Beginning next month, used car dealers in West Virginia may sell vehicles directly to consumers without a single warranty that the vehicles are operational or safe to drive. The so-called “As Is” bill – approved last March by the West Virginia Legislature – will allow merchants to make sales on an “as is” basis, effectively eliminating any implied warranties about a vehicle’s merchantability or fitness for a particular purpose ...
Dear All,This is to inform you that the Federal Law no. 88-FZ “On amendments to articles 24 and 40.1 of Federal Law “About Banks and Bank Activity” and to the Federal Law “On voluntary declaration of assets and bank accounts/deposits by individuals and on introducing amendments to certain legislative acts of the Russian Federation” (further – the “Law”) was adopted on April 05, 2016 ...
Dear All,This is to inform you that the Federal Law no. 88-FZ “On amendments to articles 24 and 40.1 of Federal Law “About Banks and Bank Activity” and to the Federal Law “On voluntary declaration of assets and bank accounts/deposits by individuals and on introducing amendments to certain legislative acts of the Russian Federation” (further – the “Law”) was adopted on April 05, 2016 ...
Bill 64, also known as the Act to modernize legislative provisions respecting the protection of personal information , was adopted on September 21, 2021, by the National Assembly of Quebec ...
We would like to present you an overview of the most valuable changes in Tax legislation effective since January 1, 2010. Also we would like to point out the recently adopted Decision of the Presidium of the Supreme Arbitrazh Court of the Russian Federation significant from the tax standpoint ...
On 1 January 2023, the BVI Business Companies Act, 2004 will be amended by the: (1) BVI Business Companies (Amendment) Act, 2022; and (2) the BVI Business Companies (Amendment) Regulations, 2022 (together the “Amendments”). The Amendments will impact all companies incorporated or registered in the BVI (“Companies”) ...
Dear Clients and Colleagues, We write to inform you about amendments tothe "Angels Law" that were recently enacted with the aim ofencouraging private investment in new start-ups in the seed stage (the "Amendment").The "Angels Law" refers to theprovisions of section 20 of the 2011-2012 Economic Policy Law, which was passedas a temporary order and was in force during 2011-2015 (the "Law") ...
Corporate Income Tax Law: The most important change to the CIT Law is the introduction of the obligation for a non-resident tax payer to file the tax return for capital gains it generates in Montenegro. The non-resident will have to file the tax return within 30 days after the income was generated. The tax authorities will assess the tax in their resolution. Until now, capital gains tax was paid on a withholding basis ...
Amendments to the Operating License Framework Act and the General Administrative Procedure Act are approved Today, May 10, Legislative Decree No. 1497 has been published, a standard that approves measures to promote and facilitate regulatory conditions that contribute to reduce the impact on the economy due to the health emergency caused by COVID-19, for which the Operating License Framework Act and the General Administrative Procedure Act have been amended accordingly ...
This is to inform that the President of the Russian Federation has introduced to the State Duma the Draft of Federal Law on amendments to anti-corruption regulations referred to the restrictions of Russian public officers (hereinafter – the Draft Law) ...
Since 1 January 2013, section 19 of the Income Tax Act, 1962 (the “Act”) and paragraph 12A of the Eighth Schedule to the Act (the “Eighth Schedule”) have determined the tax implications where a debt owing by a taxpayer is cancelled, waived, forgiven or discharged for no consideration (or for consideration that is less than the amount of the debt) ...
On June 7, 2005, a Decree amending, enacting and repealing various provisions of the VAT Law was published at the Mexican Federal Register. These amendments, to a large extent, merely renumber and relocate various provisions of the VAT Law, leaving their content unaltered. Nonetheless, it is quite important to underline that these amendments repeal any reference to “activities which fall outside the scope of this tax” in the provisions dealing with creditable VAT ...
Last week upon final passage by Congress, President Joe Biden signed the American Rescue Plan Act (ARPA or Act) into law.[1] The $1.9 trillion economic stimulus bill provides a comprehensive package of available funds to qualifying individuals and businesses in the form of direct payments, industry-specific grants, and tax credits ...
Who qualifies as a Politically Exposed Person? Politically exposed persons (or “PEPs”) are individuals who have been entrusted with a prominent public function ...
On December 22, 2017, President Trump signed into law a sweeping tax act now known as An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (the “Tax Cuts and Jobs Act”). The Tax Cuts and Jobs Act is effective beginning with the 2018 tax year. Over the coming weeks, we will be alerting you to changes in the tax law and planning ideas that may help to minimize your taxes ...
If you are a business owner-leader whose years of hard labour earned him substantial wealth, you certainly wish to maximize the value of the assets that will be transferred to your heirs. You also want such transfer to proceed harmoniously and at the lowest tax cost possible. To achieve these goals, you must start to plan now ...
The objectives in brief The Government would like to see the aquaculture industry grow, provided that it can do so in a sustainable manner. Statistics produced by the Directorate of Fisheries show that Norway produced and sold a total of just under 1.5 million tonnes of rainbow trout, trout and Atlantic salmon in 2020 ...
According to the World Bank’s 2019 Doing Business index, Indonesia sits in 73rd position overall out of 190 countries in terms of ease of doing business. President Joko Widodo has set as a target increasing Indonesia’s ranking to 40th position. To boost investment and ease of doing business in Indonesia, in his inauguration speech on 20 October 2019, President Joko Widodo introduced the idea of enacting an Omnibus Law ...
The Chicago City Council recently approved a significant amendment to the transit-oriented development provisions of the Zoning Ordinance. Prior to the change, the Chicago Zoning Ordinance, through increases and reductions of certain development standards, allowed for larger, more dense buildings on properties in close proximity to CTA or Metra train stations ...
Corporate status A foundation company is a body corporate with a legal personality distinct from its members, directors and other connected persons. As foundation companies are governed by the Companies Act (Revised), except where it is inconsistent with the Foundation Company Act (2017), they benefit from an extensive body of case law and are well recognised in other jurisdictions ...
The legal systems of the nations that comprise the Gulf Cooperation Council -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- have undergone dramatic, radical and progressive change and development in the past 25 years, which is continuing ...
On 25 May 2021, the Central Bank of Nigeria (“CBN”) issued a circular to deposit money banks, payment service providers and other financial institutions notifying them of the release of the Regulatory Framework for Non-Bank Acquiring in Nigeria (“the Framework”). In this article, our Olubusola Oyeyosola Diya examines the provisions of the Framework and considers its impact on financial service providers ...
A trust is created when the legal ownership of property is transferred to or vested in a trustee who thereafter is required by law to manage and administer the property for the benefit of beneficiaries, or for the furtherance of certain purposes. The beneficiaries of the trust collectively hold beneficial title to the trust property. This permits the beneficiaries to enforce trust obligations through the courts if necessary ...
