Under newly enacted Section 1400Z of the Internal Revenue Code of 1986 (the “Code”), beginning on December 22, 2017, taxpayers may defer, and in some cases partially eliminate, capital gains by making certain investments in “qualified opportunity zones.” A qualified opportunity zone is a “population census tract” in a state designated low-income community ...
TheScottish Land Commission recently published their reportinto what it describes as the issues associated with largescale and concentrated land ownership in Scotland. The report draws a number of conclusions and makes recommendations to the Scottish Government about potential future legislative change that might have far-reaching consequences for rural land ownership ...
The Ministry of Culture issued Decree 475, 2020, to amend the cultural sector’s conditions due to coronavirus. Due to the health crisis, the Ministry of Culture issued Decree 475, 2020, to amend the payment conditions of the pro-culture stamp duty, the contribution to public shows and the film development fee are modified. According to Decree 475, 2020, Governors and Mayors must transfer 20% of the culture stamp duty for the social security of creators and cultural managers ...
On December 19th, 2018, the Ministry of Labor published Ordinance No. 1,085/2018, for the purpose of amending Regulation No. 22 ("NR-22"), which regulates aspects related to the mining sector occupational safety and health. The reformed NR-22 therefore brings changes to the sections regarding the Disposal of Tailings, Wastes and Products and the Emergency Response Plan, within the framework of the National Policy on Dams Safety ("PNSB") ...
In recent months, a number of changes to the Russian tax legislation, implying long-term effects for both Russian taxpayers and foreign investors, are taking place. Amendments to the Double Tax Treaties ('DTTs') are among of the most important ones. Below, we provide our consolidated analysis of the forthcoming changes and recommendations on steps to prepare for them ...
Changes to Stamp Duty, LTT & EPTT in Jersey Increase to the first-time buyer threshold The Law provides a welcome amendment to first time buyer stamp duty rates (and equivalent land taxes such as land transactions tax (LTT) in respect of share transfer properties and enveloped property transactions tax (EPTT)), with the maximum purchase price threshold for first-time buyers increasing from £500,000 to £700,000 ...
The idea of achieving purpose alongside profit has been part of the business world for centuries, but the importance placed on it has reached new heights in recent years with an increased focus on ESG (Environmental, Social and Governance) issues, informed by a longer-term view that we cannot afford to pursue profit without consideration for people and our planet ...
The Environmental Evaluation Service (SEIA) has published the “Guide for Determination of the Ecological Flow for Hydropower Plants”.The objective of the Guide is to establish uniform criteria for determining the environmental flow regime in hydropower plant projects that are evaluated by the SEIA. The Guide incorporates the use of hydrological criteria, valuation of ecosystem services and anthropic uses, while also taking into account the particular project’s specific characteristics ...
Through an announcement issued by the Ministry of Finance, Mario Marcel, the government presented the general outlines of its tax reform proposal. This reform would consist of four bills (two of which would be submitted to Congress during July, and the remaining ones during the fourth quarter), which will be relevant to know in order to analyze the details of this announcement. On our web page (https://reformatributaria.carey ...
On April 20th, 2023, President Gabriel Boric announced the guidelines of the National Lithium Strategy, through which the Government seeks to promote the lithium exploitation by the Chilean State (by means of State-owned companies or in association with private entities), to generate value-added lithium products and investment in technology and research ...
The National Geology and Mining Service (the "SNGM") has issued exempt resolution No. 69/2021 (the "Resolution"), which establishes the program of updates and periodical audits of closure plans to which the companies listed there must comply within the 2021 calendar year. Closure Plans Law No ...
Superintendence of Environment orders the suspension of terms and enforces virtual channels in the context of Covid-19 The Superintendence of Environment has suspended all of sanctioning proceedings and implemented virtual channels to receive consultations, complaints and replace its reception office ...
On March 19, 2020 the Superintendence of Environment (“SOE”) issued the Exempt Resolution No. 497 (“Res. 497”), which is referred to a number of general instructions within the sanitary context caused by the coronavirus (COVID-19). I. Purpose. Carry out a permanent monitoring of the status of projects or activities and of the compliance with their applicable obligations given the current sanitary context. II. Recipients ...
The State Administration of Taxation issued the Notice on Several Issues in the Implementation of Tax Agreements and the Individual Income Tax Law on Individuals With No Domicile in China on 23 July 2004. The Notice, which entered into effect on 1 July 2004, clarifies a number of issues related to the levy of PRC individual income tax ("IIT") on expatriate employees ...
On 16 March 2007, the Standing Committee of the National People’s Congress promulgated the Enterprise Income Tax Law of the People’s Republic of China. The Law harmonises the tax laws applicable to foreign and domestic enterprises. The new law marks a major change in PRC tax policy. Effective 1 January 2008, both domestic enterprises and foreign-invested enterprises (FIEs) will be subject to income tax at the unified rate of 25% ...
The State Administration of Taxation issued the Measures on the Self- Declaration of Personal Income Tax (Trial Implementation) on 6 November 2006. The Measures cover the filing process for those who satisfy one of the following conditions:1. Annual income of 120,000RMB or more; 2. Wages or stipends earned from two or more sources within China; 3. Income earned outside China; 4. Any acquired taxable income without withholding; 5 ...
At the 18th Session of the Standing Committee of the 10th National People’s Congress held on 27 October 2005 amendments were adopted to the Individual Income Tax Law of the People's Republic of China. The amendments were promulgated by President Hu Jintao on 27 October 2005 and enter into effect on 1 January 2006. Tax free allowance A first amendment raises the tax free allowance applicable to wages and salaries from RMB 800 to RMB 1,600 ...
On 27 November 2006, the Ministry of Finance and State Administration of Taxation jointly issued the Notice Regarding Several Stamp Tax Policies. The Notice states that:1. Stamp tax will be levied on contracts submitted electronically. 2. Stamp tax will be levied on purchase and sale contracts between power plants and power grid networks and on those between two power grid networks ...
The State Administration for Taxation issued the Reply of the State Administration of Taxation on Issues relating to Tax Refund for Reinvestment by Foreign Investors on 20 October 2005. The Reply explains the conditions under which a foreign investment enterprise (“FIE”) can obtain a rebate on its enterprise income tax (“EIT”) for re-investment of its profits if such re-investment is made in instalments or in phases ...
The State Administration of Taxation ("SAT") issued the Notice on Relevant Issues in Adjusting the Method for Calculation of Individual Income Tax Annual Lump Sum Bonus Etc. Received by Individuals on 21 January 2005. The Notice, which took effect on 1 January 2005, repeals two SAT Notices issued in 1996 and addresses the issue of the calculation of individual income tax ("IIT") on annual bonuses ...
The Ministry of Finance and the State Administration of Taxation jointly issued the Notice on the Issue of the Levy of Individual Income Tax on Income Derived by Individuals from Stock Options on 31 March 2005 ("Notice"). The Notice, which entered into effect on 1 July 2005, provides a number of guidelines regarding the taxability of such schemes. Taxable event The Notice applies to stock options granted to employees of listed companies or their holding companies ...
TheSarajevo Business Forum2016(SBF) was, among hosting a number of lectures and discussions, a platform for one of the largest post-war investments in the energy sector in Bosnia & Herzegovina (BiH) ...
