The Chancellor delivered the 2009 Budget on 22 April 2009. The following is a summary of the main points of interest. Income tax From 6 April 2010 there will be an additional higher rate of 50 per cent on taxable income above £150,000. The basic personal allowance for income tax will be reduced by £1 for every £2 an individual's net income is above £100,000 ...
As part of the June 4, 2014 Budget Speech, the Quebec Government announced an immediate 20% reduction in the rates of some business tax credits. The mining exploration tax incentives in Quebec did not escape this reduction. Flow-through share regimeThe flow-through share regime currently allows investors to deduct in the calculation of their income an amount equal to 100% of the subscription price ...
The 2016 Budget Review contained a most welcome – if cryptic – statement for venture capital companies (“VCCs”) and their investors. The statement reads as follows:“Venture capital funding for small businessesFunding remains one of the biggest challenges for small businesses. To encourage equity funders to invest in small businesses, the venture capital company regime was introduced in 2008. Currently, 31 venture capital companies are registered ...
The Government of Malta reaffirmed its commitment to establishing Malta as a go-to jurisdiction for start-ups in its Budget for 2023. During the budget speech that was delivered on 24th October 2022, the Minister for Finance and Employment, Hon. Clyde Caruana announced that a one-stop shop for start-ups is set to be launched within the “Start in Malta” programme currently run by the Malta Enterprise ...
Last year a new landmark report was launched by the Chartered Institute of Building (CIOB), aimed at changing the diversity of the people building the critical national infrastructure - as they have not always reflected the diversity of the people and communities who will ultimately use it ...
The Charity Commission focuses on charities meeting “public expectation”, but they also need to remain true to their stated purpose, even when doing so may prove controversial. A report on our colonial past The National Trust has acted in accordance with its charitable objects. This shouldn’t be headline news, but it has been for the last six months ...
Business in Bulgaria is experiencing a challenging legal environment in the context of rapidly changing emergency measures dealing with the COVID-19 pandemic. We have prepared a summary of the key legal measures affecting business in the BULGARIA COVID-19 TRACKER. It will be updated daily, as necessary. Please check regularly for updates. If you have questions, please contact a member of our C19 Task Force ...
The Bureau of Cannabis Control recently published two new fact sheets on its website as a resource for industry stakeholders, licensees, and the general public. The facts sheet help everyone better understand the different responsibilities of the cannabis distributor (Type 11) and the cannabis distributor transport only (Type 13) licensee by providing a list of required procedures and guidelines for various distribution activities ...
On 10 March 2022, the Cabinet Office published the long-awaited draft Terms of Reference for the UK COVID-19 Inquiry.1 In this article we consider the implications for businesses impacted by the pandemic and how they may wish to get involved in the Terms’ finalisation. Terms of Reference are critical to a public inquiry as they define its scope and purpose ...
Joseph Raczynski joins Paul Caddy to discuss horizon-gazing and what the future might hold. Joseph is a leading technologist and futurist. He speaks globally on subjects like blockchain, artificial intelligence, cryptocurrency, the Metaverse, NFTs and cybersecurity. Joseph hosts Technology Snippets Today a video podcast series which explores cutting edge technology and innovation ...
Many are still of the belief that business income tax (also called corporate income tax (CT)) is only under discussion and its introduction uncertain. That is certainly not the case. The UAE federal government has announced the application of income tax for business activities as of 1 June 2023. Although the law for CT has not yet been issued, we know that the Federal Tax Authority (FTA) (which also administers the VAT) is busy preparing for the introduction of CT ...
Many governmental authorities across the country have ordered “nonessential” businesses to shut down because of the COVID-19 crisis. Many business owners are asking what that means for the business income losses that they are forced to endure and whether insurance will cover those losses. Most property insurance policies that offer business interruption coverage provide some form of “civil authority” coverage ...
Introduction 1. Background of the Foreign Investment Law and Regulations. Consistent with NAFTA, Mexico enacted a Foreign Investment Law (FIL), effective March 20, 1998, which abolishes restrictions of foreign investment in most areas. The Regulations of the FIL, effective on September, 1998, were also enacted to provide legal certainty to foreign investors. 2. General Rule: 100% of Foreign Investment Participation ...
The Scottish Parliament has set out a concrete timetable for business rates to be cut in Scotland to the level of those in England by April 2007 in a bid to boost competitiveness. Finance Minister, Tom McCabe, confirmed the timetable for this equalisation in a statement to the Scottish Parliament on 6 October 2005, outlining plans to stagger its implementation. It is proposed the reduction occurs over a two-year period ...
On March 27, 2020, Congress passed the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). This historic $2 trillion relief package received bipartisan support and is part of the third wave of federal government support as the nation copes with the acute economic fallout from the coronavirus (COVID-19) pandemic. The CARES Act, among other things, aims to provide significant aid to businesses and employees ...
The landmark CARES Act provides many Alabama employers with several options to increase liquidity and cash flow during the time of the COVID-19 pandemic. And only nine days before that legislation was enacted, the Families First Coronavirus Response Act (FFCRA) also created two other payroll tax-related incentives for certain employers, and self-employed individuals ...
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, 2020, provides $2 trillion in relief funds for individuals and businesses, including $500 billion in direct aid for large companies and more than $300 billion for small companies. Businesses applying for and receiving funds under the CARES Act should be mindful of risks associated with stringent government oversight and inevitable investigations targeting waste, fraud, and abuse ...
On October 3, 2018, the IRS issued guidance for employers on how to claim tax deductions for business meals this year. Under the Tax Cuts and Jobs Act, ("TCJA") business expenses for "entertainment" are no longer deductible, effective for 2018. However, the TCJA did not modify the separate 50% deduction for expenses for business meals, which left employers wondering how to distinguish a business meal from entertainment ...
As the financial services sector has developed and adopted technology, there has been a significant growth in Deferred Payment Credit, more commonly referred to as ‘Buy Now, Pay Later’ (“BNPL”) by consumers. Demonstrating the scale of growth, news outlets have recently reported that over £10 billion has been lent to consumers by BNPL companies in the last three years ...
Purchasing a yacht should be a pleasurable experience given that the craft in question is most likely to be used for the owner’s leisure pursuits. Yachts, however, whether they are second-hand, new, large or small, have one thing in common. They are expensive. However, many purchasers whether they are paying £10,000 or £1,000,000 are sometimes less cautious than perhaps they should be when buying what is in effect a “toy” ...
The decision will be relevant for parties seeking to bring claims in the BVI courts where there are competing jurisdictions and systems of law at play. Funders and ATE insurers will also find the decision of interest where they are considering the merits of funding cross-border claims involving BVI defendants. A copy of the judgment is available here. Background WWRT had commenced proceedings in the BVI against Carosan, a BVI company, and BK, a Ukrainian businessman ...
On 31 July 2023, significant changes to the Eastern Caribbean Supreme Court Civil Procedure Rules ("ECSC CPR") will come into effect. Arguably the most significant changes for parties to litigation in the BVI Commercial Court are the amendments to ECSC Part 7, governing service of proceedings out of the jurisdiction ...
On July 7, 2022, the Cyberspace Administration of China (the “CAC”) formally promulgated the Measures for Security Assessment of Cross-border Data Transfers (the “Assessment Measures”), which specify and implement the provisions on data export in accordance with Article 37 of the Cybersecurity Law of the People’s Republic of China (the “CSL”), Article 31 of the Data Security Law of the People’s Republic of China (the “DSL”), and Article
