In the recent budget exercise completed by the Bahamas Government, certain significant changes to the regime for Real Property Tax in The Bahamas were announced and have received a great deal of focus.It is important to take specific advice regarding the annual real property taxes which may be payable in respect of your property, how and when taxes should be paid, and the exemptions (if any) which might be available to you in respect of your property ...
Over the last few years, news that some of the nation's most iconic retail stores have closed has become more frequent. Yesterday, Poundworld entered administration. Last week, House of Fraser announced it would be closing 31 stores, many of which are in some the UK's largest cities. It is no secret that many retailers have been adversely affected by the shopping habits of consumers, ever since the advent of a new pastime - buying online ...
The General Provisions referred to in Article 58 of the Law to Regulate Financial Technology Institutions (“Fintech Law”), Circular 12/2018 addressed to the Electronic Payment Funds, relative to the general provisions applicable to the operations of the Electronic Payment Funds and the General Provisions applicable to the Financial Technology Institutions (“Fintechs”), were published in the Federal Official Gazette (Diario Oficial de la Federación) on Septembe
The General Data Protection Regulation (GDPR) also affects the working relationship between the employer and the works council. Among other things, it affects the use of works agreements as legal basis, the (possible) responsibility of the works council under data protection law, as well as the controlling authority of the company data protection officer over the works council. WORKS AGREEMENT AS INFORMATION PURSUANT TO ART ...
Morgan & Morgan opened its first offices in The Bahamas since 1991. We created MMG (Bahamas) Ltd. as a corporate service and later on, in 1996, founded MMG Bank & Trust Ltd., which started our financial unit´s successful path into the financial service industry ...
On September 11, 2018, the Securities and Exchange Commission (“SEC”) announced its first enforcement actions alleging that entities offering certain investments in cryptocurrencies should be registered as an investment adviser or broker-dealer ...
Over the past few months, our Legal Lab on Artificial Intelligence (L3AI) team has tested a number of legal solutions that incorporate AI to a greater or lesser extent. According to the authors Remus and Levy1, most of these tools will have a moderate potential impact on the legal practice. Among the solutions tested by the members of our laboratory, certain functionalities in particular drew our attention ...
My time is short, so let me get to my subject without delay.I begin with a few observations on the Reality we face.First, the bad news - not all of it, just some of it; just four things that I regard as being among the more worrisome realities that confront us today.Firstly, in terms of aggregate dollar volume, we are a much smaller industry now than we were just a few years ago ...
Scotland is currently home to one of the largest life science clusters in Europe, with more than 700 organisations based here employing some 37,000 people. With 15 universities producing highly skilled graduates; the NHS as a massive single source of patient data; and world leading research centres in life sciences, Scotland attracts some of the brightest international scientists and life science businesses ...
In two recent decisions, the Tax Court issued rulings that could impact the effectiveness of family limited partnerships in estate planning. For the first time, the Tax Court held that assets of a limited partnership could be taxed as part of the estate of a decedent who held only a limited partnership interest ...
It is fair to say that we are in an era of unprecedented multilateralism and convergence in tax matters. The Bahamas has already committed to the implementation of the Common Reporting Standard, having already signed onto the Multilateral Competent Authority Agreement and published its list of exchange partners with automatic exchanges that commence in September 2018 ...
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 ...
France has taken steps to set up a dedicated frame for cryptocurrency transactions aiming at conciliating legal certainty, market integrity and innovation. Capitalizing on best market practices, a recent bill defines an optional visa regime for ICOs, while a report commissioned by the French government sets forth principles of minimum regulations. Taxwise, the French Administrative Supreme Court has just ruled in favour of investors in Bitcoins ...
Impact of China’s investment on the South African tax base The news that China has committed to invest approximately R200-billion in South Africa was greeted with much fanfare throughout the country. Approximately ZAR33-billion of this will constitute a loan to Eskom, which is particularly good news given the funding requirements of the entity. A loan will also be advanced to Transnet in the amount of ZAR4-billion ...
Many companies are currently facing challenges in relation to the GDPR compliance of their video surveillance. Main issues in this respect are questions related to transparency requirements and information notices, the need for a data protection impact assessment as well as questions concerning retention requirements and retention periods. The German Federal Labor Court (BAG) has recently commented on the admissible storage duration of lawful video recordings ...
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 ...
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 ...
The Spanish Tax Agency published on their webpage an information notice by the Customs and Special Taxes Department with the intention of “enabling interested parties to comply with their tax and customs obligations” as it regards the arrival and departure of recreational craft from the customs territory of the Union ...
Following a short period of public consultation, the Telecommunications and Other Amendments (Assistance and Access) Bill 2018 (Cth) (Bill) has been introduced into Parliament. Despite the extensive public concerns raised with the Exposure Draft version, only a small number of amendments have been made to the Bill. Following extensive submissions and much debate, the 'decryption Bill' has now been introduced into Parliament ...
It is now more than four months since the EU General Data Protection Regulation (GDPR) became law in all member states of the European Union. Time for an initial and brief interim assessment, and to outline the data protection challenges currently facing companies. Feared spamigation has not materialized To date, the widely feared mass sending of cease-and-desist letters (spamigation) has largely failed to materialize ...
At the beginning of September, the Israeli Innovation Authority, a division of the Israeli Ministry of Economy and Industry and the successor to the Office of Chief Scientist “IIA”, issued new rules “New Rules”. The “New Rules” regarded the licensing of know-how developed and obtained by Israeli companies that received grants from the IIA “Funded Companies”, to multinational corporations ...
Brick and mortar retailers are rapidly diversifying checkout and payment methods to combat the erosion of sales to online channels and provide an improved shopping experience for consumers. From self-checkout kiosks, to store-specific mobile applications for payment, scan-as-you-go devices, and even ‘just walk out’ models, retailers are reinventing consumer’s notions of the traditional checkout line by going cashierless ...
As part of Budget 2019, the Irish Minister for Finance announced that Irish betting tax will increase from 1% to 2% of turnover. Betting intermediary tax will also increase from 15% to 25%. The tax increases will take effect from 1 January 2019. Parties in support of this increase have suggested that additional revenue generated by this increase should be directed towards gambling addiction services ...
The Abu Dhabi Global Market (the ADGM) recently announced the launch of a commercial license specifically catered towards tech start-ups that allows entrepreneurs to obtain an operational license in the ADGM and access to a Professional Services Support Program aimed at allowing entrepreneurs entry to a community of businesses, financial services and professional advisors ...
