On December 6, 2019, the Financial Analysis Unit (“UAF”) issued Resolution (oficio ordinario) No. 1745, applicable to all reporting entities detailed in Article 3 of Law No. 19,913 (e.g. banks, real estate management companies, insurance companies, among others), in order to enable them to effectively and correctly comply with General Instruction No. 59 dated May 24, 2019 (“Instruction No. 59”) ...
The most important corporate tax measures concern the reduction of the maximum corporate income tax (“CIT”) rate and the introduction of the option provided by the anti-tax avoidance directive (“ATAD”)[1]. This allows for the application of the interest limitation rules at the level of a fiscal unity: For the time being CIT is levied at a rate of (i) 15% in case the net profits do notexceed EUR 25,000 and (ii) 18% in case the net profits exceed EUR 30,000 ...
As noted in our previous client update, judicial rulings on the patent-eligibility of software and business method patents under section 101 of the U.S. Patent Act have run heavily against patent owners since Alice Corp. v. CLS Bank International, 573 U.S. ___, 134 S. Ct. 2347 (2014). (See 11/17/2014 Client Update). On Friday December 5, 2014, however, the U.S ...
It has been a long road for everyone’s favourite cheese. The protection of halloumi cheese should have never been complicated. The firm cheese which has the unique quality of retaining its shape even when fried or grilled, has its origins in the island of Cyprus where it has been produced for many centuries ...
The Taxation Laws Amendment Act, 2018 (“TLAA”), which was promulgated on 17 January 2018, amended South African tax legislation by overhauling two provisions relating to the reduction of debt, (the “Debt Benefit Rules”), namely section 19 of the Income Tax Act, 1962 (the “ITA”) and paragraph 12A of the Eighth Schedule to the ITA (the “Eighth Schedule”) ...
On 21 May 2021, Hong Kong’s Financial Services and Treasury Bureau (FSTB) issued its consultation conclusions (Conclusions) on the proposed licensing regime for virtual asset services providers (VASPs). The Conclusions follow publication of the FSTB’s consultation paper of 3 November 2020 (Proposal). For details of the Proposal, please refer to our article of 24 November 2020 ...
On December 19, 2019, the U.S. Treasury Department and the IRS issued final regulations (T.D. 9889), which provide much-anticipated guidance on tax-favored qualified opportunity zone investments. The 544-page regulation package generally retains the same approach and structure of the proposed regulations issued in October 2018 and April 2019 (prior Hanson Bridgett analysis available) ...
In the 2016 Budget Speech delivered on 25 February 2016, the Minister of Finance announced a special voluntary disclosure programme (“Special VDP”) to encourage taxpayers to regularise violations of tax laws and exchange control regulations. This article briefly examines the benefits of the Special VDP and why potential applicants should begin preparing to submit their application in anticipation of the 1 October 2016 commencement date ...
On 1 July 2016, the Commissioner for the South African Revenue Service (“SARS”) released a draft notice (“DraftNotice”) of the duty to keep records, books of account or documents in terms of section 29 of the Tax Administration Act, 2011 (“TAA”) ...
Government Regulation No. 46 of 2013 on Income Tax for Taxpayers with Certain Gross Income was promulgated on 13 June 2013 and came into force on 1 July 2013. Under the Regulation a final income tax of 1% will be imposed on any taxpayer who: is an Individual or Entity (Legal or Business), excluding permanent business entities; and earns gross income from his/her/its business, excluding any freelance services, of up to Rp.4 ...
Final changes to the Special Voluntary Disclosure Programme On 26 October 2016, the South African Minister of Finance tabled the Rates and Monetary Amounts and Amendment of Revenue Laws Bill, Bill 19 of 2016, in Parliament when he introduced the so-called “Mini Budget”. This Bill contains the legislation regulating the Special Voluntary Disclosure Programme (“SVDP”), which commenced on 1 October 2016 and was to end on 30 June 2017 ...
On 9 November 2016, a notice was published by the South African Department of Trade and Industry (the “DTI”), in terms of which the DTI proposed that all major broad-based black economic empowerment (“B-BBEE”) ownership transactions, as per code 100 of the B-BBEE Codes of Good Practice, which equal or exceed ZAR100-million, calculated by either combining the annual turnover of both entities or their asset values (the “Proposed Threshold”), must
The globalization of markets, the opening-up of world trade, and technological development have allowed multinational corporations to gain ground, arousing concerns related to the defense of competition. Some nations and regional blocks, such as the U.S.A ...
In a recent article published in Capital Markets Law Journal, WSG Member Helene Andersson, Counsel at Delphi, examines the EU Market Abuse Regulation (MAR) from a due process perspective and discusses the negative implications of pursuing a market abuse regime with a one-eyed focus on effectiveness at the expense of procedural safeguards. Click here to access the full article ...
What exactly is unlawful competition? Unlawful competition is often lumped together with IP, and indeed there are obvious links: the common law action of passing off (closely related to trade marks) is a species of unlawful competition; and unlawful competition cases often involve technology, trade secrets and the misuse of confidential information, thus potentially bringing them within the scope of patent law and copyright law ...
On May 18, 2012, the United States Court of Appeals for the Fifth Circuit held in Reed v. Florida Metropolitan University, Inc. that class actions are available in arbitration proceedings only if there is a contractual basis for finding that the parties agreed to class arbitration ...
In Securities and Exchange Commission v. Bartek, the Fifth Circuit held that the federal “catch all” statute of limitations for government enforcement actions - 28 U.S.C. § 2462 - begins to run when the violation occurs, not when the government discovered the violation.1 The court also held that the statute, which bars actions seeking a “civil fine, penalty or forfeiture,” covers injunctions under certain circumstances ...
The Fifth Circuit Court of Appeals recently held that a company may be liable for weak cybersecurity measures that cause another party economic injury, even if there is no contractual relationship between the parties. This holding could signal an expansion in cyber liability and is yet another reason for companies that manage sensitive data to ensure they have effective cybersecurity measures in place. The case, Lone Star National Bank NA, et al. v. Heartland Payment Systems, Inc ...
Over the past decade, the Court of Appeals for the Fifth Circuit has set a high bar for securities fraud class action plaintiffs, denying class certification in a number of cases. But in light of the financial crisis and language in recent Fifth Circuit decisions, some may have thought that the tide might be turning. On February 12, 2010, the Fifth Circuit dispelled that notion in The Archdiocese of Milwaukee Supporting Fund v. Halliburton ...
The United States Court of Appeals for the Fifth Circuit has confirmed that lower courts may use their discretion in choosing either of two methods - the "percentage method" or "lodestar method" - to calculate attorneys' fees in class action suits. The decision, in Union Asset Mgmt Holding A.G. v. Dell, Inc., 2012 WL 35249 (5th Cir. Feb. 7, 2012), affirmed a district court's use of the percentage method to calculate a $7.2 million fee award ...
