) raising the income tax on millionaires ($55 billion over 10 years), (ii) increasing future military cuts ($27 ...
Contents Part XII.2 Tax Applicable to Trusts: a Potentially Expensive Tax Which Is Often Overlooked Application of the Anti-avoidance Rule in Subsection 83(2.1): Caution Is Required in the Context of the Acquisition of a Private Corporation Revenu Québec to Scrutinize Trusts Directors’ Liability for the Debts of a Corporation Payable to Employees for Services Rendered During the Directors’ Term of Office PART XII ...
Here is an overview prepared by Lavery of the highlights of the consultation document (in French) released last Thursday by the Quebec government in connection with the forum on mining royalties to be held on March 15, 2013. Overview of the consultation document entitled "Le régime d’impôt minier du Québec" ...
The Department of Environment and Natural Resources (DENR) issued DENR Memorandum Order No. 2013-01 (theMemorandum Order), which increased the minimum capital requirements for mining applicants. Under the Memorandum Order, the minimum authorized capital stock and paid-up capital of mining applicants were increased as follows:Authorized Capital: From PhP10 million; To PhP100 million.Paid-Up Capital: From PhP2.5 million; To PhP6.25 million ...
Mining has become one of the largest industries in British Columbia, and Vancouver is considered by many to be the world's leading centre of expertise for mineral exploration, with some 1,200 exploration companies located in the province. As a result, many British Columbians have a disproportionate stake in what lies ahead for the mining industry. In 2011, B.C ...
In continuing our commitment to best serve our clients, we have been closely monitoring legislative changes in West Virginia that may affect the shale gas industry in the state. This update covers a new rule affecting horizontal drilling and the results of a recent pit and impoundment study ...
It’s not impossible for nations in conflict to put aside their differences to coordinate the delivery of natural resources, but it’s unusual. For the Democratic Republic of Congo, Rwanda, and Burundi, cooperation is transforming the shared Ruzizi River into a valuable source of hydro power for three peoples ...
Gift Tax Return Requirement for 2012 TransactionsDuring 2012, uncertainty about future estate and gift tax exemptions and rates led many of our clients to make substantial gifts during 2012 to their descendants or to trusts for descendants ...
The primary issue in the three (3) consolidated cases involving San Roque Power, Taganito Mining and Philex Mining decided last February 12, 2013 revolves around the proper period for filing the judicial claim for refund or credit of creditable input tax ...
Following the dissolution of BP Migas, SKK Migas has taken over all upstream oil and gas business activities until the new law on oil and gas is enacted. The Minister of Energy and Mineral Resources recently issued Regulation No. 9 of 2013 on the duties and organizational structure of SKK Migas ...
By October 1, 2013, the North Carolina Mining and Energy Commission (“N.C. MEC”) must report its findings and recommendations for hydraulic fracturing to the Joint Legislative Commission on Energy Policy and the Environmental Review Commission. One of the issues being considered by the N.C. MEC is whether the state will permit forced pooling by oil and gas companies ...
The County Commission in Doddridge County, West Virginia is currently considering amendments to its Floodplain Ordinance as a result of a December 17, 2012 decision by the Circuit Court of Doddridge County. (Comments to the amended floodplain ordinance were due by March 25, 2013.) The facts and procedural posture of the Doddridge County case are convoluted ...
On April 24, 2013, the Pennsylvania Supreme Court issued its highly anticipated decision in the Butler v. Charles Powers Estate case. The Supreme Court decided to maintain the status quo in Pennsylvania by reaffirming the application of the Dunham Rule, meaning that there will not be a sea change in the Commonwealth regarding the interpretation of oil and gas conveyances ...
As discussed in Part I, the North Carolina Mining and Energy Commission (“N.C. MEC”) will present its report on hydraulic fracturing to the Joint Legislative Commission on Energy Policy and the Environmental Review Commission by October 1, 2013. One of the many issues up for debate is whether the state will permit forced pooling and if so, what approach the state will adopt for nonconsenting landowners ...
On 20 March 2013, the Finnish government issued its much-awaited proposal for a new Electricity Market Act and an amended Natural Gas Market Act. It also sent to the parliament a separate supervision act. The proposal implements the European Union’s third Electricity and Natural gas Directives to the Finnish legislation. It also includes numerous nationally prepared amendments and changes ...
The Panamanian Limited Liability Partnership has been a part of Panama’s trade laws since 1916, when the Panamanian Commercial Code was issued. However, during 2009 it was subject to a profound reform in order to adapt it to an always demanding and changing market. As its “younger sister”, the worldwide famous “Sociedad Anonima” (1927), the limited liability partnership shall be filed at the Public Registry ...
On April 12, 2013, the N.C. Supreme Court stepped into the ongoing dispute regarding the 7.2 percent rate increase sought by Duke Energy and approved by the North Carolina Utilities Commission (NCUC) in January 2012. Duke initially sought a 12 percent rate increase, but eventually entered into a settlement with the North Carolina Public Staff, setting the rate at 7.2 percent. Duke contended that it needed the higher rates to cover $4 ...
The Alabama Department of Revenue (“Department”) recently issued a proposed regulation, Prop. Ala. Admin. Code 810-6-5-.05.02 which, if approved, will dramatically alter the obligation of sellers to collect and remit local sales and use tax imposed by Alabama cities and counties. By regulatory fiat, not supported by legislative changes, the Department seeks to reverse decades of tax history and positions ...
The draft law governs the organization and functioning of the natural gas sector, rules and conditions for carrying out energy activities in this sector, planning and development of the natural gas market, market regulation, "unbundling" of activities, third party access to natural gas systems ...
Here are select February 2013 rulings of the Supreme Court of the Philippines on tax law: National Internal Revenue Code; documentary stamp tax; issuance of promissory notes; persons liable for the payment of DST; acceptance ...
On April 12, 2013, the West Virginia Legislature passed Senate Bill 243 which contained, among other West Virginia Department of Environmental Protection (“DEP”) rules, the Rules Governing Horizontal Well Development 35-8 (“Rule”). The Rule was developed to provide further direction in the implementation and administration of the Natural Gas Horizontal Well Control Act that became effective on December 14, 2011 (“Act”) ...
An intermediate appellate court in New York recently affirmed that a local government has the authority to enact zoning ordinances banning all oil and natural gas activities within municipal limits. In 2011, the Town of Dryden amended its zoning ordinance to ban “all activities related to the exploration for, and the production or storage of, natural gas and petroleum within its borders ...
In the last legislative session (2011–12), bills that would have imposed severe restrictions or even an outright moratorium on hydraulic fracturing (HF) were narrowly defeated in the California legislature. Earlier this year, we issued an alert regarding draft regulations that had been issued by the Division of Oil, Gas, and Geothermal Resources ...
CONTENTS Life Insurance Policy: How to Extract Funds from a Corporation with No Tax ImpactConstructive Dismissal Analyzed in the Context of a Business AcquisitionThe Right of Withdrawal, a Controlled Form of Contractual FreedomTransfers of Residences Involving a Spousal Testamentary Trust LIFE INSURANCE POLICY: HOW TO EXTRACT FUNDS FROM A CORPORATION WITH NO TAX IMPACTLuc Pariseau with the collaboration of Martin Bédard, articling studentIndividual shareholders who wish to withdraw
