In light of President Ramaphosa’s announcement of a phased approach to the end of lockdown, many businesses will still be required to remain closed (or partially closed) after 30 April 2020. With this in mind, many employers will still require assistance from the Coronavirus (COVID-19) Temporary Relief Scheme (“C19TERS”) ...
The 15thedition of the World Economic Forum’s (“WEF’s”)The Global Risk’s Report 2020(the “Report”) was recently published. The top five global risks identified by the WEF in terms of likelihood are, for the first time in the Report’s existence, all of an environmental nature (namely extreme weather, climate action failure, natural disasters, biodiversity loss, and human-made environmental disasters) ...
On 31 March 2020, the Department of Environment, Forestry and Fisheries (“DEFF”) published directions (the “Directions”) under the National Disaster Management Act, 2002, to reduce the impact of the coronavirus (COVID-19). The purpose of the Directions is to ensure fair processes with respect to certain environmental laws, as a result of the restrictions placed on the movement of people during the lockdown period ...
On 27 March 2020, the South African Revenue (“SARS”) announced much needed value-added tax (“VAT”) relief on the importation of “essential goods” as part of the coronavirus (COVID-19) tax relief measures. Section 7(1)(b) of the Value-Added Tax Act, 1991 (“VAT Act”) imposes VAT on the importation of any goods into South Africa by any person. In terms of section 7(1), VAT is imposed at the standard rate of 15% ...
A recent IRS concession bodes well for how the tax treatment of proof of stake validators may develop through case law. On December 20, 2021, the IRS offered a full refund to the plaintiffs in Jarrett et al v. United States for taxes paid on tokens created through proof of stake on the Tezos blockchain in 2019. In a statement released February 3, 2022, Joshua Jarrett confirmed the decision to seek an IRS ruling in the cryptocurrency case, rather than accept the tax refund ...
SmartAir, a social enterprise that educates the public about air pollution, has been shortlisted for the “Powered by Pro Bono Award” at this year’s TrustLaw Awards. This award highlights NGOs or social enterprises that have used pro bono legal advice to scale up their operations, improve the delivery of their social mission or pivot their activities to make a greater impact on the businesses and people they support ...
The Algarve has been seriously affected by the social and economic impacts of the COVID-19 pandemic. In this context, on 29 July 2020, the Portuguese Parliament published Resolution no. 51/2020 in which it recommend the adoption of a social and economic emergency plan for the Algarve (“Plano de emergência social e económico para o Algarve”) by the Portuguese Government. The recommended measures set out in Resolution no ...
How is taxable income determined in your state? To what extent is the state income tax base aligned with the federal income tax base? Alabama levies a corporate income tax on business entities classified as taxable or “C” corporations that have nexus with the state and are not classified as “financial institutions” or insurance companies subject to a separate premium license tax; and it levies a FIET on business entities classified as financial institutions havin
The popularity of smokable hemp has rapidly increased since the 2018 Farm Bill legalized hemp at the federal level. But the Farm Bill allows states to regulate hemp production in ways “more stringent” than federal law, and some states have used this leeway to ban smokable hemp to some degree. The result is a patchwork of state laws regarding smokable hemp’s legality, adding complexity to a legal landscape that was already nuanced enough ...
Slump Sale - Effect of Amendments by Finance Act 2021 AUTHOR: Shahid Khan Senior Partner and Head Direct Taxation Kochhar & Co. Email: [email protected] Finance Act 2021 has made certain important amendments to Income Tax Act (the Act) in respect of provisions relating to taxation of capital gains arising on Slump Sale ...
According to latest news reports, Plinovodi – the company managing Slovenian gas pipelines, will be brought under majority state control, while the energy company, Petrol, is due to secure a majority stake in the gas wholesaler Geoplin under a contract signed this month. It should be noted that the Slovenian Sovereign Holding (SSH) and Petrol are currently the largest Geoplin shareholders. Geoplin, in turn, is the sole shareholder of Plinovodi ...
The DIFC has provided slightly more clarity as to how UAE Cabinet Decision 31 of 2019 (the Economic Substance Regulations, or ESR) will apply within Dubai’s financial free zone. Helpful as the guidance is, significant questions remain. The DIFC held a presentation on 17 December to discuss the Economic Substance Regulations. The first point of note was that all businesses in the DIFC must file an ESR notification by 31 March 2020 ...
The South African Revenue Service (“SARS”) introduced a new streamlined process primarily geared towards the single registration of a taxpayer across applicable tax types. This system was implemented on 12 May 2014. Prior to this system, processes at SARS required that a taxpayer be registered at a SARS branch on several interfaces relating to each tax type ...
How does Singapore's business environment make it an attractive location for foreign law firms? Anthony McKenzie: Singapore is considered a favourable destination for doing business due to its political stability, strong legal framework, well-regulated financial sector, competitive tax rates, excellent infrastructure and pro-business policies that attract foreign investment. It has a highly skilled and educated workforce with a strong emphasis on innovation and technological advancements ...
In Roshcon (Pty) Ltd v Anchor Auto Body Builders CC (“Roshcon”) the Supreme Court of Appeal (“SCA”), in a unanimous judgment drafted by Wallis JA, has clarified the issues caused by its previous decision in SARS v NWK Limited (“NWK”). Roshcon was not a tax case; it concerned supplier and floorplan agreements relating to the sale of trucks, with a reservation of ownership to a finance house as security until the trucks were fully paid for by the purchaser ...
The Ministry of Finance published Decree 535 of 2020, which establishes a simplified procedure for the reimbursement or compensation of balances in favor of Income Tax and Value added Tax ("VAT") amid the COVID-19 outbreak. According to the Decree, the simplified procedure implies that requests for the reimbursement or compensation that are duly filed within the health emergency, will be decided by the Tax Office within 15 working days after their submission ...
Decree-Law 30-A/2022was published on 18 April to approve the exceptional measures intended to ensure the simplification of the procedures for producing energy from renewable sources. These measures came into force on 19 April and will be in force for a period of 2 years.These exceptional measures have been published by the Government in the current macroeconomic and geopolitical situation ...
The draft diploma on the simplification of licenses and procedures for companies in the environmental area was submitted to public consultation on the 3rd of August (the “Proposal”). The Proposal contains measures mainly in the environmental area, but also measures with a transversal impact, applicable to the administrative activity and public authorities (e.g., the certification mechanism for tacit approvals) ...
We are pleased to advise that, with effect from 15 May 2013, some important changes were made to the Virgin Islands Special Trusts Act (VISTA), the Trustee Act and various other British Virgin Islands statutes relating to the trusts and estates. The main changes include the following: 1 Amendments to VISTA 1 ...
As expected, Luxembourg has adopted a restrictive approach of the provisions provided for under the MLI and has sought to limit the scope and impacts of this new layer of international legislation to the minimum standards required. However, the new PPT and the impact on structures and the application of tax treaties need to be carefully monitored in the furture for new and existing structures ...
Taxpayers subject to Tennessee ad valorem taxation should take note of the recent Initial Decision and Order by the Tennessee Board of Equalization in In re: Signal Mountain Cement Company (Hamilton County, Tax Years 2008-2011). The Administrative Law Judge (ALJ) rejected both the “value in use” methodology as well as the use of federal capitalization principles in valuing tangible personal property ...
With the recent significant decline in commodity prices, and physical transportation and storage curtailments, due in large part to reduced demand related to the COVID-19 pandemic, producers are evaluating many of their producing oil and gas wells to determine whether some level of reduced production is appropriate ...
A Taxpayers’ Charter setting out the rights and obligations of taxpayers in South Africa was published for the first time during 1997. That Charter contained a statement of intent insofar as taxpayers’ rights in South Africa is concerned. On 19 October 2005 the SARS Client Service Charter was released setting out the levels of service that taxpayers could expect in their dealings with the South African Revenue Service (‘SARS’) ...
