On 13 December 2005, the European Court of Justice ("ECJ") found Marks and Spencer plc ("M&S") could claim group tax relief from UK tax authorities in relation to the losses incurred by its former European subsidiaries that had ceased trading in Belgium, France and Germany in 2001. M&S argued that just as UK resident companies in a group may set off their profits and losses among themselves, so the same should be possible for the losses of foreign subsidiaries ...
Key Points Employers that claimed a tax credit for qualified COVID-related leave paid to employees in 2021 must report the amount of leave paid in Box 14 of the employee's 2021 Form W-2 or on a separate statement. The reporting requirement is new for 2021 for governmental employers, because those employers were not eligible for a tax credit for COVID-related leave paid in 2020 ...
The term «næringsdrivende» (business activity) in the Norwegian Foundation Act shall be understood as activity with taxable profit («erverv til formål») The Ministry of Trade, Industry and Fisheries’ work on amending the Norwegian Foundation Act has been going on for several years, cf. proposals for a new Foundation Act in the NOU 2016: 21. Further law amendment proposals have now been proposed in a public hearing ...
When startup founders get together to form a new company, one of the first steps after actually incorporating the entity is to issue the founders their initial equity in the company. This is commonly referred to as “founders stock.” Most initial cap tables target the issuance to founders of around 8 million shares, so that combined with a 2 million share option pool, the initial “fully diluted” capitalization is 10 million shares ...
Condominium and villa investors will have a more affordable, flexible and attractive opportunity to invest in the Turks and Caicos Islands’ (TCI) real estate following the enactment of the Fractional Ownership Ordinance. The Ordinance has not yet come into force, but shall do so once a notice has been published in the gazette, to this effect ...
How has the use of digital technology, as a result of the COVID-19 pandemic, contributed to the rise in fraud? As a result of the COVID-19 pandemic, businesses experienced a rapid and significant increase in the use of digital technology. Bearing in mind health concerns, as well as business continuity, many businesses began to shift to widespread remote working environments ...
The designation of eight new Freeports within England made headlines in the Budget and now the winning bidders have to put into effect their successful proposals. What will this mean in practice for those areas affected and what are the likely issues that Freeport authorities will face? We have pulled together some questions we are asked frequently on Freeports, together with the responses we have been providing to our clients ...
The rise of e-commerce and the struggle many brick-and-mortar retail stores face is nothing new. Customers are increasingly choosing to shop for clothes, furniture and even groceries from the convenience of their own homes. More recently, however, this shift in the way consumers shop has given rise to new types of retail stores – small showrooms and “pop-up shops ...
In commercial real estate transactions, time is money, execution is everything and projects generally do not move forward without a mortgage loan. Lenders and their counsel should view a project as if the lender is the eventual buyer, owner and seller. For developers, considering the transaction from a lender’s point of view can save them considerable time and money and expedite loan closing ...
Attacks by the South African Revenue Service (“SARS”) on the transfer pricing practices of multinational enterprises (“MNEs”) are on the rise, leading to tax disputes with SARS over significant amounts of tax. MNEs operating in South Africa provide information to SARS in various forms such as annual Corporate Income Tax returns, Country-by-Country reports as well as the extensive Transfer Pricing documentation ...
One of the most common questions I receive from clients is around the termination of leases, with confusion reigning around the terminology and procedures used in Scotland. It is not surprising that when given a remit to consider the law of commercial leases, the Scottish Law Commission (SLC) first turned its attention to the law relating to the termination of leases at expiry. In October 2022, following consultations, the SLC published its Report on Aspects of Leases: Termination ...
On 1 August 2014, the Queensland government released consultation drafts of the Planning and Development Bill 2014 (P&D Bill) and the Planning and Environment Court Bill 2014 (PEC Bill). The draft Planning Bills are proposed to replace the Sustainable Planning Act 2009 (Qld) (SPA) and seek to implement a new land-use planning and development assessment system that promotes prosperity through balancing economic growth, environmental protection and community wellbeing ...
Is the unitary business principle the sole test for determining whether a state can tax an apportioned share of a non-domiciliary’s capital gains under the U.S. Supreme Court’s Due Process Clause and Commerce Clause jurisprudence? Jaye A. Calhoun, Bruce P. Ely, and Kelvin M. Lawrence believe so, and discuss its relevance in the last of a two-part series focusing on a closely watched case currently on appeal before the Massachusetts Supreme Judicial Court ...
IRS Announcement 2017-15 provides relief to employees who have been adversely affected by the recent wildfires in Northern California by allowing them to take loans or distributions from retirement plans to alleviate hardships caused by the wildfires. The Announcement also provides relief from verification procedures required under retirement plans with respect to loans and hardship distributions ...
In a recent update to the suite of Homes England standard shared ownership leases, England’s Regulator of Social Housing sought to align rent reviews with social and affordable rent tenures. In the process, it may have created more work for sector participants ...
The Court of Appeal has overturned existing rules in England and Wales about administrators’ liability to pay rents falling due before their appointment. The Court ruled that rent payable in advance will now be treated as an administration expense for the whole period of occupation of premises by administrators for the benefit of the administration. Game's administrators sold the assets of the group, including a number of the stores, which continued to trade ...
A GAO report was intended to shed some light the use of captives as abusive tax shelters. Instead it only risks perpetuating misunderstandings, says Bradley’s Davis Smith ...
The Land Registry is the gatekeeper of legal ownership of land in England and Wales. A prompt and successful application for registration is an essential step at the end of most property transactions. In this article we will look at why registration of property transactions is important and the consequences of delays in the process. We will highlight common difficulties and barriers to registration and provide practical advice to overcome them ...
On December 1, 2005, the second paragraph of section III of Article 31 of the Income Tax Law became effective and requires taxpayers seeking to deduct the purchase of gasoline to pay with the taxpayer’s check payable to the seller, with a credit, debit or services card, or with a prepaid card, authorized by the Tax Administration Service. On January 25, 2006 a new amendment to Rule 3.4 ...
The government has published its long-awaited response to the consultation on implementing the new building control regime for higher-risk buildings (HRBs) and wider changes to the building regulations for all buildings. The provisions will be implemented through secondary legislation (The Building (Higher-Risk Buildings Procedures) (England) Regulations 2023 and The Building Regulations etc. (Amendment) (England) Regulations 2023)) that will come into force on 1 October 2023 ...
As per Notification No. 039 issued by the Ministry of Economy and Finance (MEF) on 21 July 2016, a working group consisting of representatives from both the General Department of Taxation (GDT) and the Phnom Penh Municipality will begin to collect data from all enterprises in Phnom Penh from August 2016 onwards. Representatives of the working group will physically visit all enterprises in Phnom Penh for the purpose of: 1. Gathering the enterprise’s statistics; 2 ...
Time is running out for developers that have not yet signed the Developer Remediation Contract. The Secretary of State for Levelling Up, Housing and Communities, Michael Gove, delivered a clear message last week: “The Responsible Actors Scheme is coming. Only developers who behave responsibly will be trusted to build the homes of the future. Any eligible developers who fail to do the right thing will need to find a new line of work” ...
Lawyers are often criticised for using overly complex legal and technical wording in contracts. The purpose of a contract is, amongst other things, to clearly set out the rights and obligations of the contracting parties, and to limit uncertainty during the particular project. To this end, it is important to use plain English in contract drafting and as a general rule, to use short sentences, defined terms and a clear and logical structure ...
On April 16, 2024, the Supreme Decree No. 22/2023 from the Ministry of Housing and Urbanism was published in the Official Gazette. This decree amends Supreme Decree No. 47 of 1992 of the Ministry of Housing and Urbanism, General Ordinance of Urbanism and Construction, to align its provisions with the requirements of Law No. 20,920, for the management of waste, extended producer responsibility and promotion of recycling (the “Modification”) ...
