The government is consulting on a proposal to introduce a new UK-wide tax for residential property developers from 2022, with a view to generating revenue to cover the costs associated with the removal of unsafe cladding. The measure is intended to generate at least £2 billion over the course of a decade, which the government says is a “fair contribution” to the overall cost of the remediation programme ...
contingency fees VAT inclusive or exclusive The High Court, Gauteng Local Division, considered in a recent case (case No 2012/21359, 31 August 2016) whether an agreement in terms of which a legal practitioner charged contingency fees to a client under the Contingency Fees Act, No 66 of 1997 (the “CFA”), is valid ...
It behooves construction professionals, be they materials manufacturers, general contractors, or lower-tier subcontractors, to carry some form of commercial general liability insurance (“CGL Insurance”). Having such coverage alleviates some of the potential risk and financial exposure a construction professional carries on a particular project. That is, of course, unless the construction professional gets sued and the insurer refuses to pay ...
No one can escape the basic rules of contracting, even the federal government. If the contract is clear and unambiguous, then the four corners of the agreement set the rules for the project and the parties – and there’s not much room for interpretation. The government was recently reminded of this cold, hard truth after it refused to grant a contractor an equitable adjustment of the contract price for purchasing wetland mitigation credits. In Kiewit Infrastructure W. Co. v ...
Last June 10, the Autorité des marchés financiers (AMF) announced that the floor amount for obtaining a public contract dealing with services without its prior authorization would be reduced to $1 million ...
The regulation governing contracts of public bodiesleaps into the digital age. The amendments, passed on April 13, 2016, and coming into force June 1, 2016, aim to clarify the rules pertaining to the results evaluation.1Five key changesTenders in electronic form are mandatory if so required in the tender documents ?> change of computer systems will be needed to ensure the integrity of the signatures and tenders ...
Section 9D of the Income Tax Act, 1962 (the “Act”) is aimed at South African residents who directly or indirectly hold more than 50% of the total participation (broadly speaking shares) or voting rights in a foreign company. A foreign company in this context is classified as a controlled foreign company (“CFC”) ...
Amendments toPoland’s Corporate Income Tax (CIT) Act and Personal Income Tax (PIT) Act wentinto force at the beginning of 2015. One of the key changes is taxation ofincome earned by controlled foreign companies (CFC, in Polish: zagranicznespółki kontrolowane).With the entryinto force of the amendments to the CIT Act and the PIT Act, there is a 19% taxon CFC’s income that goes to a Polish tax resident ...
Convening Scheme Meetings: Cayman Islands Court in China Aoyuan confirms the applicable principles Introduction The first stage in any restructuring by way of a scheme of arrangement in the Cayman Islands involves meetings of such classes of creditors or shareholders (as the case may be) to consider, and if thought fit, approve the terms of the scheme. An application to Court is required for orders to be granted for convening such meetings ...
The Taxation Laws Amendment Act, 31 of 2013 (the “TLAA”) introduced with effect from 1 April 2014, a new section 8F into the Income Tax Act, 58 of 1962 (the “Act”) in order to reduce the opportunity for the creation of equity instruments that are artificially disguised as debt instruments (“hybrid debt instruments”) ...
The information in this article is based on new regulations issued by the City of San Francisco, and supersedes the article published in early June of this year. San Francisco has recently enacted the Community Opportunity to Purchase Act (COPA), a law that provides San Francisco nonprofits with the right to purchase apartment buildings of three or more units before they are put on the market ...
Current status: March, 26, 2020 The joint guidelines of the federal government and the German states of March 16, 2020 also provide for the closure of retail and wholesale stores and the partial closure of restaurants and food outlets. It is now at the latest that it becomes apparent how the COVID-19 pandemic will also have a direct impact on commercial lease law ...
The coronavirus has arrived in Germany. This is the central statement of the press conference held by Chancellor Angela Merkel on March 12, 2020. Ongoing construction projects are therefore also affected by the corona crisis, with considerable construction delays to be expected. Contractual provisions are usually lacking Contracts are reflecting the parties’ experiences and expectations. They provide for conceivable or expected circumstances, aiming to create legal certainty ...
The Corona virus has dramatic consequences for most Austrian enterprises. But could it even have an impact on their 2019 financial statements (provided they were not resolved and filed yet)? Will it be possible to use the crises negative effects for claiming deductions in the 2019 tax return? Will it reduce the capacity of an entity that was profitable 2019 to distribute dividends? We limit this short overview on the most common forms of Austrian entities, i.e ...
In light of the state of emergency declared in the Republic of Latvia as a result of the spread of COVID-19 infection, we have summarized the most essential aspects of the government business support programs.The aggregated information is based on the Act on Measures for Prevention and Management of National Threats and Their Consequences in Relation to COVID 19 Proliferation, in force (amendments) on 05.04.2020 (available here) and other legal acts ...
On 11 March 2020, the World Health Organization declared a public health emergency of international concern (PHEIC) following the spread of SARS-CoV2 (Coronavirus) and disease it causes, Covid-19. Subsequently, on 18 March 2020, a state of emergency was declared in Portugal. Against this background, a legislative package has been approved and published, and this package has established exceptional and temporary measures relating to the spread of COVID-19 ...
We are facing a Coronavirus (Covid-19) pandemic and, as a result, administrative solutions have been adopted and a state of emergency has been declared. All this has had an impact on the whole of the economy and it has also had serious adverse effects on works contracts in progress ...
There is expected to be a natural slowdown in the completion of real estate transactions in the coming weeks/months. The more immediate effects of the current situation, and of the administrative measures that continue to be adopted to control the pandemic, are especially reflected in relationships that have already been established ...
Analysis of the changes to the special legal rules onthe credit and financing moratorium. Through Decree-Law 26/2020 of 16 June (“DL 26/2020”), the Government has approved, a set of amendments to the special rules onthe moratorium on financing approved by Decree-Law 10-J/2020 of26March ...
COVID-19 and the measures to mitigate the disease have had an enormous impact on people’s lives and on many sectors of the economy. In response, with regard to lease agreements and other forms of commercial use of real estate premises, the Portuguese legislature decided to introduce exceptional rules for situations of late payment of rent and other payments under said agreements ...
A major economic crisis has been caused by the pandemic associated with the new SARS-CoV-2 Coronavirus and the COVID-19 disease. In this context, Law 29/2020 was published on 31 July to establish new tax measures to support cooperatives, micro, small and medium-sized enterprises. The aim of these measures it to mitigate the impacts of the pandemic on these businesses ...
On 11 March 2020, the World Health Organization declared a public health emergency of international concern (PHEIC) following the spread of SARS-CoV2 (Coronavirus) and the disease it causes, Covid-19.A state of emergency was declared in Portugal by Decree of the President of the Republic 14- A/2020 of 18 March and was renewed by Decree of the President of the Republic 17-A/2020 of 2 April ...
